(Archived Content)
Treasury Secretary John Snow yesterday addressed the Tax Foundation's 68th Annual Conference in Washington, DC. Snow discussed the success of tax relief – particularly on capital gains and dividends – in spurring economic growth and job creation, the importance of continuing to keep taxes low and the case for reforming our overly complex tax code. Since the spring of 2003, when the President signed this tax relief legislation into law, our economy has tested the President's view that if we put more money in the pockets of working Americans and reduce taxes on investment, the result would be a stronger economy and millions of new jobs. The results have been clear. The U.S. economy today is performing as strongly as anyone could have anticipated: 4.2 million new jobs have been created. Real per capita income is up and the equity markets have rebounded. A couple of weeks ago we learned that the American economy grew at an impressive 3.8 percent rate for the third quarter of this year, making it the tenth straight quarter that the American economy has grown at a healthy rate of 3.3 percent or more. It's no coincidence that it was ten quarters ago that the President's tax reform plan took effect.