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Economy
“My number one priority is to make life better for hard-working Americans. That means lowering taxes for working people; making it easier for entrepreneurs to start their own businesses; encouraging corporations to hire Americans; and ensuring that people can still achieve the American Dream of homeownership, sending their children to college, and being able to enjoy their retirement.”
Crowley Helping to Get America’s Fiscal House in Order:
- Chosen by House Speaker Nancy Pelosi to be one of three New York Democrats on the prestigious Committee on Ways and Means, which holds sole jurisdiction over taxes in the House of Representatives.
- Championed the commonsense budget principle “pay-as-you-go” (also known as “PAYGO”) which requires that Congress live within its means. Specifically, any new spending or tax cuts approved by Congress must be offset with a reduction in spending in other areas. While not popular, this principle requires Congress – just like families – to make tough choices and ensure that we do not add to our nation’s deficit.
Crowley Working to Alleviate the Tax Burden of America’s Middle Class Families:
- Supported enactment of tax cuts in 2008 for the middle class, relieving almost 40,000 middle income families in the 7th Congressional District from being ensnared in the Alternative Minimum Tax (AMT).
- Helped enact the Emergency Economic Stimulus Act of 2008 that included $150 billion in rebate checks for middle class workers, seniors and veterans.
- Working to make a college education more affordable by extending the tax deduction for Americans who pursue a higher education in passage of the Emergency Economic Stabilization Act of 2008.
Crowley Helping Lower-Income Working Families Make Ends Meet:
- Working to modernize and simplify the Earned Income Tax Credit (EITC), a tax refund provided to working, lower-income families. In the 2006 tax year, the EITC benefited over 149,213 residents of the 7th Congressional District – providing over $296 million in direct cash revenues.
- Alleviated some financial stress for working families in 2008 by increasing the refundable tax credit families can claim for their dependent children.
Crowley Focused on Relieving Taxes on Homeowners and Co-op Dwellers:
- Passed a proposal into law as part of the Mortgage Forgiveness Debt Relief Act of 2007 to allow housing co-operatives to offer market-based rents to commercial enterprises in their buildings – ensuring the residents of housing co-operatives do not lose any tax benefits or are forced to pay increased fees.
- Secured a one-time tax deduction in 2008 for property taxes for those Americans, especially seniors, who do not itemize on their income tax forms.
Crowley Creates Jobs in Queens and the Bronx:
- Ensured that the financial services sector, New York’s largest employer, remains strong by passing into law tax benefits for companies like Citigroup, the largest private sector employer in Queens.
- Led the successful charge to renew the federal terrorism insurance law, which provides insurance against terror attacks, allowing New York City to continue to build and develop. This law has directly created thousands of good-paying construction jobs, including the redevelopment and construction of major structures like Queens Plaza, the new Citi Building in Long Island City, and the Hunts Point Market.
- Worked with county and city officials and corporate executives to encourage Anheuser-Busch to open a large distributorship at Hunts Point in the Bronx.
- Fighting for the payment of the $20 billion promised to New York City in the days after September 11, 2001 to assist in the redevelopment of Lower Manhattan, including the construction of a rail-link between Manhattan and JFK Airport, which would alleviate traffic and create thousands of new jobs.
- Spearheading the effort to redevelop Willets Point, Queens. This initiative will create jobs, a stronger tax-base, and improve the quality-of-life for the people of Northwestern Queens.
Crowley on Keeping Retirement Savings Secure and Sound:
- Opposed efforts to take workers’ Social Security contributions and invest them in the stock market. While Social Security should not be the only income Americans rely on for support in their golden years, it also should serve as a contract between the government and the American people, and should not be subjected to risky play on Wall Street.
- Working from his seat on the Ways and Means Committee, which has jurisdiction over pensions and retirement security, to develop legislation to protect the funds Americans put in their 401(k) plans from excess fees or abusive Wall Street actions.
- Crafting legislation to simplify the process by which small businesses can offer retirement plans to their workers.
- Worked to mandate new safeguards for the protection of an individual’s Social Security number to combat identity fraud and the sale of Social Security numbers to outside vendors.