In Sterling, President Bush speaks about economy
By Elizabeth Coe
President George W. Bush stopped in Sterling at around noon March 26 to tour a commercial printing company and speak about the national economy.
“We recognize people are concerned about the economy,” he said at ColorCraft of Virginia Inc. “But the stimulus package has yet to kick in.”
Bush showed enthusiasm for the $168 billion economic stimulus package passed by Congress in February and specifically addressed the portion of the legislation that would benefit small businesses like ColorCraft.
“If [ColorCraft] decides to purchase software or machinery, there is a tax incentive to encourage them to do so,” the president said. “That's important because when you buy machinery, somebody has to manufacture it. Therefore, there is a direct link between the stimulus package and jobs.”
The legislation helps small businesses like ColorCraft by giving tax incentives on new equipment. The measure also increases the limit on expenses that small businesses can deduct from their annual income at tax time. (To find out more about this legislation, click here.)
James Mayes, president of ColorCraft since 1986, said for his company the bill also provided for many of his employees to be eligible to receive their rebate checks from the government in May. Of the 66 full-time employees at ColorCraft, he said, 53 will be getting their checks at that time.
Mayes said ColorCraft was chosen for the site of the presidential visit after it was flagged by the Printing Industry of America and the National Association of Manufacturers.
"We were very honored," Mayes said. "It was a great experience."
During his brief visit, Bush also mentioned the fact that even those who do not file a tax return this year may be eligible to receive a payment this summer as part of the economic stimulus package.
Across the country, more than 300 IRS offices will open their doors March 29 in an effort to reach the 20 million individuals eligible for stimulus payments who are normally not required to file annual tax returns.
“This will be an opportunity for citizens to go make it clear who they are and where they live so they can get a check as well,” Bush said. “This is a response to the economic downturn we've been in.”
The president said he's confident by helping individuals and businesses, the stimulus package will boost the economy.
“Small business owners are dreamers and doers,” he said. “We want to help them expand because if they expand, more people will find work.”
Contact the reporter at ecoe@timespapers.com