Fighting for the Payroll Tax Cut
Chairman Baucus led the fight in February to secure a full-year payroll tax cut for 160 million American workers. Middle-class families are stretching every paycheck to cover their bills, and this tax relief helps them do that plus it pumps money through our economy as a whole. Beyond putting $1,000 in the pockets of the average American family over the course of the year, the payroll tax cut will help create hundreds of thousands of jobs and spur hundreds of billions of dollars of economic growth in communities across the country.
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Putting America Back to Work
Chairman Baucus is working on several fronts to create jobs and put people back to work. Enacting the free trade agreements with South Korea, Colombia and Panama will create jobs and open new markets to American ranchers, farmers and businesses, and renewing Trade Adjustment Assistance in tandem with those agreements will guarantee that U.S. workers have the resources they need to prosper in the global economy. A simpler, fairer tax code will create certainty for businesses and families and help them make wise, job-creating investments. And a smart, balanced deficit reduction package will stabilize the American economy and promote long-term growth.
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About the Finance Committee Leadership
The Senate Finance Committee is led by Chairman Max Baucus (D-Mont.) and Ranking Member Orrin G. Hatch (R-Utah). Senators Baucus and Hatch have served together on the committee since 1991. The Finance leaders pride themselves on working together to create meaningful legislation that can garner broad support in the Senate. They have worked together on bills in all areas of the Committee’s jurisdiction from tax and health issues to trade and Social Security.
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Simplifying the Tax Code
Done right, tax reform can create jobs and provide a significant boost to the economy. More than 15,000 changes have been made to the code since the last major reform effort in 1986, making compliance extremely difficult and causing distortions in the economy. Chairman Baucus’s recent hearings on tax reform have examined ways improving and simplifying the tax code can help create jobs, minimize economic disparities, encourage shared growth, ease compliance for families and businesses and prevent dangerous buildups of debt. He has also worked to close offshore tax loopholes and pushed for an end to wasteful subsidies like those that go to the largest multinational oil companies.
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