|Jobs & Economy|
My number one priority as your voice in Congress is fostering economic growth and job creation by reducing out-of-control federal spending, preventing job-killing tax hikes,pursuing comprehensive tax reform, and reducing unnecessary and burdensome federal regulations. As chairman of the House Committee on Ways and Means, I am proud that in our first year the committee has advanced bipartisan legislation that delivers the type of practical solutions Americans are demanding out of Washington to get our economy growing and our constituents back to work.
Instead of looking at how much Washington can spend – with 40 cents of every dollar adding to the deficit – I have focused on reducing spending and providing the economic opportunities and breathing room employers need to start investing and hiring again. Higher spending now translates into higher taxes later, and job creators in Michigan and across America cannot be expected to hire new workers when facing a mountain of federal debt and the specter of higher taxes in the future.
Last April, I supported the 2011 Full-Year Continuing Appropriations Act, which cut $40 billion in wasteful federal spending. During the debt limit debate, I demanded that any increase in the debt limit be accompanied by an equal amount of spending cuts and significant budgetary reforms. With the Budget Control Act, spending will be further reduced by an historic $2.12 trillion, helping to lessen the heavy burden our bloated federal debt is placing on America’s economic growth.
Instead of having Washington take more from small businesses and hardworking American taxpayers, I have focused on having Washington take less. In 2011, the House passed my bills creating the Comprehensive 1099 Taxpayer Protection Act and the 3 Percent Withholding Repeal Act, legislation that prevents over $40 billion in new taxes from hitting American small businesses. The Committee also extended the payroll tax holiday, sparing hardworking middle class Americans from a tax increase. We are also vigorously moving ahead in pursuit of comprehensive individual and business tax reform, holding numerous hearings to explore various approaches to make the tax code simpler, fairer, and more pro-growth for American families and job creators.
We know that expanding manufacturing exports results in new, good-paying jobs here in Michigan. To create new manufacturing jobs, Michigan products must reach new markets and new customers abroad. Yet, three job creating trade agreements were allowed to sit idle for nearly five years under the previous Democratic leadership. America watched while our competitors entered into new trade agreements, giving their companies and their workers a head start in reaching customers in those markets. By passing the three long pending, job-creating trade agreements, we have begun to restore America’s unquestioned leadership role in advancing global trade and commerce. These agreements are estimated to increase American exports by over $13 billion and create at least 250,000 new jobs here at home.
Finally, I have heard from countless Michigan businesses, large and small, that new and complex regulations coming out Washington are unnecessary, burdensome, and harmful to their ability to invest, grow, and hire. To get Washington out of the way of job creation and reassert Congressional oversight of the federal regulatory process, I supported passage of the REINS Act, which would require that any new major federal regulation would take effect only after the enactment of a joint resolution of approval by Congress. This is one of numerous jobs bills passed by the House that will prevent Washington from standing in the way of economic growth and job creation.
While much work remains, I am confident the new course charted in the House – adhering to fiscal accountability, allowing families and small businesses to keep more of their own hard earned money, and enhancing America’s global competitiveness by expanding exports and reducing unnecessary and burdensome regulations – will help foster the economic growth and job creation Michiganders expect and deserve.