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| Wilson discusses ideas to spark economy, increase job growth |
November 30, 2001 |
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| Lawmaker offers her support for Domenici payroll tax holiday
Albuquerque, NM - Congresswoman Heather Wilson today outlined her proposals to improve America’s economy and create more jobs. Wilson spoke during a tour of Plastic Supply, Inc., a small business in Albuquerque, where Wilson spoke with employees at the company about how the recent economic slowdown has affected them as a business and as individuals. She discussed the economic stimulus plan currently under debate in Congress and what benefits it will provide for New Mexicans. Wilson also explained a proposal for a “payroll tax holiday” that would relieve businesses and individuals of their federal income tax burden for the month of December.
“Small businesses are the backbone of our economy,” said Wilson. “Since September 11, many businesses have been affected, not only those directly related to the attacks, but also the businesses that provided services and products to those companies and the many varied businesses that rely on travel and tourism to make a living.”
Domenici’s proposed “payroll tax holiday” will help working families regardless of their level of income by eliminating, for one month, the 12.4 percent Social Security payroll tax that every worker and employer pays. The tax holiday helps both business and individuals because employers and employees each pay half, or 6.2 percent, of the federal social security tax. This would amount to $38 billion in relief nationwide.
Wilson also discussed the need for Congress to send a final economic stimulus package for President Bush to sign. The House passed an economic stimulus bill in October that would provide direct relief for New Mexicans. Under the measure, New Mexico stands to receive $64 million in unemployment assistance from the stimulus bill, including $19 million to help with health care insurance needs and $45 million for direct cash assistance. Working families will get immediate help through a series of tax relief measures, including the advancement of the effective date of the 25% marginal rate cut from last spring’s relief bill. The stimulus package also offers incentives for employers to create jobs, spur innovation, and invest in our country’s future. Wilson has publicly urged the Senate to stop its partisan bickering over the bill and to pass it before Congress adjourns for the year.
“Every day the Senate waits is another tough day for an unemployed worker. It`s another day that a business owner can’t hold off and has to lay off hard-working employees,” Wilson said. “The longer the Senate waits, the more difficult it will be for the economy to recover quickly. New Mexicans need and deserve to have an action plan in place.” |
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