Congressman Leonard Lance (NJ-07) today held a news conference in Scotch Plains to call onPresident Obama to scrap his $50 billion stimulus spending bill and instead focus on providing economic certainty to America's small businesses through reduced federal spending and a renewal of the expiring Bush tax cuts for all taxpayers.
President Obama announced a series of proposals this week to stimulate the economy, including $50 billion in transportation infrastructure spending as well as limited tax relief for small businesses,specifically a permanent extension of the research and development (R&D) tax credit and allowing businesses to deduct from their taxes the full value of new equipment purchases.
"For more than 18 months the President's tax and spend policies have failed to jump start our economy," said Lance at John's Meat Market in Scotch Plains. "That's why I am opposed to spending another $50 billion on stimulus spending that most economists agree will have no immediate impact on jobs this year. We must instead cut government spending to levels prior to TARP bank bailouts, government takeovers and trillion dollar stimulus programs."
"And while I am pleased that the President is reaching across the aisle and embracing targeted tax relief like the 100 percent write-off on capital investments and legislation to make the R&D tax credit permanent, the most urgent economic issue facing small businesses like John's Meat Market is the pending $3.8 trillion tax increase effective January 1, 2011. I once again call on President Obama and leaders in Congress to renew the soon-to-expire Bush tax cuts for all taxpayers and bring some much-needed economic certainty forward."
Since coming to Congress, Lance has called for free-market solutions to help New Jersey's small businessesexpand and create jobs to help the economy.
In addition to his support for dramatically reducing federal spending and extending the Bush-era tax relief that is set to expire at the year's end, Congressman Lance has called for reducing regulatory burdens and repealing and replacing the new health care law with common sense reforms that include small business pooling and medical malpractice reform.
At today's press conference Lance was joined by Mr. Vincent Losavio, Sr., the owner of John's Meat Market.
"As a small business owner I want to keep more of what I earn to hire workers, buy new equipment and spend less time filling out paperwork created by burdensome federal mandates," said Losavio, who employs over a dozen people at the market. "But we also need to make sure that my customers have the money to spend here in town instead of sending it down to Washington. I agree with Congressman Lance. Let's cut spending, extend the tax cuts for all Americans and let's get our economy going again."