NTU urges all Senators to vote “NO” onS. 1769, the so-called “Rebuild America Jobs Act.” Introduced by Sen. Klobuchar(D-MN), this bill would raise taxes to provide additional stimulus funds for government-directedinfrastructure projects.
S.1769 perpetuates the wrongheaded belief that stimulating the economy requirespouring more taxpayer money into questionable ventures influenced more bypolitics than merit. Indeed, much like the first stimulus, the pressure to createthe appearance of abundant employment (even if the reality is less impressive)inevitably leads Washington to pursue “make-work” projects that do little tocreate lasting jobs or a more functional infrastructure system.
Inorder to help raise the $50 billion necessary to fund this stimulus scheme, S.1769 would impose a 0.7 percent surtax on gross incomes in excess of $1million. Although targeted at the wealthy, these higher tax rates will alsoimpact income from sole proprietorships, Subchapter S corporations, and otherpass-through entities, which would have negative effects on the ability ofthese small businesses to grow and hire.
Ratherthan double-down on the idea that Washington can spend its way to prosperity,Congress should work to permanently reduce tax rates and eliminate burdensomeregulations, both of which will do more to expand job creation. Therefore, roll call votes on the Rebuild America JobsAct will be significantly weighted in our annual Rating of Congress anda “NO” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Federal Government Affairs Manager Brandon Greife at(703) 683-5700