Saxby Chambliss: “I rise today to speak on S. 1054, the Jobs and Growth Reconciliation Tax Act of 2003. This debate on the tax…”

“I rise today to speak on S. 1054, the Jobs and Growth Reconciliation Tax Act of 2003. This debate on the tax reconciliation bill is necessary and long overdue. I think it is clear that Members on both sides of the aisle agree that our economy is struggling and a growth package is desperately needed. However, there are wide differences of opinion on the contents of the best package and the best way to implement it. I am, and always have been, a proponent of the President's original growth package of $726 billion. Implementing the President's proposed bill would create millions of jobs, increase the gross domestic product, GDP, and personal income, and in the process, stimulate overall growth of our Nation's economy. My home State of Georgia would reap overwhelming benefits from the President's proposal if enacted into law. For instance, between 2004 and 2008, 26,720 additional Georgia citizens would secure jobs; Georgia taxpayers would average $4.2 billion more in disposable income per year; and Georgia taxpayers would average $2.2 billion more in personal saving per year. Between the President's proposal, the House-passed bill and the Senate bill, the Senate bill of $413 billion, which is loaded with tax hikes in the form of offsets, is by far the weakest of the three bills. This bill will do little to stimulate the economy and provide almost no tax relief to the millions of Americans who seek it.”