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Town Hall with Congressman Patrick McHenry 2012

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Town Hall with Congressman Patrick McHenry 2012

  1. 1. Town Hall with Congressman Patrick McHenry August 2012
  2. 2. The New 10TH Districtmchenry.house.gov/District/understandingredistricting.htm
  3. 3. Regulation Nation The federal registry had 82,420 single sided pages of regulations with a price tag of $231 billion in 2011. Source: American Action ForumImage Courtesy of The Economist,February 2012
  4. 4. Small Businesses Entangled by Regulatory Onslaught
  5. 5. The Regulations Keep Piling Up Source: Unified Agenda 1/31/2012
  6. 6. Rising RegulationsThe total number of regulations costing theeconomy $100 million a year or more.Source: Unified Agenda, Regulatory Information Service Center,www.reginfo.gov/public/do/eAgendaMain
  7. 7. Businesses are SufferingSource: US Chamber Small Business Outlook Study, April 2012
  8. 8. Rolling Back Red Tape To Spur Job Creation Siliconangle.com
  9. 9. Crowdfunding, the Jobs Act, and More • In the 112th Congress, the House of Representatives has passed important legislation to roll back overly burdensome regulations that are stifling job creation. – The REINS Act – The JOBS Act – The Red Tape Reduction and Small Business Job Creation Act
  10. 10. Crowdfunding = Small Business Growth
  11. 11. Where Have You Seen Crowdfunding Before? Donation Model Equity Model -Many other countries,-Funding for the Statue of including Great Britain, Brazil,Liberty Hong Kong, and the Netherlands already allow- Karen Klein, 68 year old equity based crowdfunding.grandmother and school busdriver, was the recipient of -U.S. crowdfunding provisionover $700,000 after being signed into law this year andbullied by students. should take effect in 2013.
  12. 12. The Fiscal Cliff – No Laughing Matter
  13. 13. What is the Fiscal Cliff?
  14. 14. •Calculations are based on Joint Committee on Taxation (JCT) estimates of various tax parameters reflecting expected inflation adjustments for 2013.
  15. 15. Q&A
  16. 16. Taxing Small Business Not The AnswerWhy shouldn’t we raise taxes on individuals who fall under the top taxbrackets?•A large percentage* of small business owners file their taxesindividuals.•A new report from Ernst and Young shows that increasing taxes on thisgroup will cost more than 700,000 American jobs.•These businesses employ 54 percent of the private sector work forceand pay 44 percent of federal business income taxes.•More than 20 million workers are employed by pass-throughbusinesses with more than 100 employees.
  17. 17. Explosive Growth of Spending Drives Fiscal Imbalance Federal Taxes and Spending as a Percent of GDP 26% HISTORICAL SPENDING 24% AVERAGE = 20.3% SPENDING FY 2012 22% OBAMA BUDGET 20% 18% 16% HISTORICAL TAX TAXES AVERAGE = 18% 14% 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
  18. 18. CHART 9 WHAT DRIVES OUR DEBT? (GOVERNMENT SPENDING AS SHARE OF ECONOMY)25% PROJECTED TAX REVENUE20%15% MEDICARE10% MEDICAID & OTHER HEALTH 5% SOCIAL SECURITY 0% 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080SOURCE: CBO
  19. 19. CRUSHING DEBT BURDEN CONTINUES TO MOUNT (DEBT HELD BY PUBLIC IN BILLIONS OF DOLLARS)$25,000$20,000$15,000 OBAMA TAKES OFFICE$10,000 $5,000 $0 2019 2020 2021 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2022SOURCE: OMB OBAMA FY2013 BUDGET
  20. 20. DEFICIT UNDER OBAMA BUDGET (DEFICIT LEVELS IN BILLIONS OF DOLLARS)$1,600 OBAMA FY2013 BUDGET$1,400$1,200$1,000 $800 $600 $400 $200 $0 2011 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022SOURCE: OMB
  21. 21. CRUSHING BURDEN OF DEBT (U.S. DEBT HELD BY PUBLIC AS A SHARE OF ECONOMY)900%800% CURRENT PATH700%600%500%400%300% WORLD WAR II200% 2012100% % 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080SOURCE: OMB/CBO
  22. 22. BROKEN PROMISE ON JOBS 11% 10% ACTUAL PRESIDENT’S NEW PROJECTIONS 9% 8% PROJECTION WITHOUT STIMULUSPERCENT 7% PROMISE WITH STIMULUS 6% 5% 4% SOURCE: REPORT BY CHRISTINA ROMER, CHAIR OF PRESIDENT’S COUNCIL, “THE JOB IMPACT OF AMERICAN RECOVERY AND REINVESTMENT PLAN” JAN 9, 2009; DEPARTMENT OF LABOR. 3% Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2007 2008 2009 2010 2011 2012 2013 2014
  23. 23. Who Pays Taxes? Percentiles Ranked by Percentage of Federal AGI Personal Income Tax Paid Top 1% 36.73 % Top 5% 58.66 % Top 10% 70.47 % Top 25% 87.30 % Top 50% 97.75 %Source: IRS2009 Statistics Bottom 50% 2.25 %
  24. 24. CORPORATE INCOME TAX RATES 45% 40% 35% 30% 25% 20% 15% 10% 5% % JAPAN U.S. FRANCE SPAIN ITALY U.K. POLAND IRELANDSOURCE: ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
  25. 25. CHASING HIGHER SPENDING WITH TAXES (INCREASE IN TAX RATES NECESSARY TO KEEP PACE SPENDING) 100% 2008 90% 2050 2081 88% 80% 70% 66% 60% 63% 50% 47% 40% 30% 35% 20% 25% 25% 19% 10% 10% 0% LOWEST INDIVIDUAL RATE MIDDLE INDIVIDUAL RATE TOP/CORPORATE TAX RATESOURCE: CBO

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