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Published October 20, 2008 08:56 am - In an unprecedented visit to the Tahlequah Daily Press, Sen. Jim Inhofe, R-Okla., stopped by Thursday to outline his six-point economic plan. Sen. James Inhofe pushes economic plan In his run up to election day, the incumbent senator is focusing on the financial crisis. By TEDDYE SNELL Staff Writer TAHLEQUAH DAILY PRESS — In an unprecedented visit to the Tahlequah Daily Press, Sen. Jim Inhofe, R-Okla., stopped by Thursday to outline his six-point economic plan.
During the recent Wall Street financial meltdown, Inhofe voted against the $700 billion bailout plan presented to Congress. “I took a position that made some people mad,” said Inhofe. “But in checking with the Internal Revenue Service, the bailout hit to the taxpayers equaled $5,000 per household. Nothing is more important than finding a solution to the economic burdens families across our great state and this country currently face.” Inhofe said the bailout he voted against is not the solution to a problem requiring increased transparency, lower energy prices and the ability for the American people to increase their savings. “My plan to get our economy back on track brings relief to hardworking families during this financial crisis,” he said. “We must lower taxes, focus on home ownership, incentivize savings and investment and create American jobs.” Inhofe’s plan would: • Divert a portion of bailout funds to the FDIC and Federal Reserve. • Make the 2001 and 2003 tax cuts permanent. • Stabilize the housing market by making tax deductions available to homeowners. • Incentivize savings by relaxing limits on IRA contributions. • Increase jobs by implementing an immediate phase-in of a domestic manufacturing tax deduction. • Promote investment by eliminating the capital gains rate and repatriate foreign earnings. “One of the main problems with the current economy is that far too many people got into far too much debt,” said Inhofe. “This country became addicted to debt instead of financing things the old-fashioned way: saving. Congress should immediately consider relaxing limits on Roth IRA contributions. The current limit is $5,000, and is scheduled to increase in yearly increments of $500. We should temporarily accelerate the scheduled increase. This will induce people to save and also provide much-needed capital to get the economy going again.” 
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