Rep. Cantor Introduces Middle Class Jobs Protection Act

This also just in...

WASHINGTON, DC - Republican Chief Deputy Whip Eric Cantor (R-VA), was joined today by Congressman Jeb Hensarling (R-TX.), Congresswoman Kay Granger (R-TX), Congressman Jim Jordan (R-OH), Congresswoman Michele Bachmann (R-MN), and Congressman John Campbell (R-CA) to discuss the need to grow the U.S. economy to help promote middle class job opportunities. The group introduced Cantor's Middle Class Job Protection Act today at a press conference in the U.S. Capitol.

Congressman Cantor released the following statement:

"Given the current economic uncertainty and the real fears American families have, it is time for all of us in Congress to come together to make Washington work for the American people again, not the other way around.

"Today, I am introducing The Middle Class Jobs Protection Act which will help to provide the tools and incentives necessary for a more certain economic future for millions of American families.

"While healthcare costs skyrocket, tuition escalates and the housing market continues to spiral downward, this bill will help to ensure the continued expansion of our economy and the creation of good jobs for the American people.

"Job growth - not increased government spending is the key to addressing the slowdown in investment due to the housing crisis." A renewed investment outlook will result in job protection for America's families, while allowing America to continue leading globally," concluded Cantor.

THE MIDDLE CLASS JOBS PROTECTION ACT WILL:

1) Slash the corporate tax rate from 35% to 25%, encouraging businesses to create jobs.

2) Provide for a 50% bonus depreciation for 2008 and 2009.

3) Allow for section 179 expensing for '08-'09 of up to $250,000 for purchases up to a $1 M

4) Allow a 5 year carry back of Net Operating Loss.

5) Allow for extension of carry back period for Business Tax Credits for 3 years.

This appears to be sensible legislation. Too bad Nancy Pelosi will never let it see the light of day on the floor of the US House of Representatives...