Legislative Priority: Economy

I know many Oregonians have struggled through this economic downturn and believe getting Oregonians back into high-paying jobs is essential.  I am working and will continue to work to bring resources to Oregon for research and development at public and private institutions, invest in our institutions of higher education, and extend small business tax deductions.

Over the past eight years, I have succeeded in securing millions of dollars for Oregon that have brought jobs and better services for our communities.  They include building and improving roads, waterways and bridges, improvements to educational institutions, and support for our growing technology and research.  These resources reach every corner of the First Congressional District.  Some of the highlights are:

• $7.6 million for the Highway 99W Newberg-Dundee Bypass to reduce congestion, improve commerce and make city streets safer.
• $7.75 million for Washington County Commuter Rail to extend transit from Wilsonville to downtown Beaverton and provide access by MAX to Hillsboro, Portland and Gresham.
• $950,000 to improve water quality standards in the Warrenton wastewater system.
• $1.2 million for the OHSU Center for Research and Bioterrorism Agents to better prepare our communities against bioterrorism attacks.
• $1.25 million for Fort Clatsop Expansion and $2 million for the Portland to Astoria Historic Lewis and Clark Railroad so that Oregon can benefit from the tourism resulting from the bicentennial of the Corps of Discovery Expedition.
• $2 million for Portland State University's School of Engineering so that more Portland area students have access to a top-notch engineering education.
• Nearly $200 million in tax credits for the Portland Development Commission's New Markets Fund, the hospitality Fund and the Historic Rehabilitation Fund to leverage and target significant resources toward investment in community development in some of our neediest areas.
• $8 million in tax credits through the Community Development Financial Institutions fund to boost economic development and further restore Astoria's downtown.

I led the effort to extend unemployment benefits when all state resources were exhausted.  Too many Oregonians have faced successive months of unemployment while they are searching to find a job.  Unemployment benefits often mean the difference between keeping a home and a car, covering health care needs and paying for college.  Helping families remain economically secure during time of temporary unemployment helps stabilize our entire economy.

As a former small businessman, I support common sense proposals to ease the tax burden and encourage investments that help companies grow and thrive.  I voted for legislation to accelerate tax deductions for depreciation of investment in equipment and voted to help small businesses offer health insurance by increasing the tax deductibility of insurance costs.  Additionally, I authored the "Five for Five Act" to encourage business investment by reducing to 5 percent the maximum rate of tax on net capital gain on assets held for more than 5 years.

I work to encourage individuals to help plan for a secure retirement and protect investments employees count on.  I have supported legislation to improve disclosure of the funding status of single-employer pension plans.  Additionally, I support legislation to increase the annual limitation on deductible contributions to individual retirement accounts to $5,000 and to allow individuals age 50 or older to make additional contributions to an applicable employer plan, and make it easier to move funds from one retirement account to another when a person switches jobs.