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Press Release Archive
October 24, 2001
House Passes Economic Stimulus Package
Measure provides tax breaks and incentives for businesses and individuals
Washington, D.C.- Today, the U.S. House of Representatives passed the Economic Security and Recovery Act of 2001. The bill provides additional tax relief to help bolster the economy after the September 11th terror attacks.
“The best way to energize the economy is to provide further tax relief not more spending,” stated Congressman Akin. “The bill will reduce capital gains taxes, provide deductions for businesses and accelerate reductions in the 28 percent income tax bracket.
Provisions in the bill include: increasing deductions for capital loss, reducing the capital gains tax rate, increasing depreciation for business investments, eliminating the alternative minimum tax for business, and speeding up of 28 percent income tax bracket to 25 percent.
“This bill will help stimulate the economy by putting more money in the hands of consumers and small business,” said Akin. “By providing strong tax breaks and incentives for businesses and individual taxpayers, we will provide jobs and financial security for American families,” said Akin.
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