We have entered a new federal budget year without a budget, and I remain concerned about where our country's economy is headed. Many of you have expressed the same concerns since I returned from Washington, D.C., late last month.
This much is clear: the majority's economic agenda has failed. Policies such as the $1.2 trillion "stimulus," ObamaCare, financial regulatory reform, and the $26 billion bailout for states have expanded the federal government's influence in the economy while discouraging private-sector growth. This growth of government is devastating families and small business owners on Main Street Missouri, and has resulted in an unemployment rate that remains close to ten percent.
It is time to right the ship, which is why I support:
* Permanently stopping all job-killing tax hikes--to protect entrepreneurs and family-owned businesses who are critical for job creation, leaving more money in the hands of all Americans during this time of economic distress;
* Allowing small business owners a 20 percent tax deduction against income, to allow capital formation and investment, which will stimulate business expansion and new hiring;
* Require congressional approval of costly regulations, to reduce the cost burden that government growth imposes on businesses;
* Repeal the ObamaCare 1099 requirement, to eliminate the wasteful and expensive mandate that all businesses report vendor purchases in excess of $600 annually;
* And immediately cut government spending to pre-bailout levels--to save at least $100 billion in the first year and put the federal government on a path to balance the budget and pay down the debt. This will move us away from a debt-driven economy and eliminate the fear that unsustainable spending has created.
Congress also needs to address the issue of the 2001 and 2003 tax cuts. It appears some in Congress would rather ignore this important issue of tax cuts for American families and small businesses. By doing nothing the majority party is set to impose the largest tax increase on you, the taxpayer, without a vote.
Congress needs to embrace a commonsense approach to solving the economic issues of today to ensure you are able to keep the money you have rightfully earned. The time for action is now, and I remain hopeful that Congress will hear your voices.