Charlie Bass' Capitol Link
Linking Granite Staters to the Nation’s Capitol

Vol. 7 No. 16 - Week of June 23, 2006

WEEKLY SPOTLIGHT

Eliminating Wasteful Spending

I am pleased to announce the House passage of the Legislative Line-Item Veto Act of 2006 (H.R.4890). The Legislative Line-Item Veto will give the President the authority to single out individual pork-barrel spending items in legislation and send them back to Congress for a vote on removal. Congress could subsequently examine and remove questionable items individually, rather than as part of the originally passed larger legislation.

This legislation, of which I was a co-sponsor, holds Congress responsible for the spending it puts forward, which will help eliminate uncalled-for projects thus exercising greater restraint with taxpayer dollars.  This is another step in our drive to bring greater transparency, accountability and control to the federal budget process.

The Legislative Line Item Veto Act respects the constitutionally granted Congressional ‘power of the purse’ by requiring the House and Senate to vote on the President’s proposed rescissions before they can become law. The version of the line-item veto that the Supreme Court struck down in 1998 did not require congressional approval of the President’s rescissions.

“This is another step in our drive to bring greater transparency, accountability and control to the federal budget process.”

WEEKLY HIGHLIGHTS

Win For Cape Wind and Renewable Energy

 

This week I agreed to support compromise language that will allow the Cape Wind project to move forward while providing the Coast Guard important navigational safety oversight.

 

This compromise should end the involvement of Congress in the development of this critical renewable energy project. The special interests and not-in-my-backyarders have been beaten back in an enormous win for all New England ratepayers, those who care about greenhouse gasses and other toxic emissions, and supporters of our nation’s adoption of high-technology alternative energy systems.

 

I had been working to eliminate an earmark added to the Coast Guard and Maritime Transportation Act Conference Report that would have effectively killed the project and created uncertainty for all other wind projects in the nation.  My efforts held up final passage of the legislation until this provision was significantly amended.

 

Although I still find it inappropriate for the Cape Wind project to face a higher barrier than all other wind projects, I am confident that the process will ultimately result in up to 420 megawatts of zero emission, renewable electricity being generated in our region.  I feel strongly that this resolution that will benefit New Hampshire’s citizens and all Americans.

House Passes Legislation to End Unfair Taxes

This week, the House passed the Permanent Estate Tax Relief Act of 2006 (H.R. 5638) which will permanently protect the vast majority of small business owners, ranchers and farmers from paying the burdensome estate tax. The estate tax, also known as the death tax, is a tax on the value of a deceased individual’s assets before they are passed to their heirs.

 

This compromise legislation serves America’s small-business owners, farmers and ranchers by providing them with a permanent solution to the estate tax. It will provide relief from this inherently unfair tax, allowing Americans who have worked hard their entire lives to pass down the results of their work. The estate tax is a tax on capital and savings. Entrepreneurs and businesses should be the ones choosing how to invest their money, not the U.S. government.  Additionally, small business owners and farmers should not be required to pay a second set of taxes on assets on which they’ve already paid taxes.

 

The Permanent Estate Tax Relief Act of 2006, reunifies the estate, gift, and generation-skipping transfer taxes and increases the estate and gift tax exemption to $5 million per person, $10 million per couple. For estates between $5 million and $25 million, the rate of tax will be the same as the capital gains tax rate.  On estates valued at more than $25 million, the top marginal rate of tax will be double the capital gains tax rate.

 

Appropriates Update

 

The House approved H.R. 5631, the Department of Defense Appropriations Act for Fiscal Year 2007 on Monday.  This annual spending bill funds critical defense needs including troop protection, operation and maintenance, research and development, and emergency wartime appropriation needs.  This bill will ensure our troops will continue to receive the tools and resources they need to fight the global war on terror while helping keep our homeland safe and secure. 

 

Next week the House plans to consider the final appropriation bills for fiscal year 2007.

 

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