Laying waste to a law Snyder doesn't grasp
Dec 11, 2012
Opinion Editorial
Legislation in the 112th Congress
I have introduced several pieces of legislation in the current Congress that address pressing issues facing the United States:
H.R. 3743 – Temporary Payroll Tax Cut Continuation Act.
This legislation proposed extending the 2% payroll tax cut for workers, extending unemployment insurance benefits and preventing cuts to Medicare physician payment rates for an additional two months to give Congress time to craft a longer-term extension. After agreeing a short-term extension of these tax cuts and benefits late in December 2011, Congress and President Obama subsequently agreed to a longer-term extension that continues the payroll tax cut, UI benefits, and Medicare physician payment rates through the end of 2012.
H.R. 4016 – Carried Interest Fairness Act.
This legislation seeks to correct a loophole in our nation’s tax law that allows wealthy investment managers to pay a much lower tax rate than other Americans. In exchange for providing the service of managing their investors’ funds, these fund managers often receive a portion – usually 20 percent – of the fund’s profits, or carried interest. The loophole in current law allows these investment managers to pay a reduced 15 percent tax rate on this income, rather than ordinary income tax rates of up to 35 percent that all other Americans pay. Rep. Levin’s legislation clarifies that this income is subject to ordinary income tax rates. This legislation is currently pending before the House Ways and Means Committee.
H.Res. 401 – Observing the 20th anniversary of Ukrainian independence.
This legislation observes the 20th anniversary of Ukrainian independence and expresses strong and continued support for the Ukrainian people for their efforts toward ensuring democratic principles. This legislation is currently pending before the House Foreign Affairs Committee.
This legislation would expand the production and use of electric vehicles in the United States. Under current law, there is a tax credit of up to $7,500 available for car-buyers who purchase electric and plug-in electric vehicles, but the existing credit phases out after a manufacturer sells 200,000 vehicles. H.R. 500 would increase the per-manufacturer cap on the $7,500 tax credit from 200,000 vehicles to 500,000 vehicles. Raising the cap on this credit will help carmakers reach the demand and production scale necessary for long-term viability. This legislation is currently pending before the House Ways and Means Committee.
H.R. 639 – The Currency Reform for Fair Trade Act.
This legislation seeks to level the playing field for American workers and businesses by giving the Obama Administration additional tools to address China’s fundamental undervaluation of its currency. China suppresses the value of its currency, making China’s exports cheaper than they would be if China allowed its currency to be set by the market. China’s currency policy places a drag on U.S. economic growth and job creation. The measures included in this bill provide the Administration with additional tools for enforcing the rules of trade and are consistent with our World Trade Organization obligations. This legislation is currently pending before the House Ways and Means Committee.
H.R. 992 – The Building American Jobs Act.
This legislation would extend eight bond, tax credit and loan guarantee programs for states and municipalities, anchored by the wildly successful Build America Bonds program, which helped finance $181 billion in infrastructure projects in the last two years. These provisions will help states and local governments more easily and affordably access the credit markets as they seek to develop critical infrastructure and provide services which are necessary to keep communities strong. At the same time, they create jobs. This legislation is currently pending before the House Ways and Means Committee.
Legislation in the 111th Congress
(Updated April 16, 2012)
