Tax Relief for Families and Small Business
Yesterday I was proud to introduce H.R. 5126, the Family Security and Small Business Stimulus Act of 2008. Our economy has slowed down and for the sake of families in Michigan, it is critical that we take action in Washington to help. Enabling families and small businesses to keep more of their hard-earned money instead of sending it to the IRS is a valuable first step. My bill will do this in three ways: permanently cutting the lowest income tax bracket from 10% to 5%; sending all taxpayers an advance payment of this tax-cut; and allowing small businesses to expense more of their purchases.
Joe and his Republican collegues seem to think tax cuts are the answer to every problem. While no one likes to pay more taxes, a tax cut in a time of economic crisis, when our national debt is $9 TRILLION, we are fighting a war that is costing $12 billion a month, a tax cut will only multiply the crisis. A more sensible approach would be to invest in America's infrastructure providing good paying jobs to our citizens, who in turn pay taxes and improve the overall economy. The wealthiest American do not need a tax cut, but those citizens going through foreclosure need more than a tax rebate check to solve their problems.
Maybe if we end the fiasco in Iraq and use the money being poured down the rat hole there we can start to solve the economic crisis in America.