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Fith-district representative Virginia Foxx was one of the 385 House meemebrs voting in favor of the economic stimulus package yesterday, according to a news release form her office. “Today we witnessed a victory for hard-working Americans as the Republican principles of tax relief and job creation became the centerpiece of this important economic package,” Foxx said in the release. “This legislation does just what we need it to do: it puts North Carolina taxpayers’ money back into their hands without raising taxes or creating harmful new spending increases.”
The legislation, the Recovery Rebates and Economic Stimulus for the American People Act of 2008, focuses on three areas to boost economic growth: tax relief for American families, tax relief for employers and home mortgage lending rule changes.
The income tax relief will range from $300-$1,200 for individual and married couples, while families with children will be eligible for an additional $300 rebate per child. Business tax provisions include tax incentives for new business investment, with a particular focus on small business growth. On the home mortgage front, the bill increases the lending power of institutions like Fannie Mae to help home-owners in distress.