The below is an email response from my congressional representative:
Thank you for contacting me with your concerns about the current state of our economy. I appreciate your thoughts and welcome the opportunity to respond.
I am encouraged by President Obama's recent speech about job creation and look forward to working on getting the American Jobs Act passed through Congress. The American Jobs Act would give tax cuts to small businesses to help them hire and grow; put workers back on the job while rebuilding and modernizing America's infrastructure; support innovative reforms to the unemployment insurance program and other new pathways to get the unemployed and the underemployed back to work; and provide tax relief for American workers and their families.
By investing in ideas that get Americans back to work and by looking carefully at what the federal government spends on other programs, we can lower our deficit and at the same time position our nation to come out of this tough time stronger than before. That is essential to get our nation on a pathway to prosperity.
Consider this: from 2008 to 2010, twelve of the nation's largest corporations paid an effective tax rate of -1.5%. That means they paid no taxes at all, and in fact received $62.4 billion in subsidies even though they made more than $171 billion in profits. We can fix this by reforming and simplifying the tax code and can start by cutting corporate tax loopholes. Also, I am working in Congress to pass a bill I have cosponsored, the Tax Equity Act of 2011 (H.R. 1631), which I introduced with fellow New York Congressman Jerry Nadler. If enacted, it would adjust income tax rates to reflect the different costs-of-living that exist in the country. I know costs of living are different in Islip and in Idaho, but our income tax system does not reflect those differences. New Yorkers pay some of the highest taxes in the country, but we also pay some of the highest housing, food and gas costs. Middle class and working families in New York are taxed as if they were rich and this legislation will help remedy those differences.
I also believe we can do this in a way that doesn't take from the current generation of workers' retirement benefits. We can enact reforms that strengthen Social Security and Medicare and ensure they will be there for those working now and paying into those programs. For instance, I've supported payment reforms that would end Medicaid payments to hospitals when they make mistakes and more forcefully end waste, fraud, and abuse. These changes have already resulted in a recovery of $4 billion just last year. These efforts to strengthen benefits through increased efficiency are exactly what we need to focus on now.
Our economy has hit middle class families hard. They have seen jobs lost, paychecks shrink, local taxes rise, and home values collapse. We have never cut our way out of a recession and our present situation is no different. We all agree that our current levels of debt are unsustainable. But we need to find commonsense solutions to our problems. Getting a handle on the federal deficit will require shared sacrifice and some difficult decisions, but not at the expense of our future and investments that will pave the way for long term economic growth.
Please do not hesitate to contact me with your concerns as Congress moves forward to strengthen our economy.
Thank you again for contacting me. Please do not hesitate to do so again on any matter of concern. You can also visit my website (http://house.gov/israel) to learn more about the issues important to you and to sign up for my e-mail updates.
Sincerely,
STEVE ISRAEL
Member of Congress
Last edited:

Don't worship the money learn the ways...




