Taxes, Spending, and Debt
Too often our federal government stands between Americans and financial success. And it’s only getting worse, as federal taxes and spending keep growing and agencies produce reams of new regulations that burden businesses and cripple our economy.
Congress must reduce taxes and simplify the tax code to set predictable policies that encourage investment and long-term growth. According to the Joint Committee on Taxation, 50 tax provisions expired at the end of 2014 due to congressional inaction. We can’t legislate by crisis and extend expiring tax breaks retroactively. Families and businesses should be able to plan for the future.
The Congressional Budget Office estimates federal spending will approach $4 trillion next year, and total Federal debt already exceeds $18 trillion. Federal agencies are using higher budgets to create more and more regulations. According to the Chamber of Commerce, federal agencies now issue approximately 4,000 new regulations annually - from Dodd-Frank’s byzantine banking rules to EPA’s job-killing energy regulations.
That’s why I support efforts to dial back government spending, reinstate congressional oversight of new federal regulations that burden American businesses, and eliminate duplicative and wasteful federal government programs.