In February 2009, President Obama signed the stimulus bill into law. This $787 billion bill is the largest spending bill in American history. The stimulus bill contained such wasteful spending as $2.5 million for mozzarella cheese, $16.8 million for canned pork, $2.2 million to water a golf course in California, and $3.1 million to study seaweed in Corpus Christi, Texas.
In addition, President Obama promised that the stimulus bill would create 4 million jobs by the end of 2010. Instead, 3 million jobs have been lost since the stimulus became law.
Congressman Marchant voted against the stimulus bill because he knows that we cannot borrow and spend our way to economic prosperity.
Congressman Marchant did support an alternative bill that would do the following:
- Lower the lowest individual tax rates from 15% to 10% and from 10% to 5%
- Allow small businesses to take a tax deduction equal to 20% of their income
- Make unemployment benefits tax free
- Extend unemployment benefits through December 2009
- Give a $7,500 home-buyers credit for those making a minimum 5% down-payment
- Expand the New Operating Losses (NOL) carryback rules for 5 years rather than 2 years
- Extend bonus depreciation / small business expensing from 2008 Stimulus Package
- Repeal the 3% withholding requirement for government contractors
- Provide a new above-the-line deduction for those who do not receive tax-preferred, employer-sponsored health coverage. This would be available to those who must purchase the own insurance regardless of whether they itemize or take the standard deduction.
