Federal Rebate Checks Coming

Many Staten Island and Brooklyn families are concerned about the future and their long-term economic security. The recent instability in our financial markets, along with the sub-prime crisis, forecasts new economic challenges in the months ahead. That is why I have called for quick action to strengthen our economy in the short-term and also set our nation on the path to long-term economic growth. (read more)

Also in this update:

A Plan to Ensure Long Term Economic Growth

Fighting a 40 Cent Increase in the Federal Gas Tax

Unveiling a Plan to Help Struggling Homeowners

Helping Deliver an Additional $3.7 Billion for America's Veterans

Asking the Defense Department to Inspect Gravesend Bay for Explosives

Stepping up the Fight Against Terror

Make Sure You're Not Missing Out

A Shot in the Arm for Our Economy

Many Staten Island and Brooklyn families are concerned about the future and their long-term economic security. The recent instability in our financial markets, along with the sub-prime crisis, forecasts new economic challenges in the months ahead. That is why I have called for quick action to strengthen our economy in the short-term and also set our nation on the path to long-term economic growth.

As you probably know, Congress and the White House have agreed to an economic stimulus package that will return hundreds, and even thousands, of dollars to many families on Staten Island and Brooklyn by the middle of this year. The plan will provide the economy a much-needed shot in the arm to stop an economic slowdown before it worsens.

Under the plan, which is still being finalized, most workers would get $600 (or $1,200 for married couples) with an additional $300 for every child. For example, a typical family of four – lets say a police officer and a teacher -- who earn less than $150,000 would receive a rebate check for $1,800.

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A Plan to Ensure Long-Term Economic Growth (and Lower Taxes)

To foster long-term economic growth, I, along with a number of colleagues, introduced legislation called the Fair and Simple Tax (FAST) Act in late January that would simplify the U.S. tax code and significantly reduce the federal tax burden on American families, workers and job creators (H.R. 5105).

The FAST act would replace the pages-long tax forms we currently use with a new, optional single-page form – saving you countless hours and hundreds of dollars in tax preparation. And to save you even more money, the bill would reduce the current six bracket tax structure in half to three tax brackets -- 10% on the first $40,000 in income, 15% on $40,000 to $150,000 in income, and 30% on anything above $150,000 in income. It would also eliminate the death tax, fix the Alternative Minimum Tax (AMT) by adjusting it for inflation, reduce the capital gains rate, and preserve major tax deductions for state and local taxes, mortgage interest and the child tax credit.

Under the bill, an average family on Staten Island or Brooklyn earning $80,000 would save $2,207 or 24 percent in taxes, according to an analysis of the plan.

With many Americans struggling to pay expenses like credit card and utility bills, mortgage payments or college tuition, allowing families to keep more of their money will help them make ends meet today and create more opportunities for all of us in the years ahead.

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Fighting Plans to Raise the Gas Tax by 40 Cents

While it is important to improve the nation’s highway infrastructure and public transportation systems, we should find a way to do it without dramatically raising gasoline taxes on hard-working Staten Islanders and Brooklynites. Unfortunately, that is exactly what a federal commission recently proposed – a 40 cents a gallon increase in the federal gas at the very moment the economy is facing a slowdown. 

Of all the terrible ideas thought up in Washington, this has to be one of the worst. To try to keep this proposal from seeing the light of day, I recently sent a letter to House Speaker Nancy Pelosi urging her not to include it in any legislation that comes before Congress. I told the Speaker that this plan would place an added financial burden on the backs of every American, but more so here in New York, which already boasts the nation’s second-highest gas tax. Raising the gas tax would increase the price of a gallon of milk, food and groceries, commuting to work, and a stop at the neighborhood pharmacy – along with reducing economic growth, increasing inflation and leading to the loss of American jobs.

