Taxes & Fiscal Responsibility | Congressman Bill Posey :: Representing the 8th District of Florida

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Taxes & Fiscal Responsibility

The current tax system is broken and must be fixed. Transforming our tax system into one that is simpler and fosters economic growth and job creation is important for building a stronger America. The federal government does not have a revenue problem. Washington has a spending problem. And when the federal government spends the taxpayer's money, they should not be ashamed to tell the taxpayers how it was spent. When it comes to spending your tax dollars, Rep Posey believes in transparency and accountability. We should ensure that every recipient of federal funding is held accountable for how they spend your taxpayer dollars.

Congress should act to reduce the tax burden on all Americans so that hard work is rewarded not penalized. Hard-working Americans should be allowed to keep more of what they work for as they can make wiser decisions about how to spend their money than a federal bureaucrat.

And small businesses – responsible for creating 70% of all new jobs in America – will be able to create more jobs if Washington lowers its tax and regulatory burden. Furthermore, since most small businesses pay taxes at the individual income tax rates, lowering the tax rates for individuals will let small businesses keep more of their money to purchase equipment, expand, and hire new employees.

Middle Class Tax Relief - Rep. Posey supported passage of Middle Class tax relief.

Small Business Tax Relief- Rep. Posey voted to lower taxes on small businesses – including a 20% tax cut for small businesses.

Tax Reform - Rep. Posey is a cosponsor of H.R. 25, the Fair Tax Act, and H.R. 27, the Tax Code Termination Act, to bring about a simpler and friendlier tax code so all Americans can prosper.

Holding the Federal Reserve Accountable –The Federal Reserve has added nearly $4 trillion to the taxpayer debt exposure over the past several years. And, this is on top of the more than $17 trillion the federal government has official placed on its books. Combined, this is more than double what the total debt level exposure in 2008. This risks significant inflation and devaluation of the savings of the American people. Rep. Posey helped write the Audit the Fed bill and is working to provide for complete accountability and transparency of the Federal Reserve. Bringing transparency and accountability to the Federal Reserve is a critical factor in overall accountability.

Balancing the Budget – What Washington needs is a long-term plan to control spending and balance the budget. To do that, both Congress and the President need to agree on a budget, and that budget must achieve balance. The House has passed a budget plan each and every year since 2009 when Republicans regained control of the House. The Senate on the other hand, took a pass on passing a budget 2009-2012, but in 2013, they passed their first budget in four years. The President has met the statutory requirement to submit a budget in February only once in five years.

A balanced budget means our government is operating without a deficit, leading to a stronger currency and economy. It’s wrong to put America’s debt on the backs of our children and grandchildren.

Rep. Posey has cosponsored and supported a Constitutional Balanced Budget Amendment (H.J. Res. 1) and believes that today’s overspending will be our children and grandchildren’s burden to bear in life. The Balanced Budget Amendment fell one vote of passing the U.S. Senate in 1997 when the national debt was $5 trillion. At the time Senate Democrats said that we did not need a BBA to balance the budget because Washington could do it on its own. How wrong they were. Today, the national debt stands at more than $17 trillion. Where would we be today had the BBA been passed into law requiring the federal government to do what nearly every state law requires: a balanced budget. Both parties are at fault and it is long past due that Congress passes a BBA Amendment and sends it to the state for consideration.