Fiscal Responsibility

Fiscal Responsibility

Issues: Fiscal ResponsibilityTaxes

The Republican-led House has passed several bills to keep the Bush-era tax cuts in place for one more year; however, the Senate has not acted and hard working Americans will face the largest tax increase in the nation’s history on January 1, 2013.

House Republicans voted once again on August 1, 2012 to keep tax rates at their current level through next year, legislation that President Obama has vowed to veto. This vote highlights the stark contrast between the GOP view on taxes and the one pushed by Obama and congressional Democrats. The Senate, with its Democratic majority, already has approved a measure that would allow income tax rates to rise on annual earnings above $200,000 for individuals and $250,000 for couples.

Washington keeps asking you, the people, to give more of your paycheck as you struggle to pay the bills and provide for your families. I will continue to fight against the Administration’s push to increase your tax burden. If we want our economy to recover and our nation to prosper once again, we have to stop taking so much away and give decisions back to the people. Instead of politicians in Washington pretending to know what’s best, let the people decide for themselves.

Spending

Together with my fellow House members, I have looked for every opportunity to reduce federal spending on both the discretionary and mandatory side of the ledger.  The President and his party’s leaders refuse to take action in the face of the most predictable economic crisis in our nation’s history. The President’s budget calls for more spending and more debt, while Senate Democrats have refused to pass a budget in over 1,000 days. This approach to budgeting has serious consequences for American families, seniors, and the next generation.

My colleagues and I in the House refuse to ignore our generation’s greatest domestic challenge: reforming and modernizing government to prevent an explosion of debt from crippling our nation and robbing our children of their future.

We’ve advanced a budget that builds upon a bipartisan consensus for principled solutions: real spending discipline and restored economic freedom; patient-centered health care reform; and pro-growth tax reform. This budget gets Washington out of the business of picking winners and losers, and restores fiscal discipline with over $5 trillion in cuts to government spending so the private sector can grow.

This budget repeals the President’s health care law – curbing the federal government’s overreach into personal health care decisions – and instead moves toward patient-centered reforms. This budget reverses the President’s policies that drive up gas prices, and instead promotes an all-of-the-above strategy for unlocking American energy production to help lower costs, create job and reduce dependence on foreign oil. This budget reforms the broken tax code to spur job creation and economic opportunity by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests. The pro-growth reforms ensure the tax code is fair, simple, and competitive.

This budget consolidates the current six individual income tax brackets into just two low brackets of 10 and 25 percent and repeals the Alternative Minimum Tax.  And it reduces the corporate rate to 25 percent and shifts from a “worldwide” system of taxation to a “territorial” tax system that puts American companies and their workers on a level playing field with foreign competitors.
 
Our budget repeals the new health care law’s unaccountable board of bureaucrats empowered to cut Medicare in ways that would jeopardize seniors’ access to care.  And it saves Medicare for current and future generations, with no disruptions for those in and near retirement.
 
Without bold new leadership, the unsustainable trajectory of the national debt will trigger a sharp and sudden debt crisis that would threaten national security, hit seniors and low-income Americans the hardest, and leave all Americans with a diminished future. This looming crisis represents an enormous challenge, but it also represents a defining choice: whether to continue down the path of debt, doubt, and decline or put the nation back on the path to prosperity.

The harmful effects of runaway spending on growth and prosperity are vast. The debt explosion created to fuel Washington’s recklessness has a personal impact on every American: it is ultimately borne by every man, woman and child in the nation.

If nothing is done, our generation will have the sad legacy of being the first to lower the standard of living for the next generation. We must act quickly!

Families and small businesses have to balance their books and the government should be no different. The American people know that the economic policies of Washington Democrats are failing, and they’re looking for a new approach. I will continue my fight for fiscal discipline in Washington and tax relief for all Americans.

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