Americans are benefiting from the Republican economic policies, so says House Speaker J. Dennis Hastert (R-Ill.), according to U.S. Fed News.
“Americans across the economic line can retire more comfortably through the effects of the 2001 and 2003 tax cuts,” Hastert said. “These cuts have put more money in the pockets of hard-working Americans to use toward their retirement savings and investments. The measures lessened the tax burden on stocks, making these investment a new and attractive option for many more Americans.”
The Republican Congress acted in 2003 to lower taxes on capital gains and dividends, Hastert noted. Since 2002, the average 401(k) balance has grown from $61,939 to $102,014, a 64.7% increase, he said, citing data from the Investment Company Institute.
“Democrats want you to believe that only the wealthy have benefited from these tax cuts,” the House speaker continued. “If Nancy Pelosi and her Democrat colleagues get control of the House, they will allow the tax cuts to expire, taking more out of your pocket to pay for their liberal agenda.”
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries