Boozman: Private Sector Key to Economic Boost

Press Release

Boozman: Private Sector Key to Economic Boost

U.S. Representative John Boozman (R-AR) today announced his support of key economic legislation which provides actual stimulus with focus on the private sector and the new jobs which can be created with lower taxes and burdens on it.

Boozman joins over 70 House members in sponsoring H.R. 5109, the "Economic Growth Act of 2008," which provides pro-growth permanent economic incentives for business in all sectors and industries.

"The best way to preserve jobs and spur economic growth is by making sure businesses, the creators of jobs for working families, face lower tax and regulatory burdens," Boozman said. "By making incentives available to job-creators, we are making sure that actual stimulus is included in a stimulus package."

The legislation would allow all businesses to fully deduct the cost of assets purchased during the year. Currently, businesses can only spread out deductions over several years. Additionally, the bill would lower the corporate tax rates, end the capital gains tax on inflation, and allow businesses to pay the same capital gains rate as individuals.

"As a former small business owner, I am keenly aware of the tax implications of major equipment purchases," Boozman said. "I know the quicker I can expense it, the quicker I can afford to hire more workers and make further investments in my business. We need to create situations for businesses to succeed. That success will, in turn, result in more people going to work with higher wages.

"The private sector is the key to boosting our economy. This legislation is needed, and it is my hope we can see it move forward."

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