Who's better with the buck? GOP
NY Daily News ^ | August 1 2004 | REP. VITO FOSSELLA
Listening to speakers at the Democratic National Convention last week, most Americans were left with the impression that our economy is mired in depression. We were told that John Kerry's plan of raising taxes on American families and increasing government spending by hundreds of billions of dollars would spur economic growth.
Nothing could be further from the truth. As a result of nearly 30 different tax-relief measures passed by Congress since 2001, unemployment has dropped to 5.6%, 1.5 million jobs have been created in the past year alone, household wealth is near an all-time high and inflation, interest rates and mortgage rates are near historic lows.
Most importantly, economic growth since last summer has been the fastest in nearly 20 years, even as America recovers from recession and the devastating economic impact of 9/11 and wages an international war on terrorism. The steady growth we have seen over the past year, combined with consumer confidence surging to a two-year high, means the economy is improving every day.
Pro-growth policies reduced taxes, controlled spending and encouraged investment. For instance, the reduction in marginal tax rates that was decried by Democratic leaders as a giveaway to the rich is, in fact, saving the average family in New York more than $1,000 annually. Combined with reductions in the marriage penalty, the expansion of the Child Tax Credit and other measures, $1.35 trillion is being returned to the people of New York, California and all points between.
Indeed, every dollar that stays out of Washington is another dollar that is available to you to spend or a small business to expand. That is how our economy grows.
The rusty class warfare rhetoric out of Boston may make for good television, but it's a blueprint for economic failure. The Kerry plan is a witches' brew that will smother creativity, stifle innovation and inhibit productivity.
To secure the American Dream for this and future generations, we must continue to place our faith in people. We must allow them to summon their unique abilities, mobilize their energies and reach for the stars. Lower taxes lead to greater freedom, and greater freedom builds a stronger and more prosperous America.
Fossella, a Republican, represents the 13th Congressional District, which includes Staten Island and parts of Brooklyn.
NY Daily News ^ | August 1 2004 | REP. VITO FOSSELLA
Listening to speakers at the Democratic National Convention last week, most Americans were left with the impression that our economy is mired in depression. We were told that John Kerry's plan of raising taxes on American families and increasing government spending by hundreds of billions of dollars would spur economic growth.
Nothing could be further from the truth. As a result of nearly 30 different tax-relief measures passed by Congress since 2001, unemployment has dropped to 5.6%, 1.5 million jobs have been created in the past year alone, household wealth is near an all-time high and inflation, interest rates and mortgage rates are near historic lows.
Most importantly, economic growth since last summer has been the fastest in nearly 20 years, even as America recovers from recession and the devastating economic impact of 9/11 and wages an international war on terrorism. The steady growth we have seen over the past year, combined with consumer confidence surging to a two-year high, means the economy is improving every day.
Pro-growth policies reduced taxes, controlled spending and encouraged investment. For instance, the reduction in marginal tax rates that was decried by Democratic leaders as a giveaway to the rich is, in fact, saving the average family in New York more than $1,000 annually. Combined with reductions in the marriage penalty, the expansion of the Child Tax Credit and other measures, $1.35 trillion is being returned to the people of New York, California and all points between.
Indeed, every dollar that stays out of Washington is another dollar that is available to you to spend or a small business to expand. That is how our economy grows.
The rusty class warfare rhetoric out of Boston may make for good television, but it's a blueprint for economic failure. The Kerry plan is a witches' brew that will smother creativity, stifle innovation and inhibit productivity.
To secure the American Dream for this and future generations, we must continue to place our faith in people. We must allow them to summon their unique abilities, mobilize their energies and reach for the stars. Lower taxes lead to greater freedom, and greater freedom builds a stronger and more prosperous America.
Fossella, a Republican, represents the 13th Congressional District, which includes Staten Island and parts of Brooklyn.
