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| Republicans Propose Economic Recovery Plan |
With the start of the 111th Congress and the first term of President-elect Barack Obama less than two months away, U.S. Reps. Mark Kirk (R-Highland Park) and Peter Roskam (R-Wheaton) held an ad-hoc economic recovery hearing Monday to discuss actions to address the nation's financial crisis.
Before hearing testimony, the Congressmen laid out 10 ideas to double the size of the U.S. economy to help those residing in Illinois and neighboring states:
* Stop new automatic taxpayer spending
* Enforce the budget
* Double the research and development tax credit
* Introduce reforms to reduce lawsuits
* Set the top income tax rate at 24 percent
* Set the long-term capital gains tax at 10 percent
* Boost the capital loss deduction to $20,000
* Secure America's home export markets
* Dramatically lower obesity and smoking
* Strengthen the dollar's importance by encouraging other countries to adopt the U.S. dollar as their currency.
Doug Whitley, president of the Illinois Chamber of Commerce, was one of those who testified in Chicago. He says a state capital bill is one of the most important things Illinois can do to create jobs and boost the economy. He says the timing of such a plan is good with federal dollars made available to the state.
"The Congress is due (in 2009) to address the road and bridge component of the reauthorization because it comes up every five years," Whitley said.
Edward Wehmer, president and CEO of Wintrust Financial, a financial services holding company headquartered in Lake Forest, says the government will likely make its money back on a bailout of the banking industry. "We are looking very much forward to paying off the government, being able to refinance it," Wehmer said. "I think that is the consensus and sentiment of most people who are involved in this plan."
Kirk and Roskam say their 10-part plan, if acted upon quickly, would double the size of the nation's economy by 2012.
(Illinois Radio Network) |
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| 11 24 08 by Newsroom |
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