With another Tax Day behind us, I wanted to share a few thoughts and facts about taxation in our country.
* In the last decade, the tax code has undergone 4,500 changes -- 579 of those in 2010 alone.
* According to the National Taxpayer Advocate (NTA), in 2008 taxpayers spent $163 billion complying with the individual and corporate income tax rules.
* The IRS estimates that individual and business taxpayers also spend 6.1 billion hours complying with the tax laws. That's the equivalent of 3 million employees working 40-hour weeks year-round without vacation.
* The National Small Business Association reported last week that small-business owners spend two full work weeks every year preparing their taxes.
* Nine out of ten American families hire an accountant or purchase software in order to calculate their taxes.
Compliance with this ever-changing tax code has become too costly for American families. Americans want the tax code simplified and government spending drastically reduced. These are both two very important issues I'm working on as a Member of the Ways and Means Committee.
he Path to Prosperity
Last week, House Republicans voted on and passed Rep. Paul Ryan's budget proposal for fiscal year 2012, The Path to Prosperity. The new budget resolution cuts $6.2 trillion in spending from the President's budget over the next decade, brings federal spending to below 20% of gross domestic product (GDP), and reduces deficits by $4.4 trillion. This plan aims to restore fiscal sanity in Washington and diminish the burden of debt on future generations.
1099 ObamaCare Repeal Becomes Law
On Friday, the President signed into law the repeal of the burdensome 1099 tax reporting provision in ObamaCare. This law's 1099 provision would have placed a larger tax burden on small businesses and required basic day-to-day business expenses to be subject to IRS disclosure. I am pleased to see this repeal signed in to law with bipartisan support. I remain committed to working towards full repeal of ObamaCare.
EPA -- House Passes H.R. 910
This month, I voted with a majority of my House colleagues to pass H.R. 910, the Energy Tax Prevention Act of 2011. This bill prevents the Environmental Protection Agency (EPA) from imposing a national energy tax, aka cap-and-trade. The EPA's current regulations effectively amount to a tax hike for families and businesses at a time when oil costs have risen 44 percent over the past two weeks alone. The following are a few bills I'm cosponsoring that work towards an "all-of-the-above" reform of our energy policies: H.R. 909 and H.R. 1380.
Carrollton Identity Theft Prevention Forum
On Thursday, April 28th, I will be sponsoring an Identity Theft Prevention Forum at Carrollton Senior Center from 11 A.M. to noon. The free forum serves to provide residents in the 24th District with information on ID theft and fraud prevention as well as action steps if victimized. Former FBI Agent David Leopard will be our guest speaker. An RSVP is requested and can be made by calling my Irving office at (972) 556-0162.
Newly Cosponsored Bills
Accountability & Transparency
H.RES.82 -- Amending the Rules of the House of Representative to establish the Committee on the Elimination of Nonessential Federal Programs
H.J.RES.56 -- Balanced Budget Amendment (The House version of the one introduced by Sen. Mike Lee)
H.R. 436 -- Protect Medical Innovation Act of 2011
H.R. 452 -- Medicare Decisions Accountability Act of 2011
H.R. 605 -- Patients' Freedom to Choose Act
H.R. 593 -- Taxpayer Conscience Protection Act of 2011
I am honored to represent the 24th District of Texas, and appreciate your interest in my e-newsletter. Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov.
Congressman Kenny Marchant