Congressman Kline Sponsors Legislation To Stimulate Economy, Create Growth
Bills Would Implement Common-Sense, Free Market Solutions
January 15, 2009
WASHINGTON – In the first weeks of the 111th Congress, Congressman John Kline sponsored tax reform legislation that would help create long-term economic growth.
H.R. 143 would use funds remaining from the Troubled Asset Relief Program (TARP) to provide a two month federal tax holiday. As introduced by Rep. Louie Gohmert, the bill would cost less than the remaining $350 billion in TARP funds and provide true economic stimulus and security to hard-working Americans.
The “Economic Recovery and Middle-Class Tax Relief Act,” H.R. 470, would provide broad, growth-oriented, permanent incentives for economic activity across all sectors and industries, with immediate application and sustained, long-term implications. Introduced by Congressman Scott Garrett, this bill would:
- Provide a five percent across the board income tax cut;
- Permanently repeal required distributions on retirement accounts;
- Make all withdrawals from IRAs tax- and penalty-free during 2009;
- Allow all businesses to immediately and fully deduct on their tax returns the costs of assets (including buildings) they purchase for their business in the year that they buy such assets;
- Reduce the top corporate tax rate from 35 to 25 percent;
- End the capital gains tax on inflation; and
- Simplify the capital gains tax structure.
In his fourth term in Congress, Congressman Kline is a member of the House Ethics Committee, the Education and Labor Committee, and the Armed Services Committee.
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