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Town Hall with Congressman Patrick McHenry

Town Hall with Congressman Patrick McHenry. August 2012. The New 10 TH District. mchenry.house.gov/District/understandingredistricting.htm. Regulations, Taxes and the Economy; Where do we go from here? A Fact – Based Discussion . Regulation Nation.

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Town Hall with Congressman Patrick McHenry

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  1. Town Hall with Congressman Patrick McHenry August 2012

  2. The New 10TH District mchenry.house.gov/District/understandingredistricting.htm

  3. Regulations, Taxes and the Economy; Where do we go from here? A Fact – Based Discussion

  4. 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 Forum Image Courtesy of The Economist, February 2012

  5. Small Businesses Entangled by Regulatory Onslaught

  6. The Regulations Keep Piling Up Source: Unified Agenda 1/31/2012

  7. Rising Regulations The total number of regulations costing the economy $100 million a year or more. Source: Unified Agenda, Regulatory Information Service Center, www.reginfo.gov/public/do/eAgendaMain

  8. Businesses are Suffering Source: US Chamber Small Business Outlook Study, April 2012

  9. Rolling Back Red Tape To Spur Job Creation Siliconangle.com

  10. 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

  11. Crowdfunding = Small Business Growth

  12. Where Have You Seen Crowdfunding Before? Donation Model Equity Model -Funding for the Statue of Liberty - Karen Klein, 68 year old grandmother and school bus driver, was the recipient of over $700,000 after being bullied by students. -Many other countries, including Great Britain, Brazil, Hong Kong, and the Netherlands already allow equity based crowdfunding. -U.S. crowdfunding provision signed into law this year and should take effect in 2013.

  13. The Fiscal Cliff – No Laughing Matter

  14. What is the Fiscal Cliff?

  15. January 1st, 2013 $2,200 = Average Tax Hike on families of four earning 50,000 $1,028 = Average Tax Hike for families with children $591 = Average Tax Hike for married couples $1,700 = Average Tax Hike for Senior Citizens earning 40,000 • Calculations are based on Joint Committee on Taxation (JCT) estimates of various tax parameters reflecting expected inflation adjustments for 2013. OUR PLAN = NO TAX INCREASES

  16. Q & A ialways want to hear from you, ANY QUESTIONS?

  17. Taxing Small Business Not The Answer “The last thing you want to do is raise taxes in the middle of a recession because that would just suck up, take more demand out of the economy and put business in a further whole.” -President Barack Obama, August 2009 • Why shouldn’t we raise taxes on individuals who fall under the top tax brackets? • A large percentage* of small business owners file their taxes individuals. • A new report from Ernst and Young shows that increasing taxes on this group will cost more than 700,000 American jobs. • These businesses employ 54 percent of the private sector work force and pay 44 percent of federal business income taxes. • More than 20 million workers are employed by pass-through businesses with more than 100 employees.

  18. Explosive Growth of Spending Drives Fiscal Imbalance Federal Taxes and Spending as a Percent of GDP Historical Spending Average = 20.3% Spending FY 2012 Obama Budget Historical Tax Average = 18% Taxes

  19. Chart 9 What Drives Our Debt? (Government Spending as Share of Economy)

  20. Crushing Burden of Debt(U.S. Debt Held By Public as a Share of Economy)

  21. Broken Promise on Jobs Actual President’s New Projections Projection without Stimulus Percent Promise with Stimulus 2007 2008 2009 2010 2011 2012 2013 2014

  22. Who Pays Taxes? Source: IRS 2009 Statistics

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