Budget, Taxes, and the Economy
Regulations, reckless government spending, a complex tax system, the highest corporate income tax rate in the world, and loose monetary policy by the Federal Reserve have all contributed to a sluggish economy and concerns regarding the future prosperity of America.
If American families are expected to spend within their means, then the government should as well. The elites in Washington have allowed our national debt to balloon to $18 trillion--$55,000 per American—with no decrease in sight. This is unacceptable.
For America to remain an economic superpower, it is critical that we slash back the regulations, reduce spending, return to sound monetary policy, and lessen the tax burden facing families. We can start by passing a balanced budget. It’s been more than a decade since Congress passed a proper balanced budget. This failure, coupled with a skyrocketing national debt, has our country on an unsustainable path.
More on Budget, Taxes, and the Economy
Washington, D.C. – Last week Congressman Tom Emmer (MN-06) reintroduced the Retirement Inflation Protection Act (RIPA) of 2017.
RIPA will protect all Americans over the age of 59 ½ years old from paying inflation-induced capital gains taxes on assets like a house, a business, or stocks. This will help to ensure that seniors are only paying capital gains on real increases in value of an asset, thus, allowing them to keep more of their own money for retirement.
Washington, D.C. – Today, Congressman Tom Emmer (MN-06) introduced the Home Mortgage Disclosure Adjustment Act which will help American families by providing regulatory relief for roughly 3,400 small banks and credit unions.
Washington, D.C. – Congressman Tom Emmer’s (MN-06) legislation the Financial Stability Oversight Council Reform Act was his first to pass out of the House of Representatives today with a bipartisan vote of 239-179. The Financial Stability Oversight Council, H.R. 3340, was introduced in July and passed out of the Financial Services Committee in November of last year.
Washington, D. C. – Yesterday, Congressman Tom Emmer (MN-06) introduced the Corporate Rate Equality and Trade Empowerment (CREATE) Jobs Act to make the United States corporate income tax rates internationally competitive.
At 39 percent, the United States has the highest corporate income tax rate in the developed world. Conversely, our international competitors based in countries like China, Canada, Ireland, and the United Kingdom benefit from lower corporate rates.
The Cuba Trade Act of 2015: H.R. 3238
Press Release: Emmer, Castor Introduce Legislation to Lift Cuba Embargo
This week was Small Business Week, a time when we applaud the men and women who embody the entrepreneurial spirit that makes this country great.
The 6th District is home to many great small businesses, and I’m lucky to have met many of our business owners. They share a common drive to create and build and to add to the community around them. They are an inspiration to us all.