Rep. Tom Feeney Urges Genuine Reforms to Stimulate the Economy
Rep. Tom Feeney Urges Genuine Reforms to Stimulate the Economy
Supports Economic Growth Act to Provide Broad and Permanent Solutions
(Washington, D.C.) - U.S. Representative Tom Feeney (R-Oviedo) today joined leaders of the Republican Study Committee to sponsor the Economic Growth Act to address recent economic uncertainty by offering broad, permanent incentives, with immediate application and sustained, long-term implications.
"I'm delighted to join pro-growth colleagues to propose genuine reforms to stimulate the economy and ease anxiety from many hardworking American families about their financial future.
"While I'm happy that there is dialogue on both sides of the aisle about how to address this economic uncertainty, I firmly believe we need long term solutions to ensure that small businesses and other job creators face lower tax and regulatory burdens.
"Rebates do little harm but provide little or no long term jobs or economic growth. Only permanent tax reductions on hardworking taxpayers and businesses create 'permanent income' that results in long term productivity, economic growth, and jobs.
"Rebates do little harm but provide little or no long term jobs or economic growth. Only permanent tax reductions on hardworking taxpayers and businesses create 'permanent income' that results in long term productivity, economic growth, and jobs," said Feeney.
The Economic Growth Act contains four main provisions, as follows:
1) Full, Immediate Expensing. This provision would encourage the purchase of assets with which to grow a business.
2) Reduction in the Top Corporate Tax Rate from 35% to 25% Down to globally competitive levels to allow small businesses to grow and continue creating jobs.
3) End the Capital Gains Tax on Inflation. Will encourage the movement of capital in 2008 and spur voluminous economic investment.
4) Simplify the Capital Gains Rate Structure. Will unleash funds and materials with which to create jobs and grow the economy.
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