Michael Burgess: “I rise tonight to discuss some of the recent misrepresentations of the Jobs and Growth Package, a package that this…”

“I rise tonight to discuss some of the recent misrepresentations of the Jobs and Growth Package, a package that this Congress passed before the Memorial Day recess. Last night I had the opportunity to listen to many of our friends on the other side characterize the tax cuts as misdirected and targeted to the wrong people. According to the Joint Economic Committee, this tax bill provides the largest percentage reductions in the income taxes of low and middle income Americans, thereby shifting the tax burden upward. The Jobs and Growth Tax Act exempts another 3 million workers entirely from Federal tax liability. And low income families in particular benefit from this economic and growth tax package relief through a number of provisions. First, there is the acceleration of the expansion of the 10 percent rate bracket which means that workers can earn more before they get moved into the 15 and 25 percent tax brackets, elimination of the marriage penalty, and the acceleration of the President's 2001 tax cut provisions to increase the child tax credit to $1,000. Accelerating the expansion of the child tax credit will provide 26 million families with an average tax cut of over $600. This could mean a great deal to a family of 4 working to make ends meet each year. Even families who do not owe taxes may benefit from the increase in the child credit to $1,000 because of the current refundable feature of the credits.”