[Congressional Record (Bound Edition), Volume 154 (2008), Part 1] [Extensions of Remarks] [Page 768] [From the U.S. Government Publishing Office, www.gpo.gov]FAMILY SECURITY AND SMALL BUSINESS STIMULUS ACT OF 2008 ______ HON. JOE KNOLLENBERG of michigan in the house of representatives Wednesday, January 23, 2008 Mr. KNOLLENBERG. Madam Speaker, I rise today to introduce the Family Security and Small Business Stimulus Act of 2008. It is impossible to ignore the economic indicators that suggest our economy is slowing down. In my own home State of Michigan, citizens have been faced with a sluggish economy for some time now. We can and should take steps to give the economy a shot in the arm. This is a problem facing all Americans, and it will take a strong, bipartisan effort to solve it. One important way to address this problem is to reduce the tax burden on families and small businesses. My bill utilizes three ideas to accomplish these goals: A new, permanent 5 percent tax bracket; an instant advance on this tax cut for 2008; and increasing the limit of small business expensing. The Family Security and Small Business Stimulus Act of 2008 will create a new, permanent 5 percent tax bracket, reducing taxes by either $400 for an individual or $800 for a family per year. This is critical as we try to enable families to keep more of their hard-earned money in their pockets, allowing them to use it for their ever-increasing expenses. Families would receive this tax cut in the form of an instant advance payment, to be delivered upon 30 days after enactment. Additionally, my bill will increase the Section 179 small business expensing limit from $125,000 to $375,000 per year for 2 years. Increasing the amount a small business could expense encourages capital purchases. When a small business knows it can expense a new purchase, it is more likely to make the investment. Enabling small businesses to invest in new equipment and expand their operations will promote significant economic growth at a time when job creation is crucial. We shouldn't stop here. We need to make the 2001 and 2003 tax cuts permanent, and pass other important pro-growth legislation. But this is something we can come together and accomplish quickly. It is time for us to lift ourselves out of our current economic slowdown and restore our strength in the global economy. That is why I have introduced this legislation. I hope you will help America succeed by joining me on this important legislation. ____________________