please register and let Smoky Joe know why his plan won't work..
http://www.thedailylight.com/articles/2009/02/01/opinion/doc4985328a3374e802368694.txtJoe Barton
U.S. Congress
The pork-filled government spending spree that the Democrats pushed through the House of Representatives on Wednesday night typifies what is wrong with Washington. Calling this an economic stimulus does not make it an economic stimulus.
Republicans stood united in our opposition to this shell game, voting unanimously against it. We offered an alternative that was based on the idea that to kick start our economy we need to cut taxes, help small businesses and throw a lifeline to struggling homeowners. Almost all of our ideas were ignored by the majority. (Eleven Democrats did vote against HR 1)
Instead they passed a bill that is good at growing the size and scope of government and the deficit. It won’t help grow the economy or create jobs. And because of that I fear the people of Texas and families all over America will continue to suffer financial hardship.
Back in November the new White House Chief of Staff, Rahm Emanuel, reportedly said, “Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.”
Liberals in Congress took his advice and ran with it. With this so called “stimulus” bill they are filling a long awaited wish list of higher government spending on their favorite social programs that will lay hundreds of billions of dollars of debt on the backs of our children and grandchildren.
In fact, $136 billion will be spent on brand new, never before funded government programs. A prime example is the Social Security Administration’s new National Computer Center. Democrats proudly state that construction of the $400 million center will create an estimated 400 new jobs. Do the math and it averages out to an outrageous $1 million per job.
And it doesn’t stop there. The bill written by Congressional Democrats – led by Speaker Pelosi and Harry Reid – increases spending on welfare programs instead of helping Americans get back to work. So far those who supported this bill have been unable to explain to me how spending $335 million on education about sexually transmitted diseases or $300,000 on restoring an outdoor sculpture collection in Miami will stimulate the economy. Only 7 percent of this $1 trillion stimulus will go toward shovel ready projects in the year 2010. The rest either don’t help the economy or won’t kick in for several years.
The legislation also includes a little known provision called decoupling, which could punish Americans for saving energy by allowing some utilities to protect their profits and charge customers a higher rate even if they use less power.
The best way to get out of this recession isn’t more government spending, it is giving money back to American families so they can spend it wisely.
As I mentioned earlier, Republicans introduced an alternative. A real stimulus package that 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 percent to 10 percent and from 10 percent to 5 percent. 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 percent bracket and $1,200 for the drop in the 15 percent bracket. A married couple filing jointly could save up to $3,200 a year in taxes.
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 percent 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 some proposing near-term tax increases on American 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.
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 percent.
Now is the time for serious consideration of real and tangible ways to stimulate our economy. We may have lost the first battle, but we will continue to fight to make sure taxpayer dollars are spent wisely, never forgetting it’s not the government’s money – It’s yours.
Congressman Joe Barton, R-Ennis, represents the Sixth Congressional District of Texas.
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