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Congressman Carter Marks a Bittersweet Tax Day
04/17/07Washington, DC, Apr 17, 2007 -
As millions of Americans lined up at post offices around the country to file their
2006 income tax returns, Congressman John Carter (R, Round Rock), House Republican Conference Secretary, marked Tax Day 2007 as a bittersweet moment with Washington Democrats preparing to put the tax hammer to working families, senior citizens, and small business owners.
“This Tax Day, Americans will once again reap the benefits of pro-growth Republican policies that have put more of the money working families earn back in their pockets, right where it belongs,” Congressman Carter said. “Republican tax cuts have facilitated nearly four straight years of economic growth while adding 7.5 million new jobs.”
Indeed, this year Americans will receive an average refund of $2,394, up from $2,314 last year, while the average federal tax rate for a four-person family earning the median income – 13.1% – has been reduced to its lowest point since the 1960s.
The federal income tax code is nearly nine times longer than the Bible, but we can easily point to several significant pro-growth tax relief provisions passed into law by the Republican Congresses:
- Creation of the new 10 percent individual income tax bracket
- Reduction in individual income tax rates above 15 percent rate bracket
- Reduction of marriage penalties in the standard deduction and 15 percent rate bracket
- Lowering the tax rate on capital gains and dividend income to 15 percent
- Increase in the child tax credit to $1,000
- Increase in the child and dependent care tax credit
Congressman Carter, however, pointed out that the federal budget blueprint Democrats in Congress have passed would eliminate each and every one of these historic tax cuts: “This is a bittersweet Tax Day for the American people. Washington Democrats have made it clear that their first fiscal priority is to raise taxes by billions of dollars on millions of Americans. The Wall Street Journal says that tax hikes of this magnitude could very well push our economy into recession.”
By and large, Americans agree with that sentiment. This month, the Tax Foundation has released a survey of tax attitudes that finds a majority of U.S. adults believe the federal tax code is complex, the federal income taxes they pay are “too high,” and the federal tax system needs major changes or a complete overhaul. The average proposed tax hike for Texans, affecting almost 8 million residents, will be $2,755 a year.