Judd Gregg: “The tax cuts which were put in place were put in place prior to 9/11. As a practical matter, had they not been in place…”

“The tax cuts which were put in place were put in place prior to 9/11. As a practical matter, had they not been in place, the effect of the burst of the Internet bubble in the late 1990s... would have led us into a very severe recession if we had not had those tax cuts. The fact that we put those tax cuts in place early in this administration has led to economic growth, which has led to 43 months of growth, 8.7 million new jobs, and interestingly enough, those tax cuts have actually led to our revenues today being at a historic high. Over the last 3 years we have collected more money in revenue growth than we have received at any time in our history. We are now getting 18.7 percent of gross national product in revenues, when historically we usually get about 18.2 percent. And the vast majority of that revenue growth has come directly from the cut in capital gains rates, as we have received over $100 billion of new revenue in just the capital gains activity.”