On the dawn of New Year’s Day 2013, America will either wake up clear-headed and positive with better days on the horizon or start the New Year with a nauseating hangover called the fiscal cliff. Our nation, is indeed, facing a financial crisis of soaring magnitude. Right now, Congress is gridlocked in addressing the national debt. Businesses face great uncertainty. Continued bickering and gridlock in Congress could ruin our fragile economic recovery and plunge our economy into a deepening and l...
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A version of this column ran earlier in the Atlanta Journal-Constitution. Click here to read it in that format. The Budget Control Act of 2011was drafted to match spending cuts with targeted revenue increases to prevent the federal government from defaulting on its debts. A short-term solution of $1 trillion in spending cuts was approved, but our long-term budget problems were not solved. Unless Congress finds another way, larger automatic cuts will start. At the end of 2012, massive automatic c...
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Congress passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act. This bipartisan agreement extends the payroll tax cut for 160 million Americans; continues unemployment benefits for the millions of Americans who lost their jobs; and ensures seniors can continue to see the doctor of their choice under Medicare. President Obama signed H.R. 3630 into law on February 22. Major provisions of The Middle Class Tax Relief and Job Creation Act: Payroll Tax Cut - Extends the payroll tax cut fo...
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What is the likelihood of a federal government shutdown and how would it affect you? A bipartisan group of Congressional leaders have been working for weeks to agree on details on funding for the 2011 budget. The current budget year has been funded in short-term increments with less than 6 months to go before the start of fiscal year 2012. There are many questions about what programs will receive the largest cuts and concerns that short-term funding has disrupted project planning and hiring. Con...
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President Obama has signed the new tax cuts into law (Public Law No: 111-312). Congressman Scott spoke in favor of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extends unemployment insurance, cuts payroll taxes and extends existing tax rates for two years. You can watch the Congressman’s speech at this link. A summary of some of the larger sections of the law are provided below. For more detailed information about the tax law, speak with a tax advis...
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Today, Congressman David Scott (GA-13) addressed the House Floor to urge passage of the tax relief measure. You can watch a video of the speech at this link. Rep. Scott's Floor remarks appear below: Ladies and gentlemen of the Congress, the time is now for us to ask the one fundamental question before us: What is in the best interests of the American people at this time? By ``American people,'' I mean every American, from the top of the economic ladder to the bottom, but especially those at the ...
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Update July 27, 2010. Today, the House passed The Surface Transportation Earmark Rescission, Savings and Accountability Act, which rescinds $713 million in unobligated funding for 309 earmarks contained in previous surface transportation authorizations – thereby ensuring that these funds will not be used to increase spending in the future. On July 13, I voted to help pass S. 1508, Improper Payments Elimination and Recovery Act. The bill would reduce waste, fraud and abuse from the lack of proper...
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This year, businesses hired nearly 4.5million new workers who were eligible for HIRE Act tax exemptions. The HIRE Act exempts Social Security payroll taxes for businesses that hire workers who have been unemployed for 60 days or longer. In addition, the HIRE Act allows employers to claim a tax credit of up to $1,000 for each newly hired qualifying worker who is retained for one year. For more information about how to use HIRE Act tax breaks visit the IRS website at this link: http://www.irs.gov/...
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Congressman Scott voted this week for the Efficiency, Effectiveness, and Performance Improvement Act of 2010. This measure will help Congress conduct more effective oversight, make better-informed authorization and appropriation decisions, identify and eliminate duplicative programs, and help improve the performance of federal programs. “The American taxpayer deserves a government that is transparent, efficient and accountable,” Congressman Scott said. “I cosponsored this important bill to provi...
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The hombuyer's tax credit expired on April 30 for most purchasers. However, members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. An eligible taxpayer must enter into a binding contract to buy a principal residence by April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed servic...
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