Current Issues
I would like to take this opportunity to update you on the progress of the 104th Congress in promoting business, limiting taxes, reducing waste and eliminating duplicative and burdensome government regulations.
As Vice Chairman of the Subcommittee on National Economic Growth, Natural Resources, and Regulatory Affairs, I have been actively working to promote business and create jobs in Montgomery County and throughout the nation.
As you know, this new Congress is dedicated to reducing the size of government, balancing the federal budget, and encouraging opportunity and prosperity for all Americans. The House of Representatives, with my strong support, has approved the following legislation which furthers these worthy goals:
Elimination Of Unfunded Mandates
* this new law prohibits the federal government from forcing states to comply with costly mandates unless accompanied by the appropriate funding
Holding The Line On Taxes
* I was proud to lead the successful floor debate approving a new House Rule requiring a 3/5 supermajority for approval of any tax increases
Providing Much-Needed Tax Relief
* capital gains reduced to 19% for individuals
* capital gains reduced to 28% for business
* increases the amount of property that a small business can expense from $17,500 to $25,000 by 2002
* permits deductible IRA contributions of up to $2000 to be made for each spouse if the combined compensation of both spouses is at least equal to the contributed amount (both working spouse and homemaker)
* allows alternative minimum tax credit to offset 50% of current year AMT liability
* allows 75% of amounts paid to a qualified research consortium for qualified research to be eligible for research and development tax credit
Balancing The Federal Budget
* a responsible plan to balance our budget within 7 years, lower interest rates, and increase economic prosperity
Reducing The Size And Cost Of Government - Line Item Veto
* as a complement to our intense efforts to streamline the federal bureaucracy, this measure will allow the President to eliminate pork barrel projects
Common-Sense Moratorium On Regulation
* provides for a halt to burdensome and duplicative government rulemaking
Reforming Tort Law
* limits frivolous, fraudulent and inflated lawsuits
Improving Health Insurance
* tax credit for the purchase of long term care health insurance for the self-employed
Reducing Paperwork
* My amendment to the Paperwork Reduction Act will double the level of reduction from 5% to 10%