My representative Michele Bachman has just posted about the GOP alternative to Ms. Pelosi’s Porkapalooza bill. While Ms. Pelosi’s Porkapalooza bill stalls, House Republicans offered this alternative:

The legislation will reduce the lowest individual tax rates from 15% to 10% and from 10% to 5%.

As a result, every taxpaying-family in America will see an immediate increase in their income with an average benefit of $500 in tax relief from the drop in the 10% bracket and $1,200 for the drop in the 15% bracket. A married couple filing jointly could save up to $3,200 a year in taxes.

And according to research done by The Heritage Foundation, 272,306 filers in Minnesota’s 6th District will benefit from the reduction in the 10% bracket and 228,926 filers will benefit from the reduction in the 15% and the 10% brackets.

The legislation allows small business to take a tax deduction equal to 20% of their income.

In fact, small businesses (those employing less than 500 individuals) employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. This legislation will immediately free up funds for small businesses to retain and hire new employees.

In Minnesota, there are 498,606 small businesses with 500 or fewer employees and according to the Small Business Administration Office of Advocacy, they represent 98.0% of the state’s employers while having created 78.4% of the state’s net new jobs from 2004 to 2005. It’s vital that we lower the tax burden on these small businesses.

The legislation also includes a home-buyers credit of $7,500 for those buyers who can make a minimum down-payment of 5%.

This credit will go a long way in giving potential buyers the incentive they need to purchase homes now to help turn around our stagnant real estate market.

Meanwhile, Senate Democratic Leader Harry Reid is making these threatening noises regarding the dying stimulus bill:

In a Thursday afternoon news conference, Senate Majority Leader Harry Reid urged Senate Republicans not to line up against the bill, and says Republicans will be blamed for any delay in the landmark economic legislation. “If we don’t [pass the bill], it’s not our fault, we’re trying,” Reid said. “The president has done a remarkable job covering all the bases on Capitol Hill.”

This morning, I heard from several St. Cloud businesspeople that the less-than-stimulating stimulus bill is likely heading for a major rewrite:

Afterwards, I spoke with several local entrepreneurs. One of them told me that his contact in Washington said that the stimulus funds “don’t come with strings attached. They come with CABLES attached.” Another entrepreneur told me that they’ve heard that the stimulus bill is likely to get a major rewrite because (a) of the House vote and (b) Ben Nelson’s statement that a number of Senate Democrats won’t vote for this bill.

Harry Reid can threaten all he wants. If that bill isn’t significantly changed, Reid will have significant Democratic defections on the bill. Doing his best Harry Reid impression, Dick Durbin asked this:

“For those in the House that voted against this package, their alternative is what?” asked Senate Majority Whip Richard J. Durbin.

I’d direct Sen. Durbin to look at the alternative that the House GOP offered earlier in the day before Pelosi and her lemmings passed the $819,000,000,000 less-than-stimulating stimulus package. Chuck Schumer also got in this threatening sounding noise:

Schumer piled on the tough talk, accusing House Minority Leader John A. Boehner, an outspoken opponent of the package, of “leading his members off the cliff.”

Little Chuckie is pretending not to notice that Leader Boehner ‘led’ 11 Blue Dogs over the cliff with the House GOP Caucus.

I know Reid’s caught in the difficult position of defending the indefensible but you’d think he’d do a better job picking his fights. This fight isn’t over but I’m thinking that this proverbial train left the station.

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Cross-posted at California Conservative

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