Foster Votes To Create Jobs And Cut Taxes
Press Release
Foster Votes To Create Jobs And Cut Taxes
Today, Representative Bill Foster (IL-14) voted to pass the American Recovery and Reinvestment Act, legislation which will provide significant relief for residents of the 14th District as a broader effort to save and create jobs and rebuild the economy.
"The package is a combination of tax cuts and targeted spending specifically designed to save and create jobs and put money in the pockets of consumers," said Foster. "The American Recovery and Reinvestment Act also promotes long term economic stability and growth, a key to restoring consumer confidence in our economy."
The White House estimates that the package will create or protect 9,300 jobs in the 14th District, the largest number of any district in Illinois.
In addition to creating and protecting jobs, the bill contains one of the largest tax cuts in history. According to the U.S. News and World Report, this bill will contain $282 billion in tax cuts in two years. In contrast, the first two years of President George W. Bush's tax cuts amounted to $174 billion.
"The tax cuts in this bill are going to impact middle class families - in fact, 95% of working Americans will qualify for an immediate tax cut," said Foster. "I campaigned on a platform of middle-class tax cuts, and it feels good to be able to deliver."
This tax cut applies to individuals earning up to $75,000 or families earning up to $150,000.
The targeted spending contained in the bill will be beneficial to communities within the 14th District. Transportation investments will allow vital transportation infrastructure projects to move forward, creating local jobs and improving our local economy. In addition, the bill contains a significant investment in science, which will benefit Fermilb and Argonne. This long-term investment will be crucial to the development of new American-made technology.
Concluded Foster, "Due to the inclusion of both short-term and long-term investment, the bill will provide necessary job creation right now, but also invests in things like education and science - two areas that will keep our country growing and economically competitive."
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