Madam Speaker, I thank the gentleman from Georgia for yielding. Congressman Price, you do such a great job. Thank you for your leadership. Thank you for your willingness to spread the truth. I welcome the opportunity to speak to Americans…
Madam Speaker, I thank the gentleman from Georgia for yielding.
Congressman Price, you do such a great job. Thank you for your leadership. Thank you for your willingness to spread the truth.
I welcome the opportunity to speak to Americans on tax day. I know some of us, as we draw near to midnight here, a lot of people still working on those forms, trying to get them down to the post office. It reminds me of what Ronald Reagan said back in the early 1980s. Ronald Reagan said, ``We don't have a trillion dollar debt because we haven't taxed enough. We have a trillion dollar debt because we spend too much.'' That seems like commonsense to me, and I think the people that are listening to us tonight understand that. They understand they have to sit around the kitchen table and decide how much money is coming in and how much money goes out.
Small business owners have to do the same thing. They sit around sometimes at a little break room table and decide, am I going to hire that next person or am I going to have to lay somebody off? Am I going to be able to afford another machine to be more productive so I can grow the business and be good for the economy? We understand that as Americans.
Today, tax day, families across America are feeling the cost of the Federal Government. I know we feel it. I know the American people are feeling it. It is one of the reasons I decided to run for Congress. I did own a small business, and I have actually owned a couple. I grew up in a small community in a little county called Unicoi County in East Tennessee, up in the mountains near North Carolina. And I worked my way through college. I actually worked two jobs, went to school full time, and was fortunate enough from that to start some businesses. And I sold one of those businesses.
And one of the reasons I decided to run for Congress was because the government took too much of my money. And I really looked at it as being my money because I earned it. My wife and I started the business. We took the risk. We put our home up. If that business hadn't succeeded, the bank could have come and taken our home. And when I sold the business, I should have been able to keep the proceeds and take care of my two children. It shouldn't have gone to the government. And I decided that I needed to get involved.
According to the Congressional Research Service, President Bush's program of comprehensive tax relief was well timed to respond to a weak economy. Do you remember back in the early 2000s we had just been hit by terrorist extremists, and we had natural disasters. So those tax relief packages that he put in place have actually worked. Tax relief enacted in 2001 granted immediate tax rebates, reduced marginal tax rates, and lowered the marriage tax penalty. The tax relief of 2003 accelerated much of the 2001 growth which would ultimately strengthen our economy.
We are residing and living in a strong economy. The Republican tax cut relief has seen nearly 4 straight years, 21 straight quarters, of economic growth, while adding 7.5 million new jobs. Seven point five million new jobs, that excites me. And we were able to do that because people are allowed to keep their money at home.
You see, government really doesn't create jobs. Government takes money. But if you leave that money back in local communities, that money is put to work and it does good things.
The Congressional Budget Office confirmed that the tax cuts of 2003 have helped boost the Federal revenues by 68 percent. Commonsense again. If you allow people to keep their tax dollars at home, the economy grows. And this should be understood by both sides of the aisle. This actually works for Democrats and Republicans. It worked for President Kennedy, it worked for President Reagan, and it has worked for President Bush. This is bipartisan. We all ought to understand that keeping taxes low, keeping spending low, the economy will grow and the coffers of government will grow. I think that is a good thing.
We should all work to make the successful tax cuts of 2001 and 2003 permanent. If they are not made permanent, which I am convinced that this new ``hold on to your wallet Congress'' has in mind, we are going to have a problem in our economy. For example, 84 million women will see their taxes increased by $1,970. Now, we all say here for the low and middle income, but if you are a woman, with this new tax increase of $400 billion, your average tax is going to go up $1,970.
We are going to see 48 million married couples' taxes increased by $2,726. It seems inherently unfair to me. Forty-two million families will see their taxes go up by $2,084. And I thought we were here for the low and middle income. These are the people that are paying taxes.
Twenty-six million small business owners will see a devastating tax increase of $3,637. The small business owner that runs the little store down the street or creates five jobs on the corner, who probably employs some of your friends in your local community, they are going to see their taxes go up over $3,600. And where are they going to get that $3,600 to send up to Washington? They are going to get it from you, the American people. They are going to either increase the cost of goods and we are going to see inflation, or they are going to decide they can't hire that last employee or maybe they have to let that last employee go.
Five million low-income individuals and couples will no longer be exempt from Federal income taxes.
This is going to hurt the very people that we say we are trying to help.
Again, we should work in a bipartisan manner, Republicans and Democrats, to make sure that the tax cuts of 2001 and 2003 are made permanent. I am very concerned if we don't do that, that we are going to see our economic growth go into a slide, and we are going to have a problem that we are going to have to deal with.
Just two weeks ago, Washington Democrats passed a fiscal blueprint that raises taxes on Americans in one fell swoop. As part of this ill- gotten budget, taxpayers in Tennessee, my home State, will not be allowed to deduct their sales tax from their Federal income tax, which is only fair because we don't have an income tax. It makes us equal with all the other States. Taxes on small businesses in east Tennessee will go up. The child tax credit will decrease from $1,000 to $500. The marriage penalty is coming back. Residents of the First District of Tennessee's average expense in taxes is going up over $2,000. The definition of a
small business will decrease from $400,000 to $200,000. Dividends will no longer be taxed at the personal gains rate, thereby increasing double taxation of dividends by as much as 62 percent. People all across America voted for change, but they are not getting the change they voted for.
We have a choice between bigger economy or bigger government, and the majority party has made it their choice to have a bigger government. And if anyone tells you that Americans aren't paying their fair share for a civilized society, they must remember that Americans pay more in their taxes than they do for housing, clothing and heating combined. And also remember that Americans this year will have to work until the last week of April in order to pay their taxes. That is over 114 days just to cover their tax bills. So on tax day, today, when we feel it the most, everyone needs to remember, we need to hold the line on spending, reduce earmarks, and pass line item veto, and crack down on worthless pork barrel spending and be good stewards of the taxpayers' money. And again I remind you, Ronald Reagan said, ``We don't have a trillion dollar debt because we haven't taxed enough; we have a trillion dollar debt because we spend too much.''
And with that, I yield back.