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Unveiling a Plan to Help Struggling Homeowners

In an effort to stem the surge in foreclosures, I recently introduced legislation that would allow homeowners with adjustable rate mortgages facing interest rate resets to withdraw up to $25,000 penalty-free from their retirement accounts to refinance into an affordable mortgage or avoid foreclosure.  

The bill would give homeowners access to much-needed capital before they fall behind in their mortgage payments using a mechanism currently available to Members of Congress. It would also allow struggling homeowners to help themselves by drawing on their own savings to transfer into a mortgage that will better provide for financial stability. The goal is to keep people in houses they can afford without damaging their credit or limiting their refinancing options during this difficult time. And while I know it is important to maintain retirement savings, owning and maintaining a home is one of the best investments over the long-term. This initiative may not be the best solution for everyone, but it is one piece of the puzzle to help some struggling homeowners remain in homes they can afford.

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Helping to Deliver An Additional $3.7 Billion for Our Veterans

There is have good news for veterans on Staten Island, Brooklyn and across America. The President recently agreed to release nearly $3.7 billion in emergency funding for the Veterans Administration to expand services at VA hospitals, hire additional medical staff, reduce existing benefits claims backlogs and conduct research.

I was proud to vote in December for this funding, and when it was unclear whether the President would formally release the money, I sent a letter to the White House explaining why it is so important for our veterans.

The letter explained that this money is essential to maintaining the highest level of care for our nation’s veterans. I have had the pleasure to visit the VA clinic on South Avenue and the VA Hospital in Brooklyn dozens of times over the years. Having seen first-hand how the dedicated medical staff works with veterans to keep them healthy and well, I have made fighting for funding for the VA and other veterans programs a top priority.

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Seeking Defense Dept. Inspection of Gravesend Bay for Explosives

The recent news that live explosives may be lying on the floor of Gravesend Bay raises concerns for the safety of local residents as the City moves forward with plans to dredge the waterway. That is why I have teamed up with Assemblyman Bill Colton to call on the United States Department of Defense (DoD) to conduct a thorough and comprehensive inspection of the Bay to determine if live anti-aircraft shells are  present in the water. 

As you probably know by now, a barge unloading live ammunition capsized in Gravesend Bay in 1954 with 219 tons of munitions. Although the federal government said it recovered the explosives soon after they were lost, I believe that modern technology would allow for a more comprehensive inspection to ease the concern of Gravesend residents. Like all Gravesend residents, I share your concern that ammunition, if it exists in the water, could be disturbed during the dredging and pose a threat to the community and the environment. Assemblyman Colton and I will continue working together to protect the safety and security of local families.

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Stepping Up the Anti-Terror Fight

I was honored to have the opportunity recently to speak directly to the American people about the need to protect our nation from future terror attacks. On January 25th, I delivered the Republican Conference’s Weekly Radio Address on the need to make permanent the law governing the surveillance of terrorists.

The law, which allows intelligence officials to listen in on the conversations of suspected terrorists overseas without first obtaining a warrant, was set to expire on February 1, 2008 as a result of a sunset provision inserted into the legislation last year. House leaders promised at the time to make the law permanent before the deadline, but the House has still failed to take action and the Senate has been unable to reconcile two very different bills passed by the Intelligence and Judiciary Committees. 

If this law expires, it would reopen a legal loophole big enough to drive a truck with explosives through — and don’t think al Qaeda won’t take advantage of it. No good can come from restricting intelligence officials from monitoring the communications of terrorists overseas. And it’s counterproductive to give law-enforcement the tools to win the War on Terrorism while threatening to take them away at any moment. 

The unfortunate reality is that if left unchecked, al Qaeda will strike again -- perhaps with a nuclear or chemical bomb on a crowded street. Maintaining the surveillance of terrorists depends on Congress’ commitment to protect America. We have a responsibility to do everything possible to prevent more children from losing a parent…and more parents from losing a child. Now is not the time to turn back the clock to September 10, 2001. 

Listen to the Entire Radio Address

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