On Tuesday, the America people sent a message to the leaders of our nation, through the power of their vote — they reject the bailouts and wasteful spending that only hurt our economy over the long run. Too many have fallen on hard times and are still trying to rebuild after one of the worst recessions in our lifetimes. This new Congress has an obligation to restore the health of our economy and get America back to work.
Serving as your congressman, I vow to take your beliefs and values back with me every week when I commute from home to Washington. Those beliefs include: spend less than you take in, run government like you would your household, protect our country, and adhere to the Constitution.
We’ve had an economic crisis going on for two years now, and the actions taken have failed to stimulate the economy and create jobs. We bailed out big banks, passed an economic stimulus package that failed to deliver on its promise, and increased our debts and deficits to record levels. I’ve fought against these failed policies, and with new leadership possible in Washington, I am hopeful I can be part of the solution.
To stimulate the economy, we must extend all of the 2001 and 2003 tax cuts, which included income tax cuts for all Americans, lowered dividend and capital gain tax rates, death tax and marriage penalty elimination, and an expansion of the child tax credit.
I support extending all of the 2001 and 2003 tax cuts and ensuring our current rates are carried forward. In order to send a message that this Congress is concerned with sustaining the health of this economy, this Congress should immediately extend those important tax extensions, because it is my belief that the worst thing we can do during a recession would be to raise taxes on our job creators and increase the cost of capital.
I also believe we should incentivize businesses to stay in America by cutting the corporate tax rate, which is among the highest in the developed world. Businesses can and do choose where to locate manufacturing facilities based on the economic climate, and we’ve lost too many jobs overseas because of an uncompetitive tax structure. American workers can compete with anyone given a level playing field — it’s time we deliver.
The true impact of government-controlled health care combined with the prospect of rising tax rates and energy costs have created an atmosphere of uncertainty for business. When businesses are uncertain about the future, they don’t hire additional employees, and they don’t order new equipment to expand their operation.
We are a nation of strong and dedicated Americans, so what we rebuild together will be greater than what was before. If we work together and adhere to transparency throughout the rebuilding process, I believe we will triumph and find success.
Rep. Phil Roe represents Tennessee’s 1st Congressional District.