Washington

WASHINGTON, D.C. – Congressman Doug Lamborn (CO-05) today announced the launch of http://republicanwhip.house.gov/jobs, a new website outlining the House Republican Economic Recovery Plan. The website details the smarter, simpler stimulus plan proposed by House Republicans that will create twice the jobs at half the price of the economic package that Democrats forced through the House despite bipartisan opposition.    

“The huge growth of our national debt that the Democrat spending bill  produces disturbs me greatly. House Republicans have a much more prudent alternative, focusing on business and individual tax incentives that would not only pump money immediately into the economy, but unlike one-time rebates actually give businesses the ability to make long term plans. This is what creates permanent job growth for the people of Colorado’s Fifth Congressional District.” – Congressman Doug Lamborn (CO-05)

House Republicans are committed to an open and transparent exchange of ideas to find the best solutions to get the U.S. economy back on track. The House Republican Economic Recovery Plan contains the constructive, common-sense ideas that should be included in any stimulus legislation.

"The House Republican plan is smart, simple, and stimulative at half the price of the Democratic Majority’s proposal. It is laser focused on helping working families and small businesses while protecting, preserving and creating jobs. Our goal is to get America back on track without saddling future generations with trillions in debt or higher taxes. Let me say it again – the House Republican plan has no waste, just jobs.”—Congressman Eric Cantor (VA-07), Leader of the House Republican Stimulus Working Group that crafted the recovery plan.

The House Republican Economic Recovery Plan

Immediate Tax Relief for Working Families: Rather than a refundable credit based on payroll taxes, House Republicans propose reducing 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.

Real Help for America’s Small Businesses: 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. House Republicans propose to allow small business to take a tax deduction equal to 20% of their income. This will immediately free up funds for small businesses to retain and hire new employees.

No Tax Increases to Pay for Spending: The stimulus proposal pending in Congress includes record levels of government spending that will substantially increase the current deficit. House Republicans are concerned that this level of spending will result in new tax increases on American working families. House Republicans are insisting that any stimulus package include a provision precluding any tax increases now or in the future to pay for this new spending