By Congressman Michael McCaul
Texas Insider Report: AUSTIN Texas Last week the House took decisive action on legislation that will keep tax rates low and help small businesses create new jobs as well as
extend for one year the estate tax rates marriage tax penalty relief and the $1000 child tax credit.
Preventing Tax Increases
We passed
H.R. 8 which would provide a one year extension of all current individual tax rates as well as the 15 percent top rate on capital gains and dividends.
The bill would also provide higher small business expensing limits for one year and would repeal the Pease" limitations of itemized deductions in 2013. Finally the bill would provide a two-year AMT (Alternative Minimum Tax) patch.
According to the
Joint Committee on Taxation (JCT) the bill would prevent a tax increase of $383.6 billion and prevent the presidents small business tax increase from destroying jobs and reducing wages for middle class American workers.
Pro-Growth Tax Reform
Last Thursday the House approved
H.R. 6169 which would require Congress to consider tax reform legislation on an expedited timeline in 2013.
Consolidating the current individual income tax brackets and reducing the top rate to no more than 25 as well as reducing the corporate tax rate are among the reforms that would be fast-tracked under this legislation.
Homeland Security Oversight
DHS Accountability Act
Last week I passed
H.R. 5913 through the Homeland Security Oversight & Investigations Subcommittee which I chair. I introduced this bill so that we can thoroughly examine Department of Homeland Security management and leadership failures and ultimately make changes that eliminate the waste of billions of taxpayer dollars and widespread corruption.
Congressional Quarterly (CQ) -
McCaul Continues Push for DHS Overhaul
Agricultural Disaster Assistance
The House also approved the Agricultural Disaster Assistance Act of 2012. H.R. 6233 would provide supplemental funding for drought relief by retroactively reauthorizing expired disaster assistance programs for FY 2012.
The cost of the disaster assistance ($383 million) would be more than offset with reductions in spending for USDA conservation programs.
