To Boost Our Economy, Patrick Murphy Votes for Bipartisan Stimulus Package
8th District Congressman Hails Cooperative Effort on Behalf of Hard Working Middle Class Families
5.1 million Pennsylvania households to receive a rebate
$900 Average rebate amount for hard working Pennsylvania families
After some quick bipartisan work, Pennsylvania Congressman Patrick Murphy (D-8th District) voted today for the new economic stimulus package aimed at boosting our economy. The bill, which Murphy hailed as the much-needed result of cooperation between Republicans and Democrats in Congress as well as President Bush will put money in the pockets of hard working middle class families, give a boost to small business owners and give a tax rebate to 13 million seniors. With family incomes and home prices falling, and the cost of health care, energy and education rising, this bill needs to be - and will be - made into law quickly in order to help families who need immediate help. After passing the House with a bipartisan majority of 385-35 it goes to the Senate for their consideration. It is estimated that 5.1 million Pennsylvania households will receive a rebate averaging $900.
"Last night, we all saw President Bush pledge to work in a bipartisan way - on behalf of the hard working families in the 8th District, I hope he keeps his pledge," said Congressman Patrick Murphy. "I was proud to vote for this bipartisan economic stimulus package. It will put money into the pockets of middle class families, help small business owners and hopefully jump-start our economy. This is one of many initiatives that mark the beginning of our efforts to put our economy back on track and change the direction of our country."
About the Economic Stimulus
* Tax Cut for 117 Million Families. This 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. Recovery rebate checks could be sent as early as mid-May in order to put money in the pockets of American families who will reinvigorate the economy.
* Fighting for Seniors. More than 13 million seniors will get a tax rebate. Nine out of ten seniors with earnings will be eligible for the tax rebate. In addition, seniors who pay income taxes will be eligible for a rebate. Democrats fought hard to negotiate a compromise that covers as many Americans as possible, including seniors.
* Targeting the Middle Class for Assistance. Nearly $50 billion of the rebate will go to middle-income Americans and those aspiring to it.
* Helping Families Avoid Foreclosure. For 2008, the bill increases the FHA loan limits up to $729,750, to expand 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 includes a one-year increase in the loan limits for single family homes from Fannie Mae and Freddie Mac from $417,000 up to $729,750 for 2008.
* Saving Small Businesses Money. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments made in 2008 from $125,000 to $250,000, for purchases of new equipment of up to $800,000 (from $500,000).
* Encouraging Business Investment. By putting approximately $44 billion in 2008 and $7.5 billion over 10 years into the economy, this stimulus package encourages investment.
* Bonus Depreciation. It provides 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.
* Unprecedented Tax Relief for Working Families. The measure provides $28 billion in tax relief for 35 million families who work but make too little to pay income taxes -- families who otherwise would not have been included in this recovery effort. More than 19 million of these are families with children.