Designed to motivate companies through tax incentives to use truck tires with recycled rubber, the Act [HR 1888] aims to curb the number of tires thrown in landfills while at the same time cut back on the amount of fossil fuels needed to produce them.
Unlike the Bush Administration, which inherited a $5.6 trillion surplus in 2001, the Obama Administration inherited a deficit of more than $1.2 trillion in 2009 and the worst economic downturn since the Great Depression.
The budget the House of Representatives passed on April 2 – $3.55 trillion – begins on Oct. 1.
The tax cuts -- $400 to individuals making less than $75,000 and $800 to married couples making less than $150,000 per year -- will begin to show up in workers paychecks this week. Couples making $200,000 and individuals making $100,000 will not receive the boost.
The aim of the stimulus tax credits is to allow workers to keep more of their hard-earned money or make ends meet.
The measures could provide a cost of living increase for veterans’ disability benefits, expand employment services for homeless veterans and fully reimburse veterans for emergency care.
Johnson, a member of the House Armed Services Committee, said it’s a step – or three – in the right direction.
“Guantanamo is a symbol of everything we did wrong,” said Johnson, a former criminal defense attorney. “It’s an ugly reminder of the fact that our international relations have been severely damaged.
The legislation passed the House by a vote of 328-93, drawing support from 85 Republicans.
Johnson, who voted against TARP but voted for HR 1586, was pleased that three-fourths of the TARP funds that have been spent went to companies that would be covered by this bill.
In particular, Johnson and his colleagues investigated consolidation of the banking industry and the vast amount of public money used to stabilize banks and other financial institutions rocked by toxic mortgage assets, and asked the fundamental question – are there institutions that are “too big to fail?”
Officials of the IRS will be on-hand to answer questions and process individual tax returns.
Participants will learn about earned income tax credits, determine their filing status and receive information about tax-exempt businesses, organizations and 501(c)3 entities.
The money – which was released by the Federal Transit Administration – is part of what is expected to be more than $1 billion the state will receive for infrastructure under the Recovery plan, which was signed into law last month.