Cole Criticizes Tax Hikes

WASHINGTON, D.C.-This month marks the fourth anniversary of the 2003 Republican tax cuts, which have provided broad-based tax relief, spurred economic growth, and helped generate record revenue flows to the federal government. Now, in celebration of this anniversary, the Majority in Congress wants to turn their backs on this successful track record and impose a tremendous tax hike on American taxpayers.

"American taxpayers have been able to keep more of their hard-earned money in their wallets due to the tax cuts of 2001 and 2003. This has resulted in four years of robust, sustained economic growth that has been enormously beneficial to Oklahoma families and small businesses," Congressman Cole said. "But now, Nancy Pelosi and the Majority want to reverse course by imposing the largest tax increase in history on the American taxpayers. Make no mistake, the Democratic budget that passed this week will destroy jobs and ultimately bring our economic growth to a screeching halt."

In the first year after the 2003 tax cuts were enacted, over 26 million families received a tax cut averaging $950. According to the Bureau of Labor Statistics, since August of 2003, more than 7.8 million jobs have been created. The economy has created jobs for 44 straight months, and the unemployment rate remains low at 4.5 percent.

In addition, real after-tax personal income increased at a strong 4.5 percent annual rate. Per capita, real after-tax income has risen by 10.4 percent - more than $3,000 - since 2000. Real wages have risen 1.3 percent over the 12 months ending in March, meaning an extra $765 in the past year for the typical family with two wage earners.

As a result of the tax cuts, every taxpayer who paid taxes will get tax relief this year. The tax cuts of 2001 and 2003 doubled the child tax credit, reduced the marriage penalty, cut taxes on dividends and capital gains, and put the Federal death tax on the road to extinction.

"This month Americans will celebrate four years of a prosperous economy, and they will feel it in their wallets," Cole continued. "Unfortunately the Majority in Congress will celebrate this monumental day by beginning to repeal the very policies that created this prosperity."

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