Economy and Federal Spending
The key to getting our economy back on track and getting Americans back to work is finding ways to help private-sector businesses thrive. As someone who started and ran his own small business for nearly 30 years, I understand the challenges these businesses face, and, as a member of the House Committee on Small Business, I will continue to push for common sense policies that will reduce the tax and regulatory burden under which entrepreneurs and business owners must operate. If we do this, it will give businesses the incentives to grow and hire more workers, unleash the entrepreneurial spirit of the American people, and promote real, sustainable economic growth. While we need to pursue these kinds of reforms within our current system, in the end I believe we need to eliminate the income tax and replace it with the FairTax - a national sales tax that would replace all other forms of federal taxation. Rather than taxing productivity, like our current tax system, the FairTax would foster economic growth, keep American businesses competitive in the international marketplace, hinder tax-evasion, and encourage investment.
We must also balance the federal budget, which will help to restore confidence to financial markets around the world, give banks the confidence to begin lending once again to small businesses, and ensure that the next generation of American entrepreneurs are not saddled with excessive taxes. Annual deficits have been over $1 trillion for four years straight, and the national debt is quickly approaching $17 trillion. In 2006, when President Obama was still in the Senate, he said that “increasing America’s debt weakens us domestically and internationally,” and that “leadership” means not “shifting the burden of bad choices today onto the backs of our children and grandchildren.” I couldn’t agree more, and I plan on fighting every day here in Congress to reduce federal spending and get our nation’s fiscal house in order. However, we cannot fix our nation's finances without an honest, grown-up conversation about entitlement reform. The two biggest entitlements, Social Security and Medicare, are each insolvent, and a crisis is around the corner if we continue to ignore the problem and fail to act. Since Americans who are nearing retirement age and those who are already retired paid into Social Security and Medicare their entire working lives, Congress must ensure that they receive the benefits they rightfully expect and have been promised.
However, the fact remains that Social Security and Medicare face serious solvency problems in the long term, and the unfunded liabilities of these programs range in the tens of trillions of dollars. If we do nothing to reform them, future beneficiaries will receive only a small percentage of their promised benefits – if they receive anything at all. For this reason, we must look for common-sense reforms that will provide the benefits promised to those near or in retirement while at the same time protecting Social Security and Medicare for future generations.
More on Economy and Federal Spending
Congressman King Heralds Historic Tax Reform Bill’s Benefits to Iowans
Urges House to Adopt Senate Provision Repealing ObamaCare’s Individual Mandate
Washington, D.C.- Congressman Steve King releases the following statement after voting in favor of tax reform legislation that will provide a tax cut to Iowans while also providing a stimulus for the creation of jobs in the state. King voted in favor of H.R.1, the Tax Cut and Jobs Act, which passed the House of Representatives today on a vote of 227-205.
Washington, D.C.- In Case You Missed It: In an op-ed published today, Breitbart Senior Editor-at-Large Joel B. Pollak writes that Republicans should pass an amendment adding Congressman Steve King’s H.R. 176- New IDEA legislation to the tax reform package, H.R. 1. The op-ed is entitled “Republicans Should Use Tax Reform to Deal with Obamacare and Immigration.”
You probably hear it said every New Year’s Eve. As the clock strikes midnight, and the New Year is ushered in, someone will offer a New Year’s Resolution punctuated with the statement “out with the old, in with the new!”
Well, in Congress, every October 1, we have a Fiscal New Year. This year, many in Congress resolved to work to produce the first major tax reform package in 30 years. Figuratively, these Members expressed a clear desire to be “out with the old tax code, and in with new ideas.” Well, I have got a “New IDEA” for their consideration.
Congressman Steve King announces today that he is asking Chairman Kevin Brady of the House Ways and Means Committee to include King’s New IDEA (Illegal Deduction Elimination Act) legislation as a component of H.R. 1, the Tax Cuts and Jobs Act. King’s legislation, HR 176- The New IDEA Act, amends the Internal Revenue Code to make it unlawful for employers to deduct wages and benefits paid to and on behalf of an illegal alien.
Washington, D.C. – Congressman Steve King released the following statement after submitting seven amendments to the omnibus spending bill:
“During the November election, all Republicans including President Trump vowed to uphold our Constitution, cut spending and listen to the American people,” said King. “The 2017 omnibus spending bill provides Congress the unique opportunity to uphold those promises and that is why I have introduced 7 separate amendments to the omnibus spending bill.
Washington, D.C. – Congressman Steve King released the following statement after re-introducing legislation that punishes the People's Republic of China for its failure to protect the holders of United States intellectual property rights.
Washington, D.C. – Congressman Steve King released the following statement after re-introducing the National Right To Work Act in the 115th Congress along with Congressman Joe Wilson. This bill would repeal the provisions in federal law that make "forced dues" the default labor law of the country:
Washington, D.C. – Congressman Steve King released the following statement after re-introducing the Davis-Bacon Repeal Act in the 115th Congress along with Senator Mike Lee, who introduced the companion bill in the Senate: