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While it may seem as though 2010 just began, New Years is rapidly approaching. For most, the beginning of a new year is a time for reflection with friends and family. It is also an opportunity to look forward to all of the possibilities the future holds. Unfortunately, this year as we wait for the ball to drop in the Big Apple we are also counting down to the largest tax increase in American history.
On December 31st, the current tax rates will revert to the old tax rates of 2001. For comparisons sake, here's what they currently are compared to what they will be:
WASHINGTON, DC— House Small Business Committee Chairman Sam Graves (R-MO) issued the following statement on Majority Leader Cantor's announcement that a bill to repeal the 3% withholding rule would be voted on this month:
This week, a bipartisan commission is scheduled to release its recommendations for balancing the budget by 2015. Congress should take a look at their recommendations and implement the best ideas.
The fact that a national commission is needed to curb spending is a sign of how far off track things are in Washington. Americans already elect a bipartisan commission every two years to make sure the budget is balanced - Congress. Republicans and Democrats have spent and spent, to the point where trillion dollar deficits are expected. It's not sustainable and it's not acceptable.
There are reminders everywhere in Missouri that fall is beginning to wind down. Deer season has begun in earnest. High school football playoffs are reaching their pinnacle. The harvest has mostly been reaped. As we prepare for another winter in Northwest Missouri, it is time to give thanks.
Today, my House Republican colleagues and I passed an historic ban on earmarks for the next Congress. The election earlier this month provided definitive proof that the American people are tired of the record levels of borrowing and spending in Washington, and they want Congress to change the way it spends the people's money.
I've gotten a few questions about the "lame duck" session of Congress and what it means going forward. A lame duck session takes place during the time between an election and when the new Congress is seated in the new year. Between 1940 and 2008, there have been 15 lame duck sessions. However, Congressional leadership sometimes decides to forgo a session following an election altogether.
I have long supported increasing the renewable fuels standard to at least 15 percent ethanol. Just last week, we learned that E-15 (15 percent ethanol mixed with 85 percent gasoline) will now be available for use in 2007 model year or newer cars. An ongoing study will determine later this year if it can be used in cars from 2001 to the present.
It seems like almost every week since Obamacare was signed into law we've learned of a new way that the law will cost more than we were told, eliminate private coverage for those we were assured could keep it and hurt small businesses in ways we were promised it wouldn't.
When it comes to trade, China doesn't always fight fairly. For years now, the Chinese government has continuously undervalued their currency, the yuan, against the U.S. dollar. They do this so they can flood the American market with cheap Chinese goods at prices far lower than their American equivalents. Congress has been slow to react to this growing challenge from one of our largest competitors.