ACU CALLS ECONOMIC GROWTH ACT “REAL STIMULUS”

The American Conservative Union has endorsed the Economic Growth Act, introduced in the House of Representatives this week as H.R. 5109, as “a real stimulus package” that will better meet the needs of the American economy than other proposals.

ACU Chairman David Keene said the bill, sponsored by Scott Garrett (R-NJ) and other members of the conservative Republican Study Committee, would address some of the fundamental problems slowing job creation and economic growth.

“Rather than give a quick fix through government spending, these proposals would lower the tax and regulatory burden of businesses in all sectors and spur investment,” Keene said.  “This means a real, lasting stimulus that will benefit all Americans.  I urge those members of Congress who have not already done so to cosponsor this proposal and for conservatives across the country to urge their member of Congress to do so.”

The bill’s provisions include allowing businesses to immediately deduct the purchase of assets from their tax returns, rather than over a long period of time; a reduction in the corporate tax rate from 35% to 25%; indexing the capital gains tax for inflation and allowing corporations as well as individuals to benefit from the capital gains tax rate of 15%.

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