At the start of the 113th Congress, Rep. Ralph Hall (TX-04) became a co-sponsor of several bills to address the national debt crisis. H.R. 25, The Fair Tax Act, introduced by Rep. Rob Woodall (R-GA), repeals the Sixteenth Amendment and replaces the current income tax with a single, national consumption tax. H.J.Res 1 and H.J.Res. 2, introduced by Rep. Bob Goodlatte (R-VA), propose a balanced budget amendment to the Constitution of the United States.
"Washington continues to spend and borrow money it doesn't have, and America's national debt now exceeds $16.4 trillion, " said Hall. "We are seeing the effects of the federal government's out-of-control spending in our country's weak economy, 7.8% unemployment rate, and high tax rates. To get the Nation's debt under control, we must make responsible spending cuts and tax reforms. I am a long-time supporter of both a Fair Tax and Balanced Budget Amendment and am pleased to co-sponsor these common-sense bills."
Hall continued, "America's current tax system is bureaucratic, wasteful, and broken, with thousands of pages dedicated to carve-outs and loopholes which favor the person with the best lawyers. I believe a simpler plan would boost economic activity and therefore bring in more revenue with lower rates and less waste. The Fair Tax would eliminate the payroll tax and IRS and instead put into place a single, national consumption tax. By creating a fairer and simpler tax code, America's revenue would be more reliable and our economy stronger."
"Likewise, a Balanced Budget Amendment would prohibit the federal government from exceeding its budget (except during times of war) unless Congress, by a three-fifths roll-call vote from both the House and Senate, authorizes a specific increase. American families and 49 states balance their budgets every year, and it is crucial to America's economic security that the federal government do the same."
"The idea that America can continue to raise the debt ceiling and spend trillions of dollars without consequence is reckless, and I do not intend to give this President more money to buy votes with. Our grandchildren and great-grandchildren should not inherit the heavy burden of paying back our debts - they deserve a strong and competitive country and I will continue to work towards that goal."