Tax Reform
Free markets, economic mobility, and equal opportunity are the drivers of innovation, entrepreneurship, and capital formation. Every piece of legislation should consider the impact on these drivers.
Our national debt is at a record high of $16.7 trillion and Congress continues to spend out-of-control. American Treasury Securities have lost their AAA rating, which would normally place upward pressure on interest rates and exacerbate our national deficit. Instead, the Federal Reserve continues to print money and purchase Treasury Securities to artificially bring their value up and corresponding interest rates down. This increase in money supply weakens the value of the U.S. Dollar, making the United States an unattractive place to invest money, start a business or grow a corporation. Joblessness is the result. This cycle will only stop when the U.S Congress stops spending.
These are the principles that will return America to economic greatness:
- Low taxes
- Fiscal constraint
- Low regulation
- Sound monetary policy
- Tort reform
- Fair trade
In order to establish sound monetary policy, the Fed must focus singularly on price stability. When the Fed attempts to use the money supply to create full employment or increase economic output, it weakens the dollar, creates inflation, causes bubbles, and intensifies the business cycle. The financial crisis of 2008 was not caused by "unfettered free markets." It was caused by government intervention in markets through manipulation of interest rates and money supply. I would support repealing the Humphrey-Hawkins Act of 1978.
For more information concerning my work and views on Tax Reform, please contact me.
More on Tax Reform
We have a deeply flawed tax code. It is already unnecessarily complex and confusing. The Mercatus Center at George Mason University estimates that Americans spend more than 6 billion hours a year complying with the tax code. That is the equivalent of all the people in Oklahoma who are over the age of 6 working all year only on taxes. Lobbyists spend about $3 billion a year promoting policy preferences. Countless loopholes distort human behavior and bias markets.
It is time for the FairTax and Flat Tax supporters to unite behind a plan to eliminate the IRS, repeal the 16th Amendment, and start over. My resolution, House Joint Resolution 104 “Repeal 16”, would do just that.
Congressman Jim Bridenstine has introduced a bill (HJ Res 104) in the U.S. House of Representatives to repeal the 16th Amendment of the U.S. Constitution which allows the federal government to levy the income tax.
U.S. Rep. Jim Bridenstine has responded directly to the Art Laffer study that says allowing states to enforce their sales taxes on some Internet sales would create jobs.
Here’s what Rep. Bridenstine told me in an email that I received this morning:
“I have been a fan of Dr. Laffer's scholarship since I was a student at Rice University. I have talked to him personally about this issue."
Congressman Jim Bridenstine is taking a leadership role in pursuing the truth behind IRS targeting of conservative organizations during the 2012 election cycle.
Mr. Bridenstine drafted a letter on Friday to be sent to Secretary of the Treasury Jack Lew, who has ultimate authority over the IRS, seeking further information on this matter. The letter has been co-signed by over 100 Members of Congress.
Kudos to Rep. Jim Bridenstine (R-OK), who is taking action in Washington to protect small online businesses from the negative effects of the so-called Marketplace Fairness Act. In a state like Oklahoma, this is a big deal. Rep. Bridenstine explains:
FOR IMMEDIATE RELEASE
Jim Bridenstine has decided to oppose the Marketplace Fairness Act (HR 684). After researching the proposed legislation and conferring with various concerned constituents, the Congressman explained his stand: