Today, Congresswoman Laura Richardson acted to improve the lives of Americans by voting for the American Jobs and Closing Tax Loopholes Act, which will save more than a million jobs, provide working families with tax cuts and close tax loopholes that reward companies for outsourcing American jobs.
"This important legislation keeps our nation on the right track by restoring credit to small businesses, rebuilding American infrastructure, providing tax relief for middle class families and extending tax incentives for research and development and energy," Congresswoman Richardson said. "But, what is perhaps the most important part of this bill to the people of the 37th District is that it will create or save more than a million jobs, including expanding summer jobs for young people by 350,000. With unemployment in the district still well above the national average, and at more than 20 percent in some areas, this legislation will directly impact the ability of the people of our communities to find jobs and provide for their families."
The tax benefits to middle class Americans -- property tax relief, state and local sales tax deductions and college tuition deductions -- are paid for by closing the tax loopholes that big businesses have exploited to ship jobs overseas and that allowed Wall Street billionaires to pay a much lower tax rate on their income. The bill also promotes corporate accountability for the oil industry, boosting the amount oil companies must pay into the Oil Spill Liability Trust Fund -- so taxpayers are never stuck with the bill for the risky practices of the industry. The legislation will also extend unemployment benefits for Americans who lost their jobs through no fault of their own.
"The last administration ran the economy into a ditch and left millions of Americans, including thousands here in the 37th District, struggling to keep their jobs, pay their bills and provide for their families," Congresswoman Richardson added. "This legislation brings us another step forward toward ending the Bush recession and returning America to its former economic stability."