In its latest report on the public debt, the U.S. Treasury Department now projects that the U.S. debt will exceed GDP by the end of this year.  This is three years earlier than the date projected in the same report last year. This is simply another in a long list of reasons why any increase in the debt limit must be paired with significant spending reductions… Read more

For over 75 years Social Security has relied on the strong work ethic of Americans.  Workers pay part of their hard-earned wages for the promise of future benefits should they retire, become disabled or die.  Seniors, those with disabilities, widows, and their families count on these benefits to be there for them.   Yet according to the recently released Annual Report of… Read more

Washington, DC – Ways and Means Chairman Dave Camp (R-MI) issued the following statement after the Department of Labor released the May jobs report: "These numbers show that employers are still worried about what is going on in Washington, and, like many Americans, they are hunkering down and bracing for what comes next.  Until we restore some semblance of confidence – and that… Read more

This morning, the Subcommittee on Social Security examined the 2011 Annual Report of the Social Security Board of Trustees released in late May.  During the hearing, the Subcommittee heard testimony from the two members of the Board who are public representatives, Charles Blahous and Robert Reischauer.  Below are some of the key findings from the 2011 report.   … Read more

Good morning and thank you for joining us today for another in a series of hearings on comprehensive tax reform.  Whether at full committee, subcommittee or the Joint Committee on Taxation event, this committee has been actively engaged in a systematic review of the tax code for a very simple reason – today’s tax code is preventing, not promoting, job creation.   And on the… Read more

Today, in a hearing in the Ways and Means Committee, job creators and tax experts discussed how today’s current tax system inhibits, rather than promotes, job creation.  Excerpts from witness testimony demonstrate that lower tax rates, more certainty and greater simplicity in the tax code are vital to a climate ripe for job growth and promoting U.S. competitiveness in the global… Read more

Executives from Boeing Co. (BA) and Emerson Electric Co. (EMR) told lawmakers they will struggle to compete with overseas rivals if Congress doesn’t lower maximum corporate tax rates. Testifying today before the House Ways and Means Committee, the executives said the current 35 percent top corporate tax rate hampers job creation. Walter Galvin, the vice chairman of St. Louis-based… Read more

Washington, DC — Ways and Means Committee Chairman Dave Camp (R-MI) made the following statement in response to the announcement by Moody’s Investors Services that America’s credit rating will “depend on the outcome of the negotiations on deficit reduction. A credible agreement on substantial deficit reduction would support a continued stable outlook; lack of such an agreement could… Read more

Despite President Obama’s continued push to increase taxes, prominent economic advisers to Democrats suggest higher taxes are bad for the economy. Christina Romer In a study published with her husband, also a noted economist, Dr. Romer found that “tax changes have very large effects on output” and that “an exogenous tax increase of one percent of GDP lowers real GDP by almost three… Read more

    HEARING ON HOW BUSINESS TAX REFORM CAN ENCOURAGE JOB CREATION HEARING BEFORE THE COMMITTEE ON WAYS AND MEANS U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS … Read more