Tax Relief for All Nevadans Included in Financial Rescue Legislation

Senator John Ensign released the following statement after the Senate passed financial rescue legislation to strengthen our weakening economy, provide tax relief to all Nevadans and boost confidence in our financial systems:

“I was strongly opposed to the original plan proposed by Treasury Secretary Henry Paulson.  The bill I voted for today was not perfect, but it was significantly improved.  This financial rescue legislation is necessary because it could stave off a deep downturn in our economy.

“The impacts are already being felt on our everyday lives ranging from job and retirement security to small businesses making payroll, consumers looking to finance cars and students taking out loans to pay for college.  As someone who owned a small business, I know the day-to-day challenges.  These could become impossible challenges if Congress doesn’t act and the credit markets freeze.

“In this financial rescue legislation, the taxpayers are better protected.  At the companies participating, the days of Golden Parachutes are no longer.  We cannot allow taxpayer dollars to go to bloated salaries and compensation plans for failing CEOs. 

“Taxpayers will be in an ownership position and all proceeds will go toward paying down the debt.  It can’t be used for new spending, more government or pet projects, only to pay down the debt.  Going forward, it is vital that Congress ensures strict accountability.

“To help boost confidence in our financial systems, we expanded the guarantee of bank deposits through the FDIC to $250,000.

“Under this bill, all Nevadans also receive critical tax relief, including extension of the state and local sales tax deduction, and important incentives for renewable energy.  Nevada stands to gain tens of thousands of good paying ‘green’ jobs.

“The problems we are facing today are a result of government policies – both Administration and Congressional – going back to the early 1990s.  Since government helped create this problem, we need to fix it.  Today, inaction is not an option because the consequences are dire.”