On March 5, 2010, Senator Bennett introduced the Main Street Revitalization Act. A bill that would provide an immediate injection of working capital to invest in small businesses and create jobs by providing simple, targeted tax breaks. Bennett's bill would provide immediate access to working capital and help our economy get back on track quickly.
• The economy created 8 million new jobs for over 47 consecutive months after its passage in May 2003 through August 2007.
• Unemployment declined from a peak of 6.3% in June 2003 to 4.5% in February of 2007 after the passage of this bill.
• Budget deficits improved upon elimination of the tax cuts and trended toward elimination.
• After its passage, gross domestic product (GDP) grew at an average rate of 3.5%, in contrast to the tepid average of 1.3% from the first quarter of 2001 through the second quarter of 2003.
Of note: Law includes major provisions from H.R. 3, the Economic Growth and Tax Relief Act; from H.R. 6, the Marriage Penalty and Family Tax Relief Act; from H.R. 8, the Death Tax Elimination Act; from H.R. 10 as passed in the House, the Comprehensive Retirement Security and Pension Reform Act; from H.R. 622, the Adoption Tax Credits bill; and from S. 896, the Senate budget reconciliation bill.
Of note: Law includes the following titles: Corporate and Criminal Fraud Accountability Act of 2002; Corporate Fraud Accountability Act of 2002; and White-Collar Crime Penalty Enhancement Act of 2002.
Of note: Law includes the following titles: ATM Fee Reform Act of 1999; Federal Home Loan Bank System Modernization Act of 1999; and Prime Act Program for Investment in Microentrepreneurs Act of 1999.
Details on the above legislation may be found on THOMAS, a service of the Library of Congress website.
Economic and Tax Related files and links