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There is little doubt in my mind that this country needs an economic stimulus package. However, what I have seen so far is nothing but an attempt to spend as much money as possible on Washington pet projects.
Out of the $825 Billion dollar stimulus package- exactly $4 billion would go to infrastructure projects started before 2010. $50 million would go to the National Endowment for the Arts. $200 million for contraceptives. $16 million for government audits of agencies.
At its current price tag, the bill would spend $275,000 per job- if it creates or saves 3 million jobs. Washington needs to do better.
Instead, we ought to focus on job creation. House Republicans propose reducing the lowest individual tax rates by 5%. As a result every taxpaying-family in America will see an immediate increase in their income. On average about $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.
We should also help small businesses by allowing them 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.
We should also make unemployment benefits tax free, instead of taxing people who have been hit the hardest by this economic downturn.
Finally, we need to give homeowners help. A $7500 tax credit for buyers who can make a minimum of a 5% down payment will help stabilize prices as more buyers enter the market.
Americans need an economic stimulus package that creates jobs. The current bill before the House is nothing more than a wasteful spending package.
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