The Republican Study Committee has introduced the Economic Recovery and Middle-Class Relief Act of 2009 as an alternative to the Democrats’ big-spending stimulus plan.  Click through for either the full text or highlights as well as letters of support from Americans for Tax Reform and the National Taxpayers Union.  It includes:

- A 5% across the board income tax cut (all six federal rates would be cut)

- An increase in the child tax credit from $1,000 to $5,000

- Permanently lowering capital gains tax to 15% (the rate cuts from 2003 expire in 2010)

- Repeal of the Alternate Minimium Tax on individuals

- Permanently repeal required distributions on retirement accounts (suspended for 2009, but goes back into effect in 2010)

- Making all withdrawals from IRAs tax and penalty free in 2009

- Increasing by 50% the tax deduction on student loans and qualified higher education costs

- Full, immediate expensing for businesses all costs of assets (uncaps and accelerates exepensing which will encourage capital spending)

- Reduction of the corporate tax rate from 35% to 25% (for all you contintental types, that would align our rate with the average rate in the EU)

- End capital gains tax on inflation and simplify the capital gains rate structure

- Make the R&D tax credit permanent (originally enacted as part of Reagan’s Economic Recovery Tax Act of 1981)

- Extend the carryback period for net operating losses to seven years

This bill contains NO NEW SPENDING, unlike the “stimulus” bill the Dems are pushing which will put us at an unprecedented peacetime deficit (about 8.3% of the GDP).  The bill also contains a one percent reduction to Fiscal Year 2009 discretionary spending, excepting Defense and Military Construction, which is a step toward further spending restraint.

All fiscal conservatives should contact their congressman and support this bill.  It is a no-brainer.

Congresswoman-elect Titus Named to Transportation

and Infrastructure Committee

Washington, D.C. – Congresswoman-elect Dina Titus of Nevada’s Third District announced today that she has been appointed to the Transportation and Infrastructure Committee for the 111th Congress.  The appointment was recommended by the Democratic Steering and Policy Committee and approved by the Democratic Caucus.

 “I look forward to working with Chairman Oberstar and the rest of the members of the Transportation and Infrastructure Committee to reinvest and rebuild America,” Congresswoman-elect Titus said.  “With record growth that has put an increasing strain on Nevada’s aging infrastructure, it is more important than ever to modernize and strengthen our roads, highways, and energy grid while spurring job creation in Southern Nevada.”

 “I am pleased to welcome Congresswoman Titus to the Transportation and Infrastructure Committee,” said Chairman Jim Oberstar of Minnesota.  “As the Representative of one of the nation’s fastest growing regions, she brings an understanding and knowledge of the transportation challenges our nation faces and will be a valuable addition to the Committee.”

(zzzzZZZ)

Titus: Bailout Package Is One More Example of How Washington Is Broken

1.  Titus fails to mention that the government policies which birthed the Fannie/Freddie financial crisis were enacted in the Carter and Clinton administrations with the approval of both Ds and Rs in Congress, so she’s either uninformed or being deliberately dishonest.

2.  Titus says Bush and Porter are to blame for the lack of oversight when nearly everyone including the present Democratic leadership was complicit in looking the other way, so she’s either uninformed or being deliberately partisan.

3.  Titus rips Porter for being in favor of the imperfect bailout bill, but then says “with so many critical tax breaks” for Nevada she would have “reluctantly” voted for the inadequate bill also, so she’s either very confused…or being hypocritical.

Porter voted for the bill.  Titus bloviates at length – and then says she would have voted for the bill.  When all the ranting and raving is done, what in Sam Hill is the difference?!

Neither the guy who’s in, nor the gal who wants to BE in, has the gumption to stand on principle and fight for good policy when there are special tax credits to be had.  Of course:  how else could they ingratiate themselves to the voters?  Just look at all they’ve done for you!!

That’s a REAL example of how Washington is broken – and Nevada, too. 

E!! sends enthusiastic kudos to Nevada Congressman Dean Heller.  He voted against the bailout bill earlier this week AND voted against the dressed-up version again today. 

