Ben Ray is going to continue to cut taxes for the middle class, help empower small businesses to create jobs and work to get our economy back on track.
Continue cutting taxes for the middle class, empowering small businesses to create jobs, and working to get the economy back on track.
Occurrences
Evidence
Roll Call 70 was on agreeing to the H.R. 1 conference report; status passed, 246-183. The member list records Lujan, Democratic, New Mexico, as Yea.
Congress.gov lists H.R. 1 as law, with latest action on 02/17/2009: Became Public Law No. 111-5; it also records House passage of the conference report on 02/13/2009 by Roll no. 70.
The law created the Making Work Pay Credit: eligible individuals received a credit equal to 6.2 percent of earned income, capped at $400 or $800 for a joint return, with phaseout above $75,000 or $150,000.
ARRA appropriated additional Small Business Administration loan funds, including $630 million for guaranteed loans, provided fee reductions for 7(a) and 504 loans, and authorized an economic stimulus lending program for small businesses.
Section 3 stated purposes included preserving and creating jobs, promoting economic recovery, assisting those most impacted by the recession, and investing in infrastructure with long-term economic benefits.
CBO described ARRA as enacted in response to economic weakness and grouped its provisions as including temporary tax relief for individuals and businesses; CBO estimated ARRA raised GDP and employment relative to what otherwise would have occurred.
Public Law 111-240 was enacted to create the Small Business Lending Fund Program, increase credit availability for small businesses, and provide tax incentives for small business job creation.
Assessments
Lujan won the 2008 House race and, early in the resulting 2009-2011 term, voted for final passage of the American Recovery and Reinvestment Act. That enacted law included targeted individual tax relief through the Making Work Pay credit, small-business lending and fee-relief provisions, and recession recovery/job-creation purposes later assessed by CBO as increasing GDP and employment relative to baseline. The promise was broad, but the enacted same-term federal legislation substantially matched all three elements: middle-class tax cuts, small-business support, and economic recovery action.