Economy and Jobs

Congressman Matheson believes creating a business climate that fosters job creation and preserves our worldwide competiveness is one of the most important endeavors Congress can pursue.  The government should not attempt to run our economy.  But both in the short term and in the long term, government should work toward bipartisan ideas that grow the economy.  Concentrating on solutions like some mentioned below are ways to put more money in the hands of American families and return more people to work, revitalizing our nation’s economy.  

Taxes

Congressman Matheson knows our tax system is too complicated, not fair and in need of reform.  He is committed to creating a more fair, flatter system that lowers rates for hardworking taxpayers and broadens the base to ensure everyone pays something.  As Congress considers any changes to the tax code, Matheson will always make sure American families do not see their tax rates increased.  He has a strong history of preventing tax hikes and has supported numerous bipartisan bills to guarantee that Utah families keep more of their hard-earned money.  Matheson supported the December 2010 extension of existing tax rates, the decrease in the payroll tax, continuing Child Tax credit and extending the Earned Income tax credit for low-income households.

Regulatory Reform

Federal regulations must be crafted with an eye toward balancing the costs on business with the proposed benefits.  Congressman Matheson believes that we must review current regulations across a wide range of industries to ensure the federal government does not create roadblocks to job creation.  Congress should step back and review the federal regulatory process with an eye toward efficiencies that can lead to more jobs in fields like energy and manufacturing, or support recovery in the housing market.  

Infrastructure

Congressman Matheson believes strongly in the value of investing in our nation’s infrastructure.  Safe and modern highways, bridges, airports and rail lines are a common-sense investment, put our country back to work, and benefit every citizen.  Additionally, upgrades to energy infrastructure and modernizations to our grid and broadband network bring economic development opportunities and jobs to rural communities.

Promoting Small Business Development

Small businesses are the engines that drive job creation in our economy. According to the 2010 U.S. Census, Utah is home to more than 58,000 small employers. Small firms (defined as one with fewer than 500 employees) make up 96.9% of the state’s employers. In 2010,  Congressman Matheson supported the Small Business and Infrastructure Jobs Tax Act of 2010 (HR 4849) as well as the Small Business Jobs Act (HR 5297) to provide tax, lending, and investment incentives to small businesses.

Freedom to Invest Act (Repatriation)

Congressman Matheson introduced bipartisan legislation (HR 1834) that removes a barrier to more than $1 trillion in American private sector money coming back to the U.S.  to help grow the economy and reduce the federal deficit. Putting more private sector capital into our economy will strengthen recovery efforts.  Under existing federal tax law, U.S.-based multi-national corporations are allowed to defer paying U.S. corporate taxes on profits made overseas, as long as the profits are invested outside the U.S. That creates a strong disincentive for the money to be returned home.  Under this bill, companies who would return any foreign profits—above and beyond what they would ordinarily return—would temporarily be taxed at a fraction of the current 35% corporate tax rate. At no cost to taxpayers, the extra money would help companies expand and provide otherwise unrealized revenue to the federal treasury.

Free Trade Agreements

Trade is vital for promoting economic development and strengthening ties between nations. Nearly one-fifth of all manufacturing workers in Utah depend on exports for the jobs.  Countries throughout the rest of the world are opening markets to each other while the United States has sat on the sidelines and lost export market opportunities.  As co-chairman of the bipartisan Panama Trade Promotion Caucus in the U.S. House, Congressman Matheson supports the adoption of free trade agreements that remove tax barriers to U.S. products in countries including Panama, South Korea and Colombia.