Wednesday, January 28, 2009

Why Vote No

Congressman Michael McCaul (R-TX 10) sent out this letter explaining why he is voting no on the stimulus bill. I think it sums it up nicely:

Why I am Voting Against the Democrats’ Economic Stimulus Package


By Congressman Michael McCaul (R-TX 10)

President Obama and the Democrats that control Congress have made a hard push for their so-called economic stimulus package to mend our economy. Later today, I will have to vote on this bill. And before I do, I want to share with you some of the many reasons why I intend to vote against it.

· $80 billion for refundable tax-credits directly to individuals, even if they pay no taxes.
· $1 billion for the 2010 census
· $650 million for digital TV coupons.
· $600 million for new cars for the federal government.
· $6 billion for colleges/universities – many which have billion dollar endowments.
· $50 million in funding for the National Endowment of the Arts.
· $44 million for repairs to U.S. Department of Agriculture headquarters.
· $200 million for the National Mall
· $800 million to Amtrak
· $335 million for Sexually Transmitted Disease education and prevention
· $150 million for Smithsonian repairs

None of these will stimulate the economy. Once again, the Democrats have taken advantage of an economic emergency to push through and fund parts of their own liberal agenda. Worse, the frivolous spending far outweighs the few pieces of the bill that will create jobs quickly enough to impact the economy and get it moving again.

I could have voted for this bill had the few tax cuts that help create jobs been separated from the pet projects. But this bill, similar to the Wall Street Bailout that I twice voted against, is the reason that Americans have little faith and less patients with those of us they elect to serve.

Here’s what we should be doing, as part of the Economic Recovery and Middle-Class Tax Relief Act of 2009 (H.R. 470) that I’ve co-sponsored:

· A 5% across-the-board income tax cut and a lower rate on Capital Gains to encourage private investment

· Encourage business growth by allowing businesses to immediately deduct from their taxes the cost of assets they purchase, instead of extending those deductions over several years

· Increase by 50% the tax deductions on student loans and qualified higher education expenses

· R&D tax credits

You have my word that, guided by my conservative principles, I will continue to work in a bipartisan manner to safeguard your money and put our economy back on track.