Just wrapped up the call with OMB Director Rob Portman. Some highlights:
“We managed to pass the biggest tax relief package since Reagan was President.”
“”The tax cuts worked”
“”Economic fundamentals are strong now. 6.6 m people have gotten new jobs since August of 2003. That’s more than all the countries of Europe, Japan and Canada combined.”
“”More than half of America’s households are invested in the stock market.”
“There’s been a reduction in the federal deficit. President said he’d like to cut the deficit in half in 5 years, did it in 2. Tax cuts have resulted in higher revenues to the federal government.
“We need to make these tax cuts permanent. Tax relief expires in 2010. One hundred and fifteen million people would see a tax increase if the tax cuts expire. Congress has to affirmatively move to extend the tax cuts. If they do nothing, they’ll expire. Must keep spending under control, must keep taxes low.”
“A family with 3 kids losing the tax cuts will see a $1500 tax increase.”
We’ve noted here repeatedly — as recently as this week — the positive effect of the tax cuts, and would echo everything that Rob Portman said today. Here’s a link to a fact sheet on the budget and here’s a link to a document that shows the effect of letting the tax cuts expire.