“Tax plan would stimulate economy,” says Schatz

(Washington, D.C.) - The Council for Citizens Against Government Waste (CCAGW) urged members of Congress today to act swiftly in passing President Bush’s tax plan, “The Jobs and Growth Tax Act of 2003,” (H.R. 2, S. 2). 

“In a time of declining confidence in the nation’s economy, it is essential that Congress hurry up and pass the President’s tax cut plan,” CCAGW President Tom Schatz said.  “This stimulus package will lead to more job creation, increased consumer spending, and higher rates of investment, thus giving a much needed boost to the economy.”

The stimulus plan includes current tax cuts scheduled for 2004 and 2006 to take effect earlier, a reduction in the marriage penalty, an end to the tax on corporate dividends, and an increase in the child tax credit.  In addition, it provides states relief for the unemployed.  Overall, the package would reduce taxes by $637 billion over the course of 10 years.

“This plan will return money to the American people instead of leaving it for politicians in Washington to spend as they see fit,” Schatz continued.  “Year after year, Congress finds new ways to waste taxpayers’ money.  Recently, Congress passed the most pork laden spending bill ever.  Giving politicians control of our money leads to projects such as $1 million for the Andre Agassi College Preparatory Academy in Nevada, and $202,500 for the National Peanut Festival in Alabama.”

President Bush had been building support for his plan for the last two months, before Treasury Secretary John Snow presented it to Capitol Hill on Thursday.  Although it received bipartisan support, there is still expected to be a battle as many members of Congress feel that tax cuts are not appropriate in a time of deficits.

“The best way to address the deficit is through this stimulus package.  It will provide a boost to the economy, thus producing revenue for the government.  Along with much-needed cuts in wasteful spending, we can once again have a balanced budget,” Schatz concluded.  “Americans deserve this tax cut, and they deserve it now.”

The Council for Citizens Against Government Waste is the lobbying arm of Citizens Against Government Waste, the nation's largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.  For more information, please visit www.ccagw.org.