“I want to see ‘Made in America’ make a comeback,” said Spratt. “My number one priority is keeping jobs in this country and putting hard-working Americans back to work. I want American factories to start humming again and American workers to see the rewards of a hard day’s work. This bill will help keep American jobs here in America.”
The American Jobs and Closing Tax Loopholes Act will support more than a million American jobs by helping restore credit to small businesses, extending the R&D tax credit, rebuilding American roads and bridges, and providing tax relief for millions of middle class American families. The bill also extends unemployment benefits for Americans who lost their jobs.
“This bill puts middle class families and small businesses first,” Spratt said.
The tax benefits to middle class Americans – property tax relief, state and local sales tax deductions, and college tuition deductions – are paid for by closing the tax loopholes that big businesses have exploited to ship jobs overseas and that allowed wealthy taxpayers to pay a much lower effective rate on their income. The bill also promotes accountability for the oil industry, boosting the amount oil companies must pay into the Oil Spill Liability Trust Fund – so taxpayers are not stuck with the bill for the risky practices of the industry.
“This bill is about middle class families,” said Spratt, “providing tax benefits and building the foundation for a healthy, growing economy.
“It’s also a plus for veterans, because it makes strides toward ending the disabled veterans tax known as concurrent receipt.”
Spratt said the bill includes a provision to provide full concurrent receipt of military retired pay paid by the Department of Defense and disability compensation paid by the Department of Veterans Affairs to those forced to prematurely leave their military careers due to disability retirement under chapter 61 of title 10, United States Code. The legislation provides full retirement and disability benefits to 77,000 of these disabled service members for two years, in anticipation of extending it to all 136,000 medically retired veterans over four years.
The American Jobs and Closing Tax Loopholes Act includes provisions supported by over 125 key organizations, unions and non-profits, including the U.S. Conference of Mayors, AARP, the American Farm Bureau, the National Restaurant Association, and businesses in the R&D Tax Credit Coalition.