U.S. Congressman Phil Gingrey joined Rep. Tom Price and other members of the Republican Study Committee in introducing an economic stimulus package aimed at cutting taxes for middle class families and providing incentives for American businesses to invest in the future of this country.
“The Economic Recovery and Middle-Class Tax Relief Act of 2009 provides the right kind of stimulus with significant tax cuts to families and also relieves the tax burden on small business owners allowing them to invest that money directly into their business to create new jobs," Gignrey said. "And better still, our stimulus package alternative actually reduces federal spending. At a time when families across our nation are cutting their own budgets, they aren’t comfortable watching the federal government increase spending by a trillion dollars.
“Just yesterday, I spoke with a struggling small business owner from the 11th District about some of our ideas to help stimulate our economy. His response? ‘Congressman, you’re preaching to the choir,’” Gingrey said.
Details of the RSC stimulus include: Across the board income tax cut of five percent
Increases the child tax credit from $1,000 to $5,000
Permanently sets the current lower capital gains/dividends tax rate of 15 percent
Repeals the alternative minimum tax
Increases the value of the tax deduction for interest on student loans and the tax deduction for qualified higher education expenses by 50 percent
Makes all withdrawals from retirement accounts tax free during 2009
Provides Investment Incentives for American Businesses Immediately cuts the top corporate income tax rate from 35 percent to 25 percent
Allows all businesses to immediately expense—or fully deduct on their tax returns — the costs of assets they purchase for their business in the year that they buy such assets Allows corporations to benefit from the 15% capital gains rate
Extends the carryback period for net operating losses to seven years
The bill includes a one-percent reduction to non-defense/veterans FY 2009 discretionary spending. While this is a modest limit on the extent to which spending will otherwise increase compared to FY 2008, it is an important promise to the American people that we are serious about our commitment to restrain government spending.
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