For Immediate Release
January 16, 2008
Media Contact: Ray Yonkura
(202) 225-2676
Jordan Sponsors Tax Cut Bill
Washington, DC -- Congressman Jim Jordan (R-Urbana) today joined six House colleagues in introducing a tax cut measure designed to help stimulate private sector economic growth and protect jobs for middle-class families.
The bill would reduce the corporate tax rate from 35 percent to 25 percent, which Jordan said would be of particular benefit to Ohio and the Midwest.
“The fact is, in our part of the country, small business owners and farmers are the backbone of the economy,” said Jordan. “To jumpstart our economy, it makes sense that you have to get more money in the hands of the job-creators and give them the incentive to invest.”
In addition to reducing tax rates, Jordan said the bill also encourages farmers and other business owners to expand by increasing depreciation allowances and shortening the amount of time a business can fully depreciate new equipment and other investments.
“Oftentimes, companies are discouraged from reinvesting and creating jobs by excessive taxation and government regulation,” said Jordan. “If the goal is for our private sector to remain competitive and to create good-paying, long-term jobs for families, then our tax code should reflect that. We need more than just a short-term gimmick, and this bill is part of a bigger tax reform package needed to ensure America’s economic growth.”
