Issues
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2014 began with the news that a record 91.8 million Americans are no longer in the labor force. This is the lowest rate of labor participation in the past 35 years. Now, more than ever, we need to allow our small businesses, the job creators and the backbone of this country, to operate in an environment that encourages them to invest and create jobs. Congress needs to reign in the federal regulations that hamper employers and entrepreneurs from investing in the future of America. With my vote, the House passed and the President signed into law legislation that prevents any tax hikes from occurring until 2013. Also, I’ve introduced the Small Business Lending Enhancement Act this Congress. With a projected $1.6 trillion budget deficit, stimulus spending is not an option. My legislation will provide much needed financing for small businesses without spending a single tax dollar. It takes an important step in shifting our current economic path and putting Americans back to work. As a result of the Small Business Lending Enhancement Act, credit unions will be eligible to lend up to $13 billion available after the first year of enactment which would create 140,000 jobs. Furthermore, I am an original cosponsor of legislation recently signed into law to repeal the burdensome 1099 IRS requirement which was included in the President’s healthcare bill. The provision mandates that all companies file an IRS 1099 tax form when buying more than $600 in goods or services in a tax year. A recent National Federation of Independent Business (NFIB) Small Business Survey determined that tax paperwork, costing $74 an hour, is the most expensive burden placed on small businesses by the federal government. We’ve got to keep our focus on getting our economy going again and this means revitalizing the private sector. Real economic growth has always and will always come from the private sector; Washington must enable business to thrive and expand. |
