Pelosi: 'This Congress Has Cut Taxes by More Than $800 Billion to Put Money in the Pockets of Working Americans'

WASHINGTON, April 14 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement on Tax Day. For more information on tax cuts provided to Americans under the American Recovery and Reinvestment Act and other key initiatives, please click here http://www.speaker.gov/newsroom/reports?id=0342.

"In the midst of the worst economic crisis since the Great Depression, Congress and the President acted swiftly to bring relief to our nation's families and businesses, and create good-paying jobs. A critical element of that relief and recovery effort was tax cuts for the middle class and small business owners.

"This Congress has cut taxes by more than $800 billion to put money in the pockets of working Americans, encouraged hiring, and spurred innovation. More than one-third of the Recovery Act is tax relief for the middle class, including the Making Work Pay credit – one of the fastest, most widely-shared tax cuts in history. Through the legislation, we made it easier for people to buy a house or a car, make their homes more energy efficient, or send their children to college.

"According to the Council of Economic Advisers, these tax cuts are responsible for roughly one-half of the up to 2.8 million jobs saved or created by the Recovery Act. And as a result of this bill, tax refunds are already up nearly 10 percent, reaching a record of $3,000 per taxpayer.

"Staying focused on our top priority – putting people to work – we have strengthened small businesses with critical tax credits so they can expand, add more employees, and thrive into the future. And in passing health insurance reform last month, we enacted the largest health care tax cut in history.

"In the words of President Reagan's former policy advisor, Bruce Bartlett: 'Federal taxes are…considerably lower by every measure since Obama became president.' There is mounting independent evidence that the Recovery Act and other efforts are putting us on the path of economic recovery – with consumer confidence, jobs numbers, and retirement savings again on the rise. On Tax Day, that is a positive step for our families and businesses, and a sign of progress for our middle class."

SOURCE Office of the Speaker of the House