[Congressional Record Volume 152, Number 72 (Thursday, June 8, 2006)]
[House]
[Page H3628]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   TAX CUTS PROVIDE BOOST TO ECONOMY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from North Carolina (Mr. McHenry) is recognized for 5 
minutes.
  Mr. McHENRY. Tonight, Mr. Speaker, I think it is important that we 
address our agenda as Republicans, and what we have done as a majority 
in this House. We have controlled both the House, the Senate, and the 
White House.
  Mr. Speaker, the American people and my constituents, in particular, 
have been asking, what have you done? What have you achieved for us? 
And I want to tell you tonight the center of what we have achieved as 
Republicans, Mr. Speaker, is an economic growth that has been unrivaled 
in our Nation's history, and at the center of that economic growth are 
tax cuts. Those tax cuts have fueled our economic recovery over the 
last 6 years.
  Mr. Speaker, Republican tax cuts have made an enormous difference. 
And let us talk about this. One hundred eleven million American 
taxpayers have seen their taxes decline by an average of $1,877, and 
for the average family that is real money. Here in Washington, D.C. 
they spend that in a minute, but at home in my district, in 
Cherryville, North Carolina, that is real money. That is real money for 
an American family, a family in Cherryville or in Hickory or in 
Morrisville, to spend on textbooks, clothes, maybe even a vacation, Mr. 
Speaker. That has fueled our economic recovery, the fact that the 
American people have more in their own pocket now than they did 6 years 
ago.
  I will also say that a family of four earning $40,000 received a tax 
relief because of President Bush's tax cuts and Republican leadership 
in the House, they have received a tax cut of $2,010 per year, Mr. 
Speaker. That is for a family of four making $40,000 a year. That is a 
wonderful, wonderful thing that we have allowed the American people to 
keep more of what they earned.
  Well, what we are trying to do now, what this Republican Congress is 
trying to do with the help of our President is not only extend the tax 
cuts, which I am very proud that we were able to enact just a few weeks 
ago; we extended the President's tax cuts for 2 more years, but to make 
it permanent. And what would making those tax cuts permanent do for the 
American people? Well, in my State of North Carolina, between now and 
2014 we would produce 22,000 new jobs because of extending and making 
permanent the President's tax cuts.
  Our annual GDP would grow by over $111 billion higher, after 
inflation, if we make the President's tax cuts permanent. Personal 
savings will grow by $163 billion per year on average over the next 
decade if we make the President's tax cuts permanent. And personal 
income will grow in the State of North Carolina on average by $4,000 a 
year. Disposable income, that is, Mr. Speaker. And beyond that, we are 
going to see the economy continue to grow if we are able to extend 
these tax cuts, and a strong economy will spread prosperity more evenly 
throughout our economy, and that is very important. The American people 
having more money in their pocket is a very vital thing. That is a very 
vital thing.
  Now, my colleagues on the other side of the aisle have been four 
square against this. Why? They think of government solutions as the 
only alternative, Mr. Speaker. And I would say that it is important 
that we come together as a body and say that reducing the size and 
scope of government is a good thing. Now, my colleagues on the other 
side of the aisle have stood in the way of progress in terms of tax 
cuts. Most of them, a majority, have opposed tax cuts here on this 
House floor, not just for the last 5 or 6 years during the President's 
term, but over the course of the Republican majority for the last 12 
years. Why Mr. Speaker? Because they want more revenue for government. 
They want government to expand.
  Beyond that, Republicans have worked very hard at growing this 
economy in other ways. Not only have we cut taxes which has led to 
greater economic growth, but we are trying to increase the supply of 
oil, gasoline, and natural gas for all Americans, and look at 
alternative energies. And the Democrats have stood in our way in terms 
of energy policies as well. And I would encourage them to join with the 
Republican majority and do what is right, expand our energy supply and 
continue to cut taxes.

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