Grassley on the Economic Benefits of Last Spring's Tax Cuts
M E M O R A N D U M
To: Reporters and editors
Re: economic benefits of tax cuts
Da: Friday, Sept. 12, 2003
Sen. Chuck Grassley, chairman of the Committee on Finance, made the following commenton today’s Wall Street Journal analysis showing last spring’s tax cuts are a major factor in the predicted fastest growth of the gross domestic product since 1999. Grassley was the lead Senate architect of the tax cuts.
“The statistics show we did the right thing. Putting more money in taxpayers’ pockets wasa real boost for the economy. Consumers seem to have spent their new cash on cars, household items and school supplies. That spending drives economic growth. An increase in the grossdomestic product is important. Economists say job growth begins when the gross domestic productincreases significantly. We’re well on our way toward a strong economic recovery.
“I’ll continue to advance policies that promote economic growth. For example, I’m working on legislation to replace the tax regime that makes U.S. exporters vulnerable to up to $4 billion a year in sanctions. Economic growth requires attention to all sectors of our economy.”
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