Jobs & Economy
Too many folks have been left behind in this economy. More than 6 million Americans who want a job don’t have one. Another 4.3 million are involuntarily working a part-time job instead of a well-paying, full-time job. Congress must do more to ensure everyone in our country shares in the benefits of growth.
In 2017, Republicans rammed a tax bill through Congress without holding a single hearing or listening to expert witnesses. Their law raises taxes on the middle class to pay for tax breaks for corporations and the wealthiest 1 percent. While the corporate tax cuts are permanent, tax cuts for middle-class families disappear over time. By 2027, fully 83 percent of the law’s benefits go to the top 1 percent of income earners.
As Chair of the House Ways and Means Committee’s Subcommittee that handles tax policy, I’m committed to enacting real tax reform that will boost the middle class. For example, I’ve authored legislation to make the Work Opportunity Tax Credit permanent so people who consistently face barriers to employment can find good, middle class jobs. I will continue working to create a tax code that benefits everyone in America.
Growing the Middle Class
Middle income wages have not kept pace with the rising cost of living. Making up these lost income gains must be a priority. That’s why I’m a cosponsor of the Raise the Wage Act, which would increase the federal minimum wage from $7.25 to $15 an hour by 2024 and end the minimum wage disparity between tipped and non-tipped workers. The House of Representatives passed the Raise the Wage Act in July 2019. Majority Leader Mitch McConnell must allow a vote in the Senate without delay.
Small businesses are a key driver of our economy that reinvest directly in our communities. I’ve long-supported simplifying the tax code for our small businessowners so they can spend more time growing their businesses and less time on accounting. Please know I’ll do everything I can to support our district’s small businesses.
Fixing our roads, bridges and waterways is one of the best ways to create jobs and put Californians to work. It would also lower hidden taxes on our businesses and communities caused by traffic congestion, vehicle collisions and increased auto maintenance. In May 2019, the American Society of Civil Engineers found the poor condition of California’s roads cost drivers $61 billion a year. That’s why I support smart federal investments in infrastructure.
The fires that have swept through our district in recent years hit middle class families hard and I’m committed to helping survivors get back on their feet. I worked hard to secure federal grants that help displaced families find housing and meet other basic needs. I was also an original cosponsor and voted to enact the California Wildfire Disaster Tax Relief Act. This law makes it easier to rebuild a home using money from a retirement account, makes it easier to claim deductions for uninsured property and helps fire-damaged businesses keep paying employees. In addition, I’ve authored the Small Business Disaster Relief Act of 2019, which would provide local businessowners with access to disaster assistance loans and grants through the Small Business Administration.
Everyone in our country deserves a fair shot at the American Dream. Please know I’ll never stop working to grow our middle class while growing our economy.
More on Jobs & Economy
Washington – Today, House Ways and Means Subcommittee on Select Revenue Measures Chairman Mike Thompson (CA-05) announced his opposition to the Administration’s potential change that would index capital gains taxes to inflation.
Washington – Today Rep. Mike Thompson (CA-05), Chairman of the House Ways and Means Subcommittee on Select Revenue Measures, voted to pass H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This bill expands access to retirement plans for employees of small businesses, makes it easier for home health care workers in California to access retirement savings tools, and eliminates an unfair and unjust tax hike on Gold Star families caused by mistakes in the Republican tax law. A statement from Thompson is below.
Washington – Today House Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (D-CA), Rep. Tom Reed (R-NY), Rep. Bill Pascrell (D-NJ), Rep Tom Rice (R-SC), and Rep. Tom Suozzi (D-NY) announced the introduction of H.R. 2213, a bill that permanently extends the Work Opportunity Tax Credit (WOTC) to help certain disadvantaged groups – including public assistance-dependent individuals, qualifying veterans, and persons with a physical or mental disability, among others – find permanent employment.
Washington, DC – Today, 36 members of the California Delegation sent a letter to Rep. Kevin Brady and Sen. Orrin Hatch, the chairmen of the House Ways and Means and Senate Finance committees, respectively, expressing deep concern about any proposed changes to the state and local tax (SALT) deduction as indicated in the “Big Six” framework. The SALT deduction allows taxpayers to deduct state and local taxes from their federal taxable income, and was written into the federal tax code since the inception of the income tax in 1913.
Washington, DC – Today, Congressmen Mike Thompson (CA-05), Bradley Byrne (AL-01), Derek Kilmer (WA-06), and Randy Hultgren (IL-14) introduced the Career Advancement Through New Skills Act, legislation that would incentivize employers to invest in their employees, giving them the necessary training to close the skill gap that exists between employers’ needs and employees in many industries.
Washington, DC – Today, Rep. Mike Thompson (CA-05) issued the following statement following a meeting with the President and a bipartisan group of members of the House Committee on Ways and Means at the White House:
Sonoma County’s two members of Congress said President Donald Trump made expansive promises and talked about spending trillions of taxpayer dollars in a speech Tuesday night that was short on explaining how any of it will be done.
“He made a lot of lofty promises that quite honestly I don’t see how they can be achieved,” said Rep. Mike Thompson, D-St. Helena, in a telephone interview shortly after the president’s first speech to a joint session of Congress.
U.S. Reps. Mike Thompson (CA-05) and John Garamendi (CA-03) announced that low-interest Small Business Administration loans have been made available to business owners and homeowners impacted by the Clayton fire.
While there are no official estimates as to how many businesses and homeowners are eligible to receive these loans, the owners of the 203 homes and eight commercial structures that were destroyed may be eligible to receive these loans should they choose to apply and meet SBA criteria.
WASHINGTON, D.C. (May 11, 2016) – The Small Business Council of America (SBCA), a national nonprofit organization which represents the interests of more than 20,000 privately-held and family-owned organizations on Federal tax, employee benefit and health care matters, presented its 33rd Annual Congressional awards on May 4, 2016.
WASHINGTON D.C. – U.S. Rep. Mike Thompson (CA-5) today voted in favor of H.R. 1314, the Bipartisan Budget Act of 2015. The agreement raises the debt limit until March 15, 2017, and sets increased spending levels for two years by partially rolling back sequestration cuts by $80 billion, which will be split equally between defense and nondefense spending.