[Congressional Record (Bound Edition), Volume 154 (2008), Part 1]
[Extensions of Remarks]
[Page 768]
[From the U.S. Government Publishing Office, www.gpo.gov]




        FAMILY SECURITY AND SMALL BUSINESS STIMULUS ACT OF 2008

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                          HON. JOE KNOLLENBERG

                              of michigan

                    in the house of representatives

                      Wednesday, January 23, 2008

  Mr. KNOLLENBERG. Madam Speaker, I rise today to introduce the Family 
Security and Small Business Stimulus Act of 2008. It is impossible to 
ignore the economic indicators that suggest our economy is slowing 
down. In my own home State of Michigan, citizens have been faced with a 
sluggish economy for some time now. We can and should take steps to 
give the economy a shot in the arm. This is a problem facing all 
Americans, and it will take a strong, bipartisan effort to solve it.
  One important way to address this problem is to reduce the tax burden 
on families and small businesses. My bill utilizes three ideas to 
accomplish these goals: A new, permanent 5 percent tax bracket; an 
instant advance on this tax cut for 2008; and increasing the limit of 
small business expensing.
  The Family Security and Small Business Stimulus Act of 2008 will 
create a new, permanent 5 percent tax bracket, reducing taxes by either 
$400 for an individual or $800 for a family per year. This is critical 
as we try to enable families to keep more of their hard-earned money in 
their pockets, allowing them to use it for their ever-increasing 
expenses. Families would receive this tax cut in the form of an instant 
advance payment, to be delivered upon 30 days after enactment.
  Additionally, my bill will increase the Section 179 small business 
expensing limit from $125,000 to $375,000 per year for 2 years. 
Increasing the amount a small business could expense encourages capital 
purchases. When a small business knows it can expense a new purchase, 
it is more likely to make the investment. Enabling small businesses to 
invest in new equipment and expand their operations will promote 
significant economic growth at a time when job creation is crucial.
  We shouldn't stop here. We need to make the 2001 and 2003 tax cuts 
permanent, and pass other important pro-growth legislation. But this is 
something we can come together and accomplish quickly.
  It is time for us to lift ourselves out of our current economic 
slowdown and restore our strength in the global economy. That is why I 
have introduced this legislation. I hope you will help America succeed 
by joining me on this important legislation.

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