Taxes
The Joint Committee on Taxation (JCT) released its report on the Ways and Means Committee Tax Reform Working Groups. Congressman Adrian Smith (R-NE) and Congressman John B. Larson (D-CT), leaders of the Tax Reform Working Group on Financial Services, released the following statement:
The budget process is one of the most basic functions of government - to set priorities of how to best use tax dollars. Every year, Congress and the President are required by law to agree to a 10-year budget resolution to manage our nation’s long-term finances. However, for too long we have not used the budget process to improve the fiscal condition of our country.
Congressman Adrian Smith (R-NE) today issued the following statement after voting in favor of the H.Con.Res. 25, the House Republican Budget and H.R. 933, which funds the government for the remainder of Fiscal Year 2013:
Many Americans, including myself, are often frustrated by the inability of Congress to get important legislation passed. Congress was unable to agree to a new long-term Farm Bill last year. The Senate has not passed a budget in nearly four years. And it seems like Congress and the President are locked in constant showdowns to avoid the latest ceiling, cliff, or shutdown.
Congressman Adrian Smith (R-NE) and Congressman John B. Larson (D-CT) are encouraging members of the public, organizations, researchers and other stakeholders to submit comments, information, facts, and data relevant to the review of the current tax code being conducted by the House Committee on Ways and Means.
The so-called “sequester” is the latest showdown to grip the attention of Washington and the nation. The House of Representatives voted twice to replace these arbitrary cuts before the March 1 deadline with commonsense reductions and reforms. However, these cuts are now in effect because the President and the Senate have yet to propose and pass a viable alternative.
This week, President Obama delivered the annual State of the Union address to a joint session of Congress. The speech is a great tradition and it is an important opportunity for the President to share his vision with Congress and the American people.
Today Congressman Adrian Smith (R-NE) and Congressman John B. Larson (D-CT) announced they are leading the Tax Reform Working Group on Financial Services. The group is one of eleven bipartisan groups established by the House Committee on Ways and Means to inform its work on comprehensive tax reform.