[Congressional Record Volume 150, Number 103 (Thursday, July 22, 2004)]
[Extensions of Remarks]
[Page E1505]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             TAXES AND THE ECONOMY, CUT ONE, GROW THE OTHER

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                         HON. SHERWOOD BOEHLERT

                              of new york

                    in the house of representatives

                        Thursday, July 22, 2004

  Mr. BOEHLERT. Mr. Speaker, high tax rates and complex tax codes 
stifle job growth. A fair and simple tax code should only provide 
enough revenue for the federal government to carry out its necessary 
tasks. It should not restrict the innovative and entrepreneurial 
opportunities that made America such a great nation.
  The last thing the federal government should be doing is taking more 
money away from hard-working Americans. The key to growing our economy 
is allowing Americans to keep more of their own money to spend, save, 
and invest. Jobs is my favorite four letter word--and the tax cuts 
we've passed have been responsible for creating millions of new jobs 
across the nation.
  In the House, we have worked hard to cut taxes. We have passed 
legislation to permanently eliminate the marriage penalty tax, extend 
Alternative Minimum Tax reforms, permanently expand the 10 percent 
bracket to lower taxes for hard working, low income families, and keep 
the child tax credit at the $1,000. That's real tax relief.
  Our American Jobs Creation Act of 2004, provides tax relief to 
domestic manufacturers and U.S. employers to make them more competitive 
both at home and abroad.
  We must also strengthen the economy by reforming our tax code. The 
overly complex U.S. tax code is more than a burden to working families; 
it's a drain on our economic efficiency and productivity. American 
taxpayers spend over three billion hours each year complying with a 
confusing U.S. tax code. The cost to our economy by complying with the 
tax code is a staggering $85 billion a year. That's unacceptable.
  This week we passed legislation to relieve families and small 
businesses of onerous and complicated tax compliance. I will continue 
to vote for tax relief and tax reform. Tax cuts and tax reforms are a 
powerful economic stimulus creating new jobs; reducing the cost of 
doing business; and providing a framework for long-term economic 
growth.

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