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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.
According to Federal data, each car tire requires seven gallons of petroleum to make, and each truck tire takes 22 gallons. Altogether, it takes 2.6 billion gallons of oil to make America’s tires each year.
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.
“I have always been deeply concerned that under the Bush Administration there was a major transfer of wealth in this country from the middle-and-lower income earners to the upper 10 percent of earners,” said Johnson.
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.
“For those who gave this country so much, we in turn should be doing everything we can to help make sure our Veterans are taken care of,” said Johnson. “All three bills will help Vets make ends meet, find housing if they’re homeless and help cover emergency medical expenses.”
“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.
“This is exactly why I voted against TARP in the first place,” said Johnson. “This madness on Wall Street at the expense of Main Street must stop. I hope this puts to end this debilitating chapter of greed and abuse, and I trust the Senate will soon follow suit.”
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?”
The hearing came amid the fervor over millions of dollars in bonuses paid to American International Group Inc. executives despite the company receiving $170 billion in taxpayer money to keep it afloat.
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.
“I’m pleased just three weeks after I voted for the economic recovery package, we are already beginning to see funds flow directly to communities back home that are suffering under this recession,” said Johnson. “By funding these crucial infrastructure projects, we will create jobs and help the local economy grow.”