Madam Speaker, on the first day that Republicans took control of the Congress in 1995, one of their very first actions was to establish a rule that required a supermajority, or three-fifths vote, to raise taxes. This was a good thing,…
Madam Speaker, on the first day that Republicans took control of the Congress in 1995, one of their very first actions was to establish a rule that required a supermajority, or three-fifths vote, to raise taxes. This was a good thing, Madam Speaker. On the very first day of Congress in 2007, however, the Democrats established new rules in this Chamber to make it easier to raise taxes with a simple majority vote.
And now, after just 2 weeks in power, the Democrats, our colleagues, have already passed legislation today to raise taxes. What is worse, the taxes that are collected under this new bill will not be going toward deficit reduction or toward paying down the Federal debt. The money is going to be set aside in a special account for more spending.
In Minnesota, we had a phrase when we were in session. We said, hold on to your wallets. And we can say that to the American people right now.
As a Federal tax litigation attorney myself, as a small business owner with my husband Marcus, and as a mother to Lucas, Harrison, Elisa, Caroline, and Sophia, and our 23 foster children, I can tell you as a parent the best way to grow an economy, the best way to raise more jobs is not to raise taxes but to let people, families, keep more of their hard-earned money.
In 2003, tax relief was passed, and the great thing is that 7.2 million jobs were created. In fact, our economy has been adding jobs for 40 straight months. The unemployment rate is incredibly low, at 4.5 percent, well below the average of the last 40 years.
Nowhere are the results more evident, Madam Speaker, than in my home State of Minnesota, which has closed out the calendar year with 54,000 more jobs than at the end of 2005, the strongest job growth since 1999. Our State's annual job growth rate of 2 percent has outpaced the national rate of 1.4 percent. Our unemployment rate is the envy of the Nation, phenomenally low at 4.2 percent.
Meanwhile, tax revenues are absolutely surging into the Treasury. Guess what? Federal receipts rose 14 percent in 2005, 11 percent in 2006, and they kept rising by 9 percent the first 2 months of 2007. These are the highest consecutive revenue increases in the past 25 years.
America, did you hear that? The highest revenue increases in the past 25 years. They come on the heels of the largest tax relief measures in American history.
And the budget deficit, in turn, has fallen $165 billion over 2 years. And just as the economy is gaining tremendous momentum, now, unfortunately, my Democrat colleagues are saying, this is the time to raise taxes.
Madam Speaker, I have learned very quickly in the few days I have been here in Washington, D.C., that facts don't always get in the way of people's opinions here in this fair city. But it is hard to dispute 3 years of unparalleled prosperity.
It is important that we recognize what tax relief does for the average American. It gives us money, a chance to grow a business, a chance to raise our kids while growing the economy and raising a lot more jobs in the process.
I urge my colleagues here in this Chamber, my esteemed colleagues who I have come to respect, to reject new taxes. Instead, let's do this. Let's work to make the tax reduction rates permanent now, while we can, and continue to reduce the overall tax burden.
The American people deserve our best, and the colleagues here are the best from across the country. Let's do that for the American people.