Sent: Tue, 4 Mar 2008 11:19 pm
Subject: A Response From Johnny Isakson
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Dear Mrs. Bunch-Heyer:
Thank you for contacting me regarding the economic stimulus package. I appreciate your thoughts and the opportunity to respond.
The House and Senate both showed that there was a commitment within both parties to find common ground and pass an economic stimulus package quickly, and that’s just what we have done with the passage of H.R.5140. We have taken prudent and appropriate steps that will put money back in the pockets of consumers and will have an immediate and positive impact on the economy. Next, Congress must focus on taking long-term steps to stabilize the economy, including reducing the federal deficit, changing our budget process, sticking to spending priorities and pursuing fundamental changes to our tax system. I also believe we must take steps to revitalize the heart and soul of our nation’s economy – the housing market – and I will explain below the action I am taking to achieve this.
On February 7, 2008, the Senate passed H.R.5140 by a vote of 81-16. During the debate of H.R.5140, I co-sponsored an amendment that passed that would prohibit illegal immigrants from receiving a rebate check, but would allow seniors, disabled veterans and widows of disabled veterans to qualify for the rebate checks by counting Social Security and VA disability payments towards the $3,000 earned income requirement. I believe that this legislation is strategic and surgical. It puts money in the hands of the consumer, while also advancing both expensing and depreciation to small business and raising conforming loan limits for Fannie Mae, Freddie Mac and FHA. On February 13, 2008 President Bush signed the economic stimulus package into law.
I believe that America’s economy faces a serious challenge over the next 12 months, and we must take action to restore our housing market and restore consumer confidence. Therefore, I have introduced bi-partisan supported legislation S.2566, a bill providing a direct federal income tax credit of $5,000 a year for three years on homes purchased between March 1, 2008, and February 28, 2009. S.2566 would apply to anyone purchasing: 1) a new home where the building permit was issued and construction began on or before September 1, 2007; 2) a foreclosed home; 3) or an owner-occupied home whose first mortgage loan is in default. In addition, the buyer must occupy the home as his or her principle residence to qualify and no homes purchased by an investor or from an investor are eligible. A similar tax credit was very successful during the mid-1970s when America faced a similar housing crisis and I believe we could repeat that success with my proposed tax credit. I am proud that S.2566 has bipartisan support in the Senate.
Thank you again for contacting me. Please visit my webpage at http://isakson.senate.gov for more information on the issues important to you and to sign up for my e-newsletter.
Sincerely, |
