Douglas Alexander: “I offer my support for the Tax Increase Prevention and Reconciliation Act of 2005 conference report, which will prevent…”

“I offer my support for the Tax Increase Prevention and Reconciliation Act of 2005 conference report, which will prevent a tax increase on millions of Americans and keep our economy growing. This bill could also be called the Job Creation and Economic Growth Act. In the nearly 3 years since we cut taxes on dividends and capital gains in 2003, the U.S. economy has experienced significant growth. We've had 32 straight months of job growth. More than 5.3 million jobs have been created since August 2003. The Nation's unemployment rate is 4.7 percent--the lowest in nearly 5 years, and lower than the averages of the last four decades. More Americans are working today than ever before, and they have more opportunities for better jobs. Business investment is up. The stock market is up. And construction spending, home building and household wealth levels are at all-time highs. These factors illustrate families in Tennessee and across America are benefiting from the progrowth tax policies initiated by the President and Congress. This legislation will continue those pro-growth policies. It includes an extension of lower rates on dividends and capital gains. More than 425,000 Tennesseans--including seniors and lower-income workers--will benefit from these lower rates, with an average tax benefit of $989 per year. More than one third of these Tennesseans are families earning $50,000 or less. I am glad the Senate is passing this bill to keep their taxes from going up.…”