Foxx votes for national economic stimulus package
Legislation contains $150 billion in tax relief and job-friendly investment incentives
United States Rep. Virginia Foxx voted today for an economic growth package that aims to keep the United States economy strong. This legislation is the product of bipartisan negotiations between the leaders of the House of Representatives. It is designed to boost the American economy by putting money back in the hands of middle class families and by giving businesses incentives to create new jobs.
"Today we witnessed a victory for hard-working Americans as the Republican principles of tax relief and job creation became the centerpiece of this important economic package," Rep. Foxx said. "This legislation does just what we need it to do: it puts North Carolina taxpayers' money back into their hands without raising taxes or creating harmful new spending increases."
The legislation, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 (H.R. 5140), focuses on three areas to boost economic growth: tax relief for American families, tax relief for employers and home mortgage lending rule changes.
The income tax relief will range from $300-$1,200 for individual and married couples, while families with children will be eligible for an additional $300 rebate per child. Business tax provisions include tax incentives for new business investment, with a particular focus on small business growth. On the home mortgage front, the bill increases the lending power of institutions like Fannie Mae to help home-owners in distress.
"While this is not a perfect bill, it is a promising and bipartisan down-payment on our future economic prosperity," Foxx said. "We got it right by keeping all tax hikes off the table. Congress would be wise to now move to enact long-term tax relief, which is the best medicine for sustained economic growth and job creation."
H.R. 5140 passed the House on an overwhelming bipartisan vote 385-35. It now heads to the Senate for approval and additional debate.