Spencer Cox: “Higher tax rates do not produce jobs. Lower tax rates do. High tax rates do not help single moms. Lower tax rates do.…”

“Higher tax rates do not produce jobs. Lower tax rates do. High tax rates do not help single moms. Lower tax rates do. High tax rates do not help our kids and our families. Lower tax rates do. Mr. Speaker, today, for the first time in 20 years, we had on this floor a bill that will provide across the board tax rate relief for every working American, everyone. And, of course, the greatest percentage relief goes to the lowest end of the income scale. The last time we did this was the Economic Recovery Tax Act of 1981. That was the catalyst for the staggering economic growth of the 1980s, the 1990s, the growth that we are still enjoying today. By reducing tax rates, we found during the decade of the 1980s that income tax revenues to the government more than doubles. The problem was, of course, congressional spending at that time which more than doubled, but now a fiscally responsible Congress is prepared to keep a lid on spending. I do expect that we will live within the 4 percent growth in discretionary spending that President Bush has laid out for us. Mr. Speaker, what better time for a tax rate reduction than when we are enjoying record surpluses, something we were not blessed with back in the 1980s.”