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, we 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 has voted for lowering income tax rates, continuing Child Tax credit and extending the Earned Income tax credit for low-income households.

Regulatory Reform

Federal regulations should 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 growth in our economy and create jobs for our citizens. 58,000 small businesses (those with fewer than 500 employees) employ nearly 97% of all workers in the state. Utah is a known leader in promoting small business, and is recognized annually among the best climates in the nation for entrepreneurship, business expansion, and job creation. At the federal level, Congressman Matheson has worked to support the continued growth of small businesses at home by easing impediments to their operations. This includes easing tax burdens, reducing excessive regulation, and enacting policies that benefit developing companies. He has voted for numerous measures to reduce taxes on businesses so that they can reinvest in their operations. This Congress, he is cosponsoring the Regulatory Flexibility Improvements Act which helps protect businesses from the unintended effects of regulation by requiring a more thorough review of the effect of new regulations on real business operations. He is also cosponsoring the Commercial Real Estate and Economic Development (CREED) Act, which extends loan refinancing to small businesses to help them better manage debt.

Freedom to Invest Act (Repatriation)

Congressman Matheson supports removing a barrier to the 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.  The Congressman supports a policy allowing companies 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.  Last Congress, Congressman Matheson supported the adoption of free trade agreements that remove tax barriers to U.S. products in countries including Panama, South Korea and Colombia.