HB8

HB8 Bill #: Hb8 Topic: Economy/Jobs Title: Increase pay, Decrease tax Purpose: The purpose we hope to acheive with this bill is to stimulate the economy. This will be done by lowering the percentage being taken from paychecks by 3%. The current rate being withdrawn from paychecks is currently 6.85%. By taking away 3% the tax being deducted from pay will be reduced to only 3.85%. The government gets $17.9billion doallars from America's paycheck taxes. By cutting out 3% they will lose $5.1 billion doallars for funding. But they will still be receiving $11.9 billion dollars from taxes. Eligibility: This bill would take away $5.1 billion dollars from funding, but it would still leave $11.9 billion for grants and any type of funds. Terms+Benefits: Puts more money into Americans paychecks, giving more to be able to spend to boost the economy, creats jobs, helps small businesses Amendments: Takes out $5.1 billion from funding. Personal page: http://mockcongress2012.wikispaces.com/BBalog Fiscal impact: Marketing- commercial, people will vote for this bill, $2.5million, be on TV and show people what our bill will do for them. ADS, people will look for jobs, $200, people who read the news will be informed about it   Labor- IRS staff, 18 members, $144,000 annual salary, to pay workers for changing the tax rate Transportation- bus, to bring people to work, $18 per person, to get workers to their jobs Education- IRS training, to know how to make adjustments, $50, to know how to complete their job Total cost- $7,744,268