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 and 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 Rep. Mike Thompson (CA-05) voted to pass H.R. 7010, the Paycheck Protection Program (PPP) Flexibility Act. This bipartisan bill was introduced to improve the small business assistance programs launched in the wake of the Coronavirus pandemic and help get assistance to the businesses that need them the most. A statement from Thompson is below.
Washington – Today Rep. Mike Thompson (CA-05) voted to pass H.R. 6800, the Heroes Act. This is the fifth Coronavirus relief bill passed by the House since March and includes critical provisions for which Thompson advocated to provide relief for state and local governments, food assistance and to help small businesses keep their lights on. A statement from Thompson is below.
Washington – Today Ways and Means Select Revenue Measures Subcommittee Chairman Rep. Mike Thompson (CA-05), Rep. Ron Kind (WI-03), Rep. Jimmy Panetta (CA-20), and Rep. Steven Horsford (NV-04) announced the Keeping the Lights On Act of 2020. The bill, which will be introduced in the next pro-forma session, provides Federal support to businesses in order to cover essential fixed costs—rent, utility, and mortgage payments—during the Coronavirus pandemic.
Washington – Today Rep. Mike Thompson (CA-05), Rep. Jim McGovern (MA-02), Rep. Rodney Davis (IL-13), Senator Kamala D. Harris (D-CA) and Senator Tim Scott (R-SC) joined Chef José Andrés and World Central Kitchen in introducing the FEMA Empowering Essential Deliveries (FEED) Act. This bill allows the Federal government to pay 100 percent of the cost to states and localities so that they can partner with restaurants and nonprofits to prepare nutritious meals for vulnerable populations, such as seniors and underprivileged children.
Washington – Today Rep. Mike Thompson (CA-05) voted to pass the Paycheck Protection Program and Health Care Enhancement Act, the fourth bill in a series of packages to provide health care resources and economic relief from the impact of the Coronavirus pandemic. Thompson released the following statement regarding his vote.
Washington – Today Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (CA-05) and Oversight Subcommittee Chairman John Lewis (GA-05) released a letter written to Treasury Secretary Steven Mnuchin asking for answers about continued delays of stimulus payments to millions of Americans. The Chairmen cited news reports of payments incorrectly going to tax preparers or third-party banks and not the intended taxpayer.
Washington – Today, Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (CA-05) wrote to Treasury Secretary Steven Mnuchin to express concern that much of the critical aid in the CARES Act never made it to legitimate small businesses to help keep workers on the payroll. One example is the reports that Potbelly and Ruth’s Chris Steakhouse received major funding while small restaurants were left empty-handed. Thompson asked for answers as to whether these programs are being administered as intended in order to help small businesses.
Washington – Today Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (CA-05) and Oversight Subcommittee Chairman John Lewis (GA-05) wrote to Treasury Secretary Steven Mnuchin asking for an immediate explanation regarding news reports that the President’s name was being added to the economic impact payments at the last minute and potentially delaying the delivery of this badly needed economic relief. The Chairmen demanded an immediate answer and a timeline by which these checks would be sent. A copy of the letter is below.
Washington – Today Rep. Mike Thompson (CA-05) announced the introduction of the Business Interruption Insurance Coverage Act of 2020, a bipartisan bill to ensure businesses who purchase interruption insurance won’t get their claims denied because of major events, such as the Coronavirus pandemic, public safety power shutoffs or evacuations. This insurance compensates businesses for lost revenue when they are forced to close and, in many cases, is the difference between staying open and closing permanently. A statement from Thompson is below.
Washington – Today Rep. Mike Thompson (CA-05), Rep. Adam Schiff (CA-28) and Rep. Susan Davis (CA-53) lauded the announcement by the Federal Reserve that it will temporarily lift restrictions that had previously made it difficult for Wells Fargo small business customers to access the resources provided in the CARES Act to cope with disruptions due to Coronavirus. The Members had previously written to the Chairman asking him to make this kind of change.