Congressman pitches his own stimulus ideas

Congressman pitches his own stimulus ideas

By Eric Sollman - Bio | Email

HUNTSVILLE, AL (WAFF) - Fifth District Congressman Parker Griffith made a stop in Huntsville Friday to share some proposed tax-cuts.

He says his legislation will promote growth by giving long-term incentives for those who buy now.

"We have to remember that it was wizards, the smooth tongued wizards on wall-street that did this, and we are seething with anger," said Griffith.

Wall Street has seen its share of critics when it comes to the economy, and freshman Congressman Parker Griffith is the next to publicly point a finger.

"This crisis is transient, this crisis is something that we created, this was not an act of god, this was not a natural disaster, this was a man-made, greed driven disaster."

In his first year on capital hill, Griffith is sponsoring a moratorium in the federal capital gains tax as another way to stimulate the economy.

Capital gains is when the government takes its share when your shares of stocks or other investments makes money.

"If you were to buy a stock and sell it today, you would not incur a capital gains on that stock,"said Griffith.

Under Griffith's plan, buying or selling property, this year or next, and holding it for at least one year, could exempt you from that capital gains tax.

Griffith introduced his proposals in congress on Thursday, but there's still no guarantee that the bills will come up for a vote during this regular session.

Griffith is also co sponsoring several other pieces of legislation that include bills that will avoid automatic tax increases on working families, a tax credit for those who buy new vehicles, and a small business choice act regarding health insurance.