For far too long, Washington has avoided making the tough choices necessary to get our fiscal house in order. The Congressional Budget Office projects our annual deficit, the difference between federal tax revenue and spending in a given year, will exceed $1 trillion and continue increasing indefinitely. As Chair of the Ways and Means Subcommittee on Select Revenue Measures, which has jurisdiction over tax policy, I’m committed to laying the groundwork for a fiscally responsible future. I support a balanced approach that asks everyone to pay their fair share in taxes, cuts spending and grows our economy.
The 2017 Republican tax law is expected to add over $2 trillion in new deficits over the next decade and the projected costs keep increasing as we get more information about how the law is working in practice. The tax law provided a windfall for corporations and the richest one percent but has left working people behind. I support a tax code that broadens our tax base, encourages investment in America’s workers, and helps folks meet the rising costs of housing, health care and education – as well as save for retirement.
Congress must get a handle on our deficit spending. That’s why I voted to reinstate PAYGO rules for the 116th Congress. These provisions require tax cuts and spending increases to be offset with new revenues or spending cuts. Congress must also reassess our funding priorities across all categories of the federal budget. Defense spending must be included in this process. A strong national defense doesn’t have to be the most expensive national defense and responsible cuts can be made in this area. At the same, we must do our utmost to preserve vital safety net programs that seniors and lower income Americans depend upon.
America cannot continue borrowing to pay our bills. By refusing to pay for our choices now, we are taking choices away from our children and grandchildren. I will not stand idle while our younger generation’s future is stolen from them.
More on Fiscal Responsibility
Washington – Today Rep. Mike Thompson (CA-05) voted to pass H.R. 3055, an appropriations bill that includes key priorities for California’s Fifth Congressional District. Most notably, this legislation includes $2.25 billion in funding for fire suppression operations, a $25 million increase in funding for the National Instant Criminal Background Check System (NICS), and a prohibition on funds being used to include a citizenship question in the 2020 census. Thompson released the following statement after final passage of that bill.
(As prepared for delivery)
I’d like to welcome everyone to today’s hearing on how the recently-enacted cap on the State and Local Tax Deduction is affecting communities, schools, first responders, and housing values.
The cap on the SALT deduction was one of the most divisive and controversial provisions arising from the deeply flawed and sloppy Tax Cuts and Jobs Act.
Washington – Today Chairman of the House Ways and Means Subcommittee on Select Revenue Measures Mike Thompson (CA-05) held a Subcommittee Hearing on How Recent Limitations to the State and Local Tax (SALT) Deduction Harm Communities, Schools, First Responders, and Housing Values. Thompson released the following statement at the conclusion of that hearing.
Washington, DC—Today, Congressman Mike Thompson (CA-05) released the following statement upon voting for the bipartisan budget deal that passed by a vote of 240 – 186:
“Once again, the federal government shut down under a Republican-controlled House, Senate, and White House.
“This is not the bill that I would have written, but it is a bipartisan compromise that funds the government, suspends the debt limit, and outlines a budget path going forward.
Washington, DC – Today, Congressman Mike Thompson (CA-05) issued this statement following House passage of Republicans’ irresponsible tax bill:
“Today, I voted against the tax legislation that House Republicans have jammed through the House and that would affect each and every American taxpayer for years to come.
“They held no hearings. They heard from no expert witnesses. And they unveiled the final bill just one week ago. For something as big as rewriting America’s tax code, this process is wildly irresponsible.
Washington, DC – Today, Congressman Mike Thompson (CA-05), member of the House Committee on Ways and Means, released this statement following the passage of the Republicans’ tax bill out of the Committee:
“On Monday, we began a committee debate on the Republicans’ tax bill. There were no hearings, we didn’t hear from any experts-- we went straight to debate with a vote scheduled for today. This timeline and process are completely outrageous for something as big as rewriting our tax code.
Washington, DC – Today, Congressman Mike Thompson (CA-05) release the following statement about the provision in the Republicans’ tax bill that would repeal a tax law that would allow fire survivors to deduct uninsured property loss as a result of a fire:
Washington, DC – Today, Congressman Mike Thompson (CA-05) released this statement following the introduction of the House Republicans’ tax bill which would add trillions of dollars to our national debt:
Washington, DC – Today, Congressman Mike Thompson (CA-05), member of the House Committee on Ways and Means, issued the following statement following the unveiling of the Ryan-McConnell tax cut plan:
Washington – Today, Rep. Mike Thompson (CA-05) introduced his proposal to protect families who want to pass their farm or business to the next generation. The Family Business Preservation Estate Tax Act would create a deduction to allow families to pass their business onto their descendants as long as it remains with the family.