The following is from a press release from NC Congresswoman Virginia Foxx.
Foxx Launches Website Detailing Economic Recovery Plan
WASHINGTON, D.C. – Congresswoman Virginia Foxx (NC-05) today announced the launch of http://republicanwhip.house.gov/jobs, a new website that outlines the House Republican Economic Recovery Plan. The website details the smarter, simpler stimulus plan proposed by House Republicans that will create twice the jobs at half the price of the economic package that Democrats forced through the House despite bipartisan opposition.
"North Carolina’s families and job-creating small businesses are facing unprecedented challenges,” Foxx said. “My Republican colleagues and I have proposed an Economic Recovery Plan that will actually create jobs for the North Carolinians. We believe that the focus of any stimulus package must be on helping working families and small businesses. I hope that you will visit this website and learn more about the House Republican Economic Recovery Plan.”
Republicans are committed to an open and transparent exchange of ideas to find the best solutions to get the U.S. economy back on track. The Republican Economic Recovery Plan contains the constructive, common-sense ideas that should be included in any stimulus legislation.
"This is a smart, simple, and stimulative plan—at half the price of the Democratic Majority’s $825 billion proposal,” Foxx said. “The Republican plan has no waste, just jobs.”
“Our goal is to get America back on track without saddling future generations with trillions in debt or higher taxes,” said House Republican Whip Eric Cantor, leader of the House Republican Stimulus Working Group that crafted the recovery plan.
Note: The House Republican Economic Recovery Plan contains targeted tax cuts for every American family and small business. It includes the following provisions:
Immediate Tax Relief for Working Families: Rather than a refundable credit based on payroll taxes, House Republicans propose reducing the lowest individual tax rates from 15% to 10% and from 10% to 5%. As a result every taxpaying-family in America will see an immediate increase in their income with an average benefit of $500 in tax relief from the drop in the 10% bracket and $1,200 for the drop in the 15% bracket. A married couple filing jointly could save up to $3,200 a year in taxes.
Real Help for America’s Small Businesses: Small businesses (those employing less than 500 individuals) employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. House Republicans propose to allow small business to take a tax deduction equal to 20% of their income. This will immediately free up funds for small businesses to retain and hire new employees.
No Tax Increases to Pay for Spending: The stimulus proposal pending in Congress includes record levels of government spending that will substantially increase the current deficit. House Republicans are concerned that this level of spending will result in new tax increases on American working families. House Republicans are insisting that any stimulus package include a provision precluding any tax increases now or in the future to pay for this new spending. House Republicans believe that any stimulus spending should be paid for by reducing other government spending, not raising taxes.
Assistance for the Unemployed: Incredibly, the Federal Government actually imposes income taxes on an individual receiving unemployment benefits. House Republicans propose to make unemployment benefits tax free so that those individuals between jobs can focus on providing for their families. The plan would also extend unemployment benefits for a full year.
Stabilizing Home Values: The real-estate market is paralyzed as potential buyers wait on the sidelines waiting for prices to fall even further. This is becoming a self-fulfilling prophecy. In order to encourage responsible buyers to enter the market and stabilize prices, House Republicans propose a home-buyers credit of $7,500 for those buyers who can make a minimum down-payment of 5%.