Shadegg Opposes Auto Bailout, Proposes Taxpayer Bailouts
Shadegg: “I believe taxpayers should decide which businesses survive and which need to be restructured to remain competitive.”
Washington,
Dec 10 -
Congressman John Shadegg tonight issued the following statement after voting against the Auto Industry Financing and Restructuring Act (H.R. 7321) and instead, introducing two economic alternatives:
“If anyone needs a bailout in this economy it’s the American taxpayer. Politicians shouldn’t be picking winners and losers; the American people should.
“I voted against the massive auto industry bailout, not because I don’t care about America’s auto industry, or the workers in that industry, but because I believe taxpayers should decide which businesses survive and which need to be restructured to remain competitive.
“The American people, those in the auto industry, and those in every other industry need help right now. While I would favor permanent tax relief, I also believe a substantial tax holiday will do more to stimulate our economy than another taxpayer-funded bailout. Average Americans, not politicians, should determine which companies deserve to be rewarded and which do not. The banking industry bailout enacted just weeks ago has proven that Washington is clueless when it comes to the American economy. And, it’s been a spectacular failure.
The bills I introduced today would stimulate the economy and be a tremendous boon for every struggling American family. Under the first proposal, individuals making less than $125,000, or couples making up to $250,000, in 2008 would owe no income taxes. Taxes withheld to date would be refunded to these taxpayers to use as they see fit. Those making over these amounts would pay income tax at 5% below the otherwise applicable rate. The alternate bill, would suspend both payroll and income taxes for the first six months of 2009. Either would cost dramatically less than the bloated $7 trillion bailout packages peddled by congressional Democrats and the Bush Administration.
“The federal government has demonstrated utter incompetence in solving our nation’s economic problems over the past three months. It’s time to put the control of our economy back in the hands of the American people.”
