House Approves Economic Security Package

Dreier praises bill as “good for recovery on Main Street and Wall Street”

October 24, 2001

WASHINGTON - Calling a strong economy “key to our mission of defeating global terrorism,” Congressman David Dreier (R-San Dimas), Chairman of the House Rules Committee, voted today for legislation designed to improve the nation’s economy and provide tax relief for working Americans. The Economic Security and Recovery Act of 2001, H.R. 3090, was approved by the House 216-214.

“The economic ripple effect of September 11th has been felt by millions of Americans,” Dreier said. “Even before the tragic events of that day, our economy was faltering. We knew then and know now, tax relief and investment incentives will produce economic growth and create jobs. This is a pro-growth bill that provides critical tax relief to working Americans and strong incentives for investment.”

By focusing on incentives to work and invest, the Economic Security and Recovery Act of 2001 will improve our economy in both the short and long terms. The legislation will:

• provide working families immediate relief by accelerating the 25% income tax rate reductions approved by Congress earlier this year and by sending rebate checks to those who were previously not eligible;
• encourage job creation and investment in businesses of all sizes by reducing or eliminating the Alternative Minimum Tax and speeding up depreciation tables;
• allow states where the events of September 11th caused an increase in job losses the use of block grants to provide unemployment benefits and health insurance for displaced workers; and,
• encourage investment by temporarily increasing the capital loss deduction and removing the 5 year holding rule on capital gains.

“Our economy has definitely taken a hit, but it’s not down for the count,” Dreier said. “America is the most productive, efficient society in the world. With a package like this one, we will get our economy back on track for the long term and help those who are suffering right now. As long as we keep our economy strong, terrorism cannot and will not win.”