The chance to work and the opportunity to succeed - it’s been the American dream since the birth of this nation. At a time when our thoughts often turn to security and freedom, the security that is provided by good jobs and a strong economy depend on freedom from an over-taxing and bureaucratic government.
In his work on the Way and Means Committee in Congress, Congressman Weller has made a difference for families in Illinois and the nation. Rep. Weller helped craft the tax relief bills of 2001 and 2003, which included his proposals to end the marriage tax penalty. He also was a strong supporter of increasing the child tax credit from $600 per year to $1,000. As a result of the new tax bracket configuration initiated in these bills, three million low income families will no longer pay income tax. These actions provide immediate tax relief for families and businesses to help create jobs and stimulate the economy now.
Congressman
Weller also led a bi-partisan effort to pass an accelerated depreciation measure,
encouraging business investment and job creation. The measure accelerates depreciation by 50
percent, allowing companies to afford to make upgrades to assets such as
computer systems and technology.
In the 110th Congress, Rep. Weller has been a strong opponent of attempts to allow the tax cuts of 2001 and 2003 to expire, thereby raising taxes. To find out more, read the following items linked here, here, and here.
The following is a summary of more of Congressman Weller's work to provide jobs and spur economic growth in the 11th Congressional District and across the nation.
Redevelopment of the Joliet Arsenal.
In
1996, the Illinois
Land Conservation Act,
sponsored by Congressman Weller, was signed into law, allowing for one of the
most ambitious government land renovation and rehabilitation projects in
history. The subsequent development
of the Deer Run
Industrial Park has proven to be a
boon for Will County.
The numbers speak for themselves:
1,500 jobs created, with 1,000 more on the way thanks to the new
Wal-Mart distribution facility
announced in 2005. The addition of the Island City
Industrial Park will
create even more economic opportunity.
$1.5 billion invested in our local economy, courtesy of nine
different global companies who have set up shop at Deer Run, and soon at Island City.
1,800 acres of unused land redeveloped into a shipping-receiving
hub, a model for future facilities throughout the nation.
Supporting the Energy Policy
Act of 2005.
The
Energy Policy Act of 2005, with Congressman Weller’s support, plowed the way
for jobs to grow from America’s
new focus on renewable energy. Congressman
Weller and his colleagues successfully nearly doubled the Renewable Fuels
Standard, to call for an annual consumption rate of 7.5 billion gallons a year by 2012, and provided tax incentives for the production and
consumption of biofuels. As a result,
dozens of investor firms are moving forward with plans to build ethanol and
biodiesel plants in Illinois. According to the Renewable Fuels Association,
a new ethanol plant will:
Expand the base of a local economy by $110.2 million.
Generate an additional $19.6 million in household income.
Support the creation of as many
as 694 permanent jobs throughout the U.S.
Generate at least $1.2 million in new
tax revenue for state and local governments.
Six ethanol plants are planned in the 11th
Congressional District.
Strengthening small businesses.
More
than 90 percent of American employers are small businesses. They generate about 70 percent of the new jobs
created each year.
Congressman Weller was instrumental in developing components of what became
known as the “Small Business Bill of Rights” which unanimously passed the House
on April 27, 2005. The Small
Business Bill of Rights is designed to meet employers’ most critical needs,
including:
Access to affordable quality healthcare: H.R. 525 (passed House
263-165) creates national Association Health Plans, allowing small businesses
to band together and purchase health insurance at group rates (this would cut the number of uninsured
Americans by almost 20 %). The
Senate failed to act on a similar bill.
H.R. 5 (passed House 230-194), the HEALTH Act of 2005, would reform our
nation’s liability laws to control skyrocketing health care premiums.
Tax relief and reform: H.R. 4297 (signed into law May 17, 2006)
extends $70 billion in tax relief, including a two year extension of the higher
$100,000 small business expensing limit and a one year extension of individual
Alternative Minimum Tax relief.
Repealing the “Death Tax”: Congress also repealed the so-called
death tax, allowing family-owned businesses to stay in the family.
Lower energy prices: The Energy Policy Act of 2005 is important to
small businesses because it focuses on encouraging environmentally friendly
extraction of energy resources here at home, and provides tax credits to
purchase and produce energy efficient equipment. As a result of this bill, Transco Products, a small manufacture
supplier to energy providers, has doubled its workforce.
Fighting for working families.
Congressman
Weller led the way in providing for Multiemployer Pension Plans. The Pension Protection Act, signed into law
by President Bush in August 2006, includes sections guaranteeing multiemployer
plans commonly used by labor unions stay strong. Congressman Weller has taken a lead role on
this issue over his career.
The Pension Protection Act also
includes Congressman Weller’s so-called “catch-up” provision, which allows
people to increase the amount they
contribute to defined contribution plans, such as 401ks.
"415
Limits.” Before Congressman Weller’s
involvement, there were limitations on how much could be taken from a
multiemployer pension. As a result, some
working families received less than half of their pension. Congressman
Weller’s legislation led to the permanent fix of this problem in 2001.
