It isn’t always easy to see progress in Washington, but this week I think we’ve actually seen some.
A bill I introduced in May to extend a teacher tax credit on supplies they purchase for their classroom was included as part of the Tax Extender Act of 2009.
The bill passed the House, and the teacher tax credit of $250 will be extended through 2010. I applaud the inclusion of this important extension in the Tax Extender Act. While I wanted the deduction amount to be raised, it is most important that teachers will be able to deduct some of their out-of-pocket expenses for their classrooms in 2010.
Having taught high school for seven years, I know the sacrifices teachers make to ensure their students have the supplies and equipment they need to be successful. So many times, the costs of these supplies come right out of our teachers’ pockets. This deduction will help them offset some of those costs.
The Tax Extender Act also extended tax relief on property tax, state and local sales deductions, college tuition deductions and the low-income housing tax credit exchange program. The tax extensions are paid for through tougher crack downs on U.S. citizens evading taxation by hiding assets overseas and by closing loopholes on investment fund managers who’ve been enjoying preferential taxation rates.
As Congress continues to debate important issues like health care, we cannot forget that our country is facing a national unemployment crisis and putting Americans back to work must be a top priority. I am encouraged by discussions underway to put the rest of the bank bailout money to use toward job creation.
While I was against the original TARP bailout, the more than $200 billion that has been used should be put to work helping Main Street, not Wall Street. Main Street has been waiting long enough for some help, and we must start being aggressive in job creation. We need to put the millions of unemployed American workers back to work. Using the TARP money to do that would be a step in the right direction.
I continue to maintain we must use the TARP funds being repaid by the banks responsibly. The money returning from these banks should be used to bring down our national debt. More and more members of Congress are starting to get behind that idea. Ten new cosponsors have signed on to the Repaying the American Taxpayer Act of 2009, a bill I introduced in June, which requires money received from the sale of TARP-related assets to be directly applied to the national debt.
I am pleased my colleagues agree we must use TARP funds to pay down the debt and create jobs for our hard-working families.
Congress also considered broad financial regulatory reform this week. This is a critical step as we work to make sure the financial collapse of 2008 doesn’t happen again. We need stricter regulations, and Congress has an obligation to make sure federal regulators are doing their jobs to ensure the American taxpayers are never again put in the position where they are asked to bail out Wall Street.
Creating jobs and strengthening our economy remain the most important objectives in our nation’s recovery, but as we progress down that road, we need to be diligent in ensuring that safeguards are in place to protect our American families.
Hopefully, the small progress this week will lead to future success as we strive for economic recovery.
Congressman Larry Kissell (D-N.C. -8) offices include Rockingham: 230 East Franklin St., Rockingham, NC 28379, Phone: 997-2070; Concord number (704) 786-1612; Fayetteville number (910) 920-2070; Washington office: 512 Cannon House Office Building, Washington, DC 20515; phone (202) 225-3715. Web site, kissell.house.gov