WALLY HERGER: “In 2001 President Bush and Congress worked to enact the most important tax relief since Ronald Reagan in the 1980s. For…”

“In 2001 President Bush and Congress worked to enact the most important tax relief since Ronald Reagan in the 1980s. For individuals and families, we reduced marginal tax rates on personal income, doubled the child tax credit, reduced the unfair marriage tax penalty, phased out the onerous death tax, and significantly lessened the impact of the alternative minimum tax. We also provided essential tax relief on investment income. Far from taxpayer protection, as this bill's title suggests, we are now hearing proposals from the other side that would do away with the tax relief of the last 6 years. Contrary to the naysayers, tax relief has played a critical role in revitalizing our Nation's economy. Over 7.5 million new jobs have been created since 2003. The national unemployment rate has fallen to a very low 4.4 percent. Economic growth has been steady and strong. Our investment markets are no longer bursting; they are booming. American families and small businesses did not just sit on the $1.1 trillion that we returned to them. They put much of it back into our economy through investment and consumption. The result: Tax revenues are up 35 percent and deficits are much lower than CBO anticipated. Mr. Speaker, as we observe tax day, to truly protect taxpayers, Congress should talk about ways to make the tax relief we have permanent. Regrettably, the majority party and its budget anticipate the opposite.”