Granger Signs on to Economic Stimulus Bill


WASHINGTON, D.C. — In response to growing concerns about the economy, Congresswoman Kay Granger (R-Fort Worth), a small business owner for 20 years, today signed on as an original sponsor of an economic stimulus bill entitled the “Middle Class Jobs Protection Act.” The bill, introduced by Rep. Eric Cantor (VA-07), will help businesses create more American jobs and will encourage long-term growth.
 
“There is a lot of anxiety about the economy right now and Congress needs to be solving real problems for real people,” said Granger. “This bill will help stem some of the negative trends we’re seeing by supporting our small businesses and the workers they employ.”   
 
The bill allows businesses to deduct an increased amount of the costs of business equipment at the time they acquire the equipment.  It also allows small businesses to expense up to $250,000 for purchases up to a $1 million for 2008 and 2009.  To help soften the blow of slower years, the bill allows businesses to deduct net operating losses from their total income for the last five years, reducing their tax liability.
 
These provisions will encourage businesses to invest and retain their workers. They will also allow companies to re-invest and distribute more profits to shareholders including pension funds and family investors.
 
“I started my own business 20 years ago with $10,000 and I succeeded -- but it’s hard. One in 10 businesses will not make it their first year,” said Granger. “This bill gives the stimulus needed for businesses to pay their wages, pay their employees’ healthcare, and continue to employ working families.”
 
Economic studies show that workers ultimately bear much of the burden of high corporate tax rates. Studies show that over the long run, tax cuts mean higher wages and better job opportunities for workers.
 
In 1999, Granger won the Fort Worth Business Hall of Fame’s outstanding business executive award, becoming the first woman ever to win the award. Granger is the first and only female Republican to serve in the Texas U.S. House delegation. She sits on the Appropriations Committee and serves on the Energy and Water Development, Homeland Security, and Military Construction/Veterans Affairs Appropriations Subcommittees. Granger represents the 12th District of Texas and is currently serving her sixth term in Congress.