Boehner: 2003 Tax Relief is Working, Benefiting Millions of American Families

Via email:

House Republican Leader John Boehner (R-OH) today joined other House and Senate GOP leaders in praising the success of the 2003 tax relief on dividends and capital gains and calling on Congress to make the relief permanent on behalf of middle-class families:

"The tax relief on capital gains and dividends is allowing millions of middle-class families to keep more of what they earn instead of sending it to the federal government, and it's time to make this relief permanent. The tax relief has not only helped create millions of good-paying jobs to strengthen our economy, it has produced surging revenues to the Treasury and put us on a path to balance the budget.

"Unfortunately, under the Democratic budget each and every middle-class family would face higher taxes on capital gains and dividends, not to mention the return of the marriage penalty and more individual income taxes. Republicans have proposed a balanced budget within five years without raising taxes on middle-class families. OMB Director Portman said he'll recommend the President veto any bill with excessive spending that makes it harder to meet this goal. By pursuing pro-growth policies, eliminating wasteful spending, and keeping taxes low on all Americans, we can balance the budget within five years."

NOTE: The month of May marks the four-year anniversary of the 2003 Jobs and Growth Tax Relief Reconciliation Act, which reduced taxes on capital gains and dividends to strengthen the American economy. The tax relief has helped create millions of new jobs as well as double-digit revenue increases to the federal government - reinforcing the Republican principle that lowering tax rates strengthens the economy, spurs new job creation, and produces new tax revenue that leads to balanced budgets.

On May 11, OMB Director Rob Portman delivered a letter to House Budget Committee Chairman John Spratt (D-SC) calling for a balanced budget without raising taxes. The letter notes, "The proven formula of keeping taxes low while restraining spending has decreased the budget deficit by over $165 billion in the last two years."