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For Immediate Release |
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Contact: Murat Gokcigdem |
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Phone: (202) 225-8885 |
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January 29, 2008
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CONGRESSWOMAN JOHNSON BACKS BIPARTISAN ECONOMIC STIMULUS PLAN
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Legislation Will Offer Tax Rebates for 8.6 million families in Texas
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Washington, D.C. - Congresswoman Eddie Bernice Johnson today joined an overwhelming bipartisan majority in the House of Representatives in support of the Recovery Rebates and Economic Stimulus for the American People Act. This legislation will help stimulate the economy, providing tax rebates to 8.6 million households in Texas and was passed by a vote of 385-35. Congress is determined to act quickly, so that families could receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May.
“Families in the 30th Congressional District are struggling just to make ends meet, and the economic downturn is only making things worse. I am disappointed, however, that there was no aggressive plan for job training programs such as adult education and literacy, welfare-to-work, vocational education and vocational rehabilitation.” Congresswoman Johnson said.
The bill passed today provides a recovery rebate to 117 million families, including 35 million families who work but make too little to pay income taxes, and 13 million senior citizens. The broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. All told, the bill is estimated to provide an average tax rebate of $907 to Texas families, save them a total of $7.8 billion across the state, and create new jobs.
The legislation also includes tax cuts for small businesses. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments, and encourages investments in new equipment. Additionally, the plan offers immediate tax relief for all businesses to invest in new plants and equipment by speeding up depreciation provisions, so that firms can write off an additional 50 percent for investments purchased in 2008.
The plan also includes provisions to help families avoid losing their homes to foreclosure. The bill expands affordable mortgage loan opportunities for families at risk of foreclosure through the Federal Housing Administration. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in the loan limits for single family homes from Fannie Mae and Freddie Mac. |
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U.S. Representative Eddie Bernice Johnson is the highest-ranking Texan on the House Committee on Transportation & Infrastructure and a senior member of the Science Committee. She represents the 30th Congressional District of Texas, which, includes Downtown Dallas, Fair Park, Oak Lawn, Old East Dallas, Pleasant Grove, & South Oak Cliff; all of Balch Springs, DeSoto, Hutchins, Lancaster & Wilmer and parts of Cedar Hill, Duncanville, Ferris, Glenn Heights and Ovilla.
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