Press Release
January 29, 2008
Rep. Susan Davis Supports Economic Stimulus
Tax rebates and mortgage assistance in the bill
WASHINGTON – With the nation’s economy faltering, Congresswoman Susan Davis joined an overwhelming bipartisan majority in the House of Representatives to pass an economic stimulus package. The key component of the bill being tax rebates for more than 13 million California households.
“Everyday Americans are struggling just to keep their head above water and the economic downturn is only making things worse,” said Davis. “I’m proud Democrats, Republicans and the Bush Administration worked together to craft a plan that will give the economy a much-needed boost, and provide some relief to families.”
The bill passed today provides a recovery rebate to 117 million families, including 35 million families who work but make too little to pay income taxes and 13 million senior citizens. The broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child.
Importantly, the bipartisan plan also includes provisions to help families avoid losing their homes to foreclosure. The bill expands affordable mortgage loan opportunities for families at risk of foreclosure through the Federal Housing Administration. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in the loan limits for single family homes from Fannie Mae and Freddie Mac.
“San Diego has seen a record number of foreclosures,” added Davis. “While it is my hope that this bill will have a stabilizing effect, we will need real, long-term reform of the housing market to allow families to keep their homes and help other families realize the dream of owning a home.”
The legislation also includes tax cuts for small businesses for encourage job growth. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments, and encourages investments in new equipment. Additionally, the plan offers immediate tax relief for all businesses to invest in new plants and equipment by speeding up depreciation provisions, so that firms can write off an additional 50 percent for investments purchased in 2008