Really good stuff here, (although the details are scant).
The Republican Study Committee has released its own stimulus plan.
They'd cut marginal income tax rates across the board by five percent, increase the child tax credit to $5000, make the 15% capital gains and dividends tax rate permanent, repeal the AMT on individuals, repeal the law requiring mandatory withdrawals from IRAs and 401Ks for seniors; make all IRA and 401(k) withdrawals penalty free during 2009. (Obama agrees with this last idea.)
For businesses and entrepreneurs, they'd allow businesses to either fully deduct the cost of their new assets from their tax returns; they'd cut the top corporate tax rate bracket by ten percentage points; end the capital gains tax on inflation; extend the "carryback" period for operating losses to seven years. (Obama wants this extended back five years.)
And the Republicans would reduce discretionary Fed spending by 1% with a couple of exceptions.
Woulda been nice to see all those thoughts during the 2004/06 Congress, I suppose.
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