The GOP Alternative to the Porkapalooza
Saturday, January 31st, 2009My representative Michele Bachman has just posted about the GOP alternative to Ms. Pelosi’s Porkapalooza bill. While Ms. Pelosi’s Porkapalooza bill stalls, House Republicans offered this alternative:
The legislation will reduce the lowest individual tax rates from 15% to 10% and from 10% to 5%.
As a result, every taxpaying-family in America will see an immediate increase in their income with an average benefit of $500 in tax relief from the drop in the 10% bracket and $1,200 for the drop in the 15% bracket. A married couple filing jointly could save up to $3,200 a year in taxes.
And according to research done by The Heritage Foundation, 272,306 filers in Minnesota’s 6th District will benefit from the reduction in the 10% bracket and 228,926 filers will benefit from the reduction in the 15% and the 10% brackets.
The legislation allows small business to take a tax deduction equal to 20% of their income.
In fact, small businesses (those employing less than 500 individuals) employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. This legislation will immediately free up funds for small businesses to retain and hire new employees. (more…)