Congressman Dreier
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Washington Office

233 Cannon HOB
Washington, DC 20515
Office (202) 225-2305
Fax (202) 225-7018

District Office

510 East Foothill Boulevard
Suite 201
San Dimas, CA 91773
Office (909) 575-6226
Toll Free (888) 906-2626
Fax (909) 575-6266

Getting Our Economy Back on Track

Getting our economy growing again remains Congressman Dreier’s top priority. Working American families are struggling amid rising unemployment and falling home values, and the economic volatility has had a significant impact on consumer confidence.

To address these challenges, Congressman Dreier introduced three pieces of legislation aimed at getting our economy back on track. The centerpiece of this plan is H.R. 99, the Fair and Simple Tax (FAST) Act. Congressman Dreier introduced this legislation in the previous Congress, and it remains his long-term goal for economic revitalization. The FAST Act would dramatically simplify and reduce the tax burden on Americans. By creating a simple, one-page tax form that retains the child credit and all major deductions, like mortgage interest, it would make the annual tax filing nightmare far more manageable. It would also implement a host of additional tax reforms, such as reducing the tax on capital gains and corporate income, permanently extending the R&D; credit, and creating new incentives for long-term financial planning.

Implementing the FAST Act, however, is a long-term goal. As we work toward comprehensive reform, Congressman Dreier believes we must also pursue more immediate and targeted solutions to jumpstart our economy. That’s why he introduced two additional pro-growth bills aimed at the housing industry and the auto industry.

H.R. 101, the Economic Recovery Through Responsible Homeownership Act, would create new tax incentives for responsible home purchases. Those who make a down payment of 5, 10 or 15 percent will get a tax credit of $2000, $5000 or $10,000 respectively. The housing crisis is at the root of our economic crisis and encouraging new purchases is needed to stabilize the market, stop the free-fall in prices and restore the communities that have been plagued by foreclosures. But because irresponsible homeownership and predatory lending are partly to blame for the crisis in the first place, only a plan that rewards responsible action will succeed. This bill accomplishes both objectives.

Congressman Dreier has also introduced H.R. 100, the Commonsense Auto Recovery (CAR) Act to provide a boost to our ailing auto industry, without resorting to another bailout. The CAR Act draws on the same principle as my housing bill and creates a tax credit for car purchases, equal to the amount of the sales tax on the purchase. Any individual or small business owner is eligible for the credit. This is an important component of my pro-growth plan because the auto industry touches so many parts of our economy and workforce. The manufacturers, dealers, auto-parts makers and financers – many of whom are small businesses – are all a part of the broad-based auto industry that has weakened considerably in this economy. Thousands of jobs have already been lost, and thousands more are threatened. An effective and sustainable way to boost the industry is to encourage Americans to get back to their local car dealerships.

Addressing the immediate challenges of the weak housing and auto industries will provide a quick boost to our economy. These are critical short-term steps that must be taken. In the long-run, we must act on the need for fundamental reform of our tax code to reduce the burden on families and businesses and simplify the tax-filing process. We cannot restore our economy without both a short-term and long-term view. Congressman Dreier believes that this package of tax bills is a comprehensive approach to getting our economy back on a path of growth and he will continue to work with his colleagues in a bi-partisan way to achieve this goal.

In addition, trade has always been the key to Southern California’s economic success. We are the gateway to the Asia-Pacific region and Latin America. Global trade and goods movement are the region’s biggest job creator and source of economic activity. The ports of Los Angeles and Long Beach alone count for half of all exports and imports that travel to and from the U.S. And one out of every 12 jobs in California is directly supported by trade. Thousands of other workers are indirectly supported by the flow of goods, services and capital in our economy.

Trade has been critical to our economy in times of growth. But it is even more important during difficult economic times. Over the past year, as our economy has struggled, exports have represented the only positive source of growth. Times are tough, but they would be even tougher with international trade.

As critical as trade is for our economy, this is an issue that goes beyond mere dollars and cents. America’s leadership in supporting economic liberty reinforces our efforts to promote political liberty as well. Strengthening the rule of law not only creates opportunity for entrepreneurs, it lays the foundation for democracy. And by encouraging the free flow of goods and services, trade also encourages the free flow of information and ideas, furthering the development of free and open societies. Read more.