Capitol Connection Newsletter
Jul 13, 2012 -
Repeal of Obamacare Act Passes House
In response to the recent ruling by the Supreme Court to uphold the $1.8 trillion Democrat health care law, the House of Representatives voted on Thursday to repeal the law in its entirety. The law, which has failed to reduce the cost of health premiums as promised, poses a serious threat to the current health plans of millions of Americans as well as future job creation. As the law now stands, the non-partisan Congressional Budget Office estimates that as many as twenty million Americans could lose their employer-provided health insurance as a result of the law’s employer mandate. Because the mandate applies to businesses with 50 or more workers, the requirement could hinder employers seeking to expand and hire new workers. Last year, the Director of the CBO estimated that the health care law would reduce the number of jobs in the labor market by 800,000 by 2021. Congressman Miller believes a full repeal of the law is necessary to give Congress the time and opportunity needed to pursue common-sense, free-market health care solutions that will rein in costs, increase patient control over their own health decisions, and encourage private sector job growth.
Bill to Streamline Development of Critical Minerals Clears the House
On Thursday, the House passed legislation that will help the United States develop strategic and critical minerals. Currently, our nation is fully dependent on foreign sources for 19 rare earth minerals, which are essential for manufacturing defense equipment, electronic devices, cars, computers, televisions and new energy technologies. H.R. 4402, the National Strategic and Critical Minerals Production Act, cuts the red tape currently holding back the development of these minerals here at home. Specifically, the bill categorizes domestic mines that produce strategic and critical minerals as infrastructure projects, limiting the permitting review process – which can currently take over a decade to complete – to thirty months. Congressman Miller strongly supports this legislation to help promote the domestic production of critical and strategic minerals that are vital to our economy and national security.
President Proposes Massive Tax Hike on Small Businesses
As continued high unemployment and slowing growth continue to hold back our economy, looming large over our future prosperity are massive tax hikes scheduled to take effect at the end of this year. Without further action, personal income tax rates will rise for all taxpayers beginning January 1, 2013. These increases will be particularly harmful for our nation’s small businesses, which have generated 65 percent of net new jobs over the past 17 years. According to the National Federation of Independent Business, 75 percent of small businesses pay taxes on their business income at the individual rate. Unfortunately, the President has proposed allowing the tax rates to rise on the tax brackets at which over half of all small business income is taxed. Allowing these tax increases to take effect will have a devastating impact on our already weak economy and discourage job creation. Congressman Miller strongly disagrees with the President’s approach, and supports extending the current tax rates for another year so Congress can work towards real reform of our nation’s complex and overly burdensome tax code.
Hiring Slows in June as Economic Recovery Falters
Last week, it was reported that the unemployment rate remained at a standstill in June at 8.2 percent, while only 80,000 new jobs were created – not nearly enough to keep up with our nation’s population growth. The possibility of massive tax increases at the end of the year, new costly regulations on various industries and employers, and the rising national debt are all fostering economic uncertainty among job creators, holding them back from expanding and putting more Americans back to work. To get our economy back on track, Congressman Miller will continue working with his colleagues to establish an environment conducive to job creation by keeping taxes low, eliminating and streamlining burdensome and duplicative regulations, and getting our nation’s fiscal house back in order.
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