Two thumbs down to Nevada Congresswoman Shelley Berkley who switched her earlier “no” to a “yes.”  Ditto downers to NV Senator Ensign and Rep. Porter who also voted “yes.”

See this post at Politico for a list of vote switchers in other states.  The vote was 263-171.

It sickens me to think this bill was the best Congress could manage to give us after working on nothing else for over a week.

Economic expert John Lewis (D-GA) said about his ‘yes’ vote, “I have decided that the cost of doing nothing is greater than the cost of doing something.”

So comforting to know we have geniuses like Lewis looking out for us in Washington.

“I understand the impulse to obsess over the pain and potential catastrophe staring us in the face, but what if the wages of drastically altering the capitalist system that has been our engine of freedom are decidedly worse?” — Andy McCarthy

NOTE:  There is nearly NO commentary about this on conservative/libertarian blogs yet.  I surmise everyone has logged off and is headed to their favorite bar to drown their sorrow (and disgust).

Double Ketel One and cran, please.

Brooks says the failure of the “rescue package” (that’s an Obama-ism, BTW, and does nothing to endear me to the concept since I abhor victim mentalities of all kinds) means our political leaders have ”failed utterly and catastrophically to project any sense of authority, to give the world any reason to believe that this country is being governed.”

Apparently for Brooks, defeat of this bill equals de facto anarchy in America.

Brooks then makes a few apt remarks (ok, so he has not completely lost it), but quickly disappoints again:

And let us recognize above all the 228 who voted no — the authors of this revolt of the nihilists. They showed the world how much they detest their own leaders and the collected expertise of the Treasury and Fed. They did the momentarily popular thing, and if the country slides into a deep recession, they will have the time and leisure to watch public opinion shift against them.

No:  they showed the world that they were willing to listen to the people who elected them, the constituents in their own districts, who bombarded their offices with variations of “vote no” via email and telephone because they (we) don’t trust the “leaders,” and the “experts” at the Treasury and the Fed.  And why the heck should we, after a colossal failure of social engineering the likes of which this nation has never seen…?!

House Republicans led the way and will get most of the blame. It has been interesting to watch them on their single-minded mission to destroy the Republican Party. Not long ago, they led an anti-immigration crusade that drove away Hispanic support. Then, too, they listened to the loudest and angriest voices in their party, oblivious to the complicated anxieties that lurk in most American minds.

Good freaking grief, Mr. Brooks!  These House Republicans (and the 95 Democrats who voted with them) are the ONLY people standing up for proper conservative principles, including taking a careful, pragmatic approach to complex problems rather than giving people like Paulson a blank check. 

And nobody on the right led an “anti-immigration crusade”:  they just asked the U.S. government to enforce its own laws (what nerve, ay?!)  As for your take on the ”complicated anxieties that lurk in most American minds,” stick with the op-eds because a gifted psychoanalyst you’re not.  The only anxiety we’re having is over whether this bill will really fix what’s wrong, and whether anyone in D.C. is willing to do the hard work of making sure it does.

Now they have once again confused talk radio with reality. If this economy slides, they will go down in history as the Smoot-Hawleys of the 21st century.

So now we’re all just mindless sheep who totter zombie-like after Rush and Laura who are themselves out of touch with real life?  Do you have any idea how elitist and left wing that sounds?  Perhaps you’d like to come out in favor of the Fairness Doctrine also so we can get a dose of “reality” and not be hypnotized by the likes of the evil Limbaugh?

I can’t quote the rest of your op-ed, because frankly, my hair hurts.  My advice to you is stop wringing your pretty little hands and give it some time.  A bill will be passed; the markets will not collapse; and all will be well, if a little dicey for a time. 

And please stop calling it a “rescue” because that’s one of the words that is turning us off out here in Sheepville.

I do wish names would be Named, no matter the party affiliation:  who started and voted for all of the federal legislation, who harassed the lenders to conform, which lenders not only conformed but went above and beyond the call, and who made big bucks.

It won’t happen, of course, because they are all in bed together to some degree.

As Anne of Idaho quipped, “Someone needs to go to Washington and Wall Street and close down the whorehouses.”