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SUBCOMMITTEES: Privacy, Copyright, and Permission to Link Statement |
Committee on Ways and Means For Immediate Release Responsible Surplus Remains After Needed Tax Relief Delivered Washington, DC – Today, Ways and Means Committee Chairman Bill Thomas (R-CA) released the following statement: Now the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) have both issued updated estimates of the federal budget. The federal government continues to maintain a surplus of at least $153 billion. Regardless of who is doing the estimating it is a fact that the government has less to spend because of a slowing economy and tax relief. That was the goal of tax relief - to put the money back where it belongs, in the taxpayers’ pockets. Lower taxes will reinvigorate a stagnant economy, and the resulting economic growth will increase revenues. It is also important to put these estimates in perspective. $9 billion is less than 1/10th of 1 percent of our $10.3 trillion economy. It’s less than 1/2 of 1 percent of total revenues, less than 1.5% of total social security tax revenue and less than 6 percent of surplus social security tax revenue. The Bush tax cut returns approximately $40 billion to hard-working American families in 2001. But we still have serious work ahead to revive the economy and protect Medicare and Social Security for our children and grandchildren. |