The Honorable Tom Price
U.S. House of Representatives
Washington, DC 20515
Dear Congressman Price:
Congratulations on your introduction this week of the “Economic Recovery and Middle Class Relief Act of 2009.” Unlike other so-called “stimulus” ideas supported by the Pelosi-Obama-Reid troika, the ideas contained in your bill set the stage for strong growth in 2009 and permanently after that.
Among the strongest elements of your bill are:
• Cutting the personal tax brackets by 5 percent across the board permanently, harkening back to the Reagan vision for growth. Your plan makes sure that what the taxpayer gains with one hand he doesn’t lose with the other in repealing the alternative minimum tax (AMT)
• Cutting the near-highest in the world corporate income tax rate from 35 to 25 percent, and allowing all companies to fully-expense machinery and equipment in the year of purchase
• Making permanent the 15 percent capital gains and dividends tax rate, cutting the corporate capital gains rate from 35 percent to 15 percent, and ending the capital gains tax on inflation
Your bill should be the conservative alternative to trillion-dollar bailouts and massive spreading of wealth.