Rich Neal: “Let me first commend the conferees for putting this legislation together and then to remind our friends on the other…”

“Let me first commend the conferees for putting this legislation together and then to remind our friends on the other side that the operative word here today is ``necessary.'' That is the most important word as we move this legislation forward today, ``necessary.'' Mr. Rangel did a good job negotiating the tax title to provide hundreds of billions of dollars in immediate fiscal stimulus, starting with The Making Work Pay credit, which will cut taxes for 95 percent of all taxpayers, including 2 million families in Massachusetts. Working families will also benefit from improvements in the child tax credit, the earned income tax credit, and a new higher education tax credit. Businesses across the country will benefit from bonus depreciation allowance and small business expensing provisions, as well as relief for small and medium-sized businesses with net operating losses. Incidentally, I pushed for a larger number there, as the other side knows. And State and local government will see substantial relief for infrastructure and other critical needs through the Recovery Zone bonds and Build America bonds. As a former mayor, I was happy to lead and take the lead on changes to the bond rules that will allow cities and towns to borrow at lower costs at a time when credit is tight. The compromise also includes AMT protection for 26 million American families--70,000 families in my district alone.”