In recent years, Americans have watched as banks collapsed, small businesses failed, homes were foreclosed upon, and friends and family lost their jobs. As we continue to move toward recovery, we must ensure that we take to heart an important lesson from this crisis: big government is not the answer.
Each year, American taxpayers spend 6.1 billion hours and $163 billion preparing their taxes. Small businesses spend 1.9 billion hours and $19 billion complying with our income tax code every year. The IRS itself costs nearly $12 billion dollars to operate for one year. Our corporate taxes are amongst the highest in the world, and this system hinders American businesses' competitive edge. What's worse, our current tax system perversely taxes the productivity, savings and investment of Americans. I know of a better solution.
I support the FairTax, a national consumption tax placed on all new goods and services sold in the U.S. that would completely replace the current patchwork of federal income, excise, and payroll taxes that are currently used to collect revenue for the federal treasury. The FairTax would drive economic growth, quash tax-evasion, empower taxpayers to determine how much they will pay in taxes each year, foster saving and investment, and enable American companies to compete fiercely in the global marketplace. If you'd like to learn more about the FairTax, please read H.R. 25 the FairTax Act and visit www.FairTax.org.
More on FairTax
Washington, DC – Congressman Steve King released the following statement after voting against S. 540, The Temporary Debt Limit Extension Act. This Act suspends the debt ceiling through March 15, 2015.
“This bill fails the American people by both suspending the debt limit and increasing spending,” said King. “We are handing the President and Democrats exactly what they want - essentially a borrowed, blank check for the rest of the year - ‘no strings attached.’
"Today, I voted to prevent the largest tax increase in American history, which is scheduled to occur beginning in 2013," said King. "This tax increase will hit all Americans. The lowest income tax rate will jump by half, from 10% to 15%. It will also raise taxes on the 95% of small businesses that pay taxes through the individual tax code."
Washington, DC- Congressman Steve King (IA-05) released the following statement today marking the third anniversary of the inauguration of President Obama:
Washington, DC- Today Congressman Steve King (R-IA) released the following statement after President Obama and Senate Majority Leader Harry Reid took steps to derail bi-partisan legislation passed yesterday by the House to extend a cut in the payroll tax for another year. The cost of the extension was fully offset, and the bill was supported by every member of Iowa's House Delegation.
Washington, D.C.- Congressman Steve King (R-IA) released the following statement today after voting for H.J. Res. 2, legislation proposing a Balanced Budget Amendment to the United States Constitution:
Washington D.C.- Congressman Steve King (R-IA) announced today that he will be holding a town hall meeting on Monday, November 21. The town hall meeting, which is open to the public and to the press, will be held at the Good Samaritan Society nursing home in Le Mars. The event will run from 10:00-11:00 AM CST.
"I hope you will join me at my town hall next Monday," said King. "I look forward to answering your questions about what's going on in Washington and having the opportunity to address the concerns of my constituents."