This is a companion piece to Steve’s on digging into the stimulus package. I thought you might be interested in seeing what the House and Senate Republicans have proposed. No pork … just stimulus. Hat tip to Michelle.
- Immediate Tax Relief for Working Families: House Republicans propose reducing the lowest individual tax rates from 15 percent to 10 percent and from 10 percent to 5 percent. Under the proposal, a married couple filing jointly could save up to $3,200 a year in taxes.
- Help for America’s Small Businesses: House Republicans propose to allow small businesses to take a tax deduction equal to 20 percent of their income. This will immediately free up funds for small businesses to create new jobs.
- Assistance for the Unemployed: House Republicans propose to make unemployment benefits tax free so that those looking for work can focus on providing for their families.
- Stabilizing Home Values: In order to encourage responsible buyers to enter the market and stabilize prices, House Republicans propose a home-buyers credit of $7,500 for those buyers who make a minimum down-payment of 5 percent.
Read the whole thing here.
UPDATE: Just in from Fox news … Republican leadership held a press conference detailing the jobs their tax cuts would create. Congressman Dave Camp (R-MI) is speaking. I cannot vouche for it but it is given added wweight by the person who did the analysis … one of Obama’s economic advisors. The president’s nominee to chair the Council Of Economic Advisers, Christina Romer.