Economic Stimulus Package

Originally Posted by Stimulus Package: What's in and Out (from the AP)

Congressional leaders and Treasury Secretary Henry Paulson are narrowing their differences in search of a bipartisan economic stimulus deal that could move swiftly through Congress.

WHAT'S IN

Tax rebates: Checks of at least $300 for all people earning a paycheck, including low-income earners who make too little to pay income taxes. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. Rebates may be capped at $1,200 for couples with children.

Business tax write-offs: Spurring business investments with so-called bonus depreciation, more generous expensing rules and a change to allow businesses suffering losses now to reclaim taxes previously paid.

Housing rescue: Allowing Fannie Mae and Freddie Mac (FRE) to buy loans larger than $417,000

WHAT'S OUT

Permanent tax cuts: Republicans concede that their top priority would have to be left out.

Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.

Food stamps: A boost for benefits.

Medicaid: Democrats gave up on including Medicaid payments to states.

Low-income heating subsidies: Democrats are surrendering the fight to include them.

Infrastructure spending: Spending on transportation or repair projects already under way is off the table.

Originally Posted by ronpaul2008.com

Ron Paul Unveils a REAL Economic Stimulus Plan
Four-pronged approach will strengthen the economy by reforming taxes, cutting spending, improving monetary policy and eliminating burdensome regulations


ARLINGTON, VIRGINIA –Republican presidential candidate Ron Paul has unveiled a comprehensive economic revitalization package. The four-pronged plan is designed to stem the current economic slide and address the unsound governmental policies that are harming Americans’ pocketbooks.

“Real economic reform must address the underlying reasons for the current economic malaise,” said Ron Paul. “This plan is more than just a band-aid for our economy; it fundamentally reforms four areas where government policies are damaging our national economy. When enacted, my plan will provide both short-term stimulus, and lay the groundwork for long-term prosperity.”

The four areas that the plan covers are:

1. Tax Reform: Reduce the tax burden and eliminate taxes that punish investment and savings, including job-killing corporate taxes.

2. Spending Reform: Eliminate wasteful spending. Reduce overseas commitments. Freeze all non-defense, non-entitlement spending at current levels.

3. Monetary Policy Reform: Expand openness with the Federal Reserve and require the Fed to televise its meetings. Return value to our money.

4. Regulatory Reform: Repeal Sarbanes/Oxley regulations that push companies to seek capital outside of US markets. Stop restricting community banks from fostering local economic growth.

Congressman Paul has written or co-sponsored numerous bills to enact the policies in his plan. In Congress, he has been a champion of lower taxes and limited government.

Congressman Paul is the ranking member on the House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. In Congress, Dr. Paul has never voted for a tax increase or for an unbalanced budget.

Originally Posted by Inogenius

I can agree with opening the Federal Reserve meetings.

I don't agree with repealing Sarbanes Oxley though... mainly because I had to study that fucker in about 5 different classes. Sarbanes Oxley contains several restrictive clauses that result in companies becoming much more ethical. It was a direct response to Enron and MCI/UUNet failing to maintain proper Accounting records.