Jack Kingston: “New Jersey cut taxes. Gov. Christine Todd Whitman made good on a campaign promise and cut taxes and as a result they…”

“New Jersey cut taxes. Gov. Christine Todd Whitman made good on a campaign promise and cut taxes and as a result they have had growth. Massachusetts, under Dukakis, had high tax increases. Under Governor Weld they enacted an income tax rollback and as a result they have regained 150,000 jobs that were lost under the Dukakis tax increase. California, the same way, 1960, the legislature enacted a $7 billion tax increase. It was the largest in the history of any State in the country. And income taxes went up. Everything went up and then there was a recession. Now they have turned it around. In 1995, these tax hikes were repealed and since then California has gained over 150,000 jobs. Revenues have gone up to States because of tax cuts that they have enacted. Revenues have also gone up nationally. As a result of that, this Congress is very, very close to having a balanced budget. Our deficit has fallen from about over $200 billion 3 or 4 years ago to now around $23 billion. And it is because if we confiscate less of the people's money, they are going to spend more of their own money and when they spend money, business expands, jobs are created, more people go to work, less people are on welfare and tax revenues do go up.”