[Congressional Record Volume 152, Number 89 (Tuesday, July 11, 2006)]
[Senate]
[Page S7293]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            GOP TAX POLICIES

  Mr. DeMINT. Mr. President, I come to the floor amazed that our 
Democratic colleagues still claim that tax cuts are to blame for the 
budget deficit. In criticizing the President, they fail to mention that 
the previous administration handed this President a recession, 
corporate scandals, and a worldwide terror network that had gone 
unchallenged for 8 years. Now, similar to President Clinton, the 
Democrats say we need to raise taxes.
  This is the same, tired argument they have used since the 1980s. 
Ronald Reagan answered them ably in his own humorous way when he said 
doing away with tax cuts in order to balance the budget was ``like 
trying to pull a game out in the fourth quarter by punting on third 
down.''
  Now the new midsession review is answering these tax cut critics 
again. When we cut taxes, we invest in economic growth, which not only 
creates jobs but brings in new tax receipts, and that helps balance the 
budget. It also puts more money in the pockets of the American people.
  Last year, we were happily surprised to see that the budget deficit 
for 2005 came in at $108 billion less than anticipated due to the 
unexpected rise in tax receipts stemming from economic growth. This 
year, we see the same trend. The midsession review states that tax 
receipts have produced another $127 billion in new revenues. This is 
exactly the opposite of what Democrats claimed would happen when we 
passed the jobs and growth tax cut packages in 2001 and 2003. One of my 
Democratic colleagues from Michigan said at the time that this bill 
would ``create fewer jobs than what is needed'' and ``dramatically 
increase the deficit and national debt. . . .''
  Another Democratic colleague from Wisconsin justified his vote 
against the jobs and growth package saying: ``I am still looking for 
the part of the package that will result in jobs and economic growth.''
  Senators, look no further. In addition to the $235 billion total in 
new revenues, we have created 5.4 million jobs since August of 2003. 
And the Democrats still say that we can't afford tax cuts.
  Republicans and the American people know better. A shrinking deficit 
and more Americans at work are proving we can't afford to raise taxes. 
I encourage my Democratic colleagues to remember what President John F. 
Kennedy--John F. Kennedy, one of their own--said, that ``the soundest 
way to raise revenues in the long run is to cut tax rates now.''
  President Kennedy's words still ring true today. Cutting taxes allows 
working American families to keep more of their hard-earned dollars and 
encourages businesses to be competitive and invest in future growth.
  Both Presidents Kennedy and Reagan understood it is business, not 
Government, that creates jobs and prosperity. This is why Republicans 
will continue to fight to stop future Democratic tax increases, to make 
Republican tax relief permanent, and push for comprehensive tax reform.
  I am pleased that this midsession review offers yet more proof that 
the Republican's agenda to secure American jobs and balance the budget 
is working. We are making progress. It is third down and time for us to 
run the ball for a touchdown--not punt it away.
  I yield the floor.

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