“It is critical we examine the economic impact of the Coronavirus and execute a plan for recovery. As a freedom loving capitalist, I believe the most important step we can take is to protect and grow jobs for the good of our families and our community.”
Promoting Economic Recovery through Fiscal Responsibility
The Coronavirus pandemic has caused an economic crisis deeply impacting workers, families, and businesses. The U.S. is a free and open society that values the health of our people as much as the economy of our nation. As such, it is critical that Congress builds economic solutions that strengthen the economy and prepare future generations for success.
As a free-market conservative, when elected to Congress, I will be committed to:
- Returning to the Republican, conservative roots of fiscal responsibility and lower taxes;
- Creating incentives that reward work, not unemployment; and
- Improving household income, ensuring hard working Americans keep more of the money they earn.
The Economy in the Near-Term
Government’s role should be that of providing economic lift to the region. I am committed to breaking government barriers to opportunity and supporting economic advancement for the Kansas City community. As a wife and mother, I am committed to building a future for my children and all Kansas City families. As a successful businesswomen, I have worked in the private sector to create and grow jobs right here in Kansas City. As an elected Member of Congress, I will continue to fight for policies that improve my local community.
We are in the midst of a global pandemic that is having a profound impact on our communities, our families and our economy. Most of what Congress has done in response to the Coronavirus has been focused on short term solutions to economic problems. This includes stimulus payments to many American households, additional unemployment benefits, the expansion of unemployment insurance to cover self-employed workers, and the execution of the Paycheck Protection Program (PPP) aimed at keeping businesses afloat.
Thus far, the cumulative impact on the deficit of federal Coronavirus relief measures exceeds $2.5 trillion. This spending has come with no offsets.
While there is a role for government to play in ensuring our communities and businesses survive the pandemic, I caution that such practices need to focus on maintaining the relationship of the worker to the employer – as opposed to worker dependency on government. Proper oversight must be in place to ensure responsibility and accountability to results in these instances.
I believe it is the responsibility of elected officials to ensure we are not saddling future generations with enormous debt. The national debt is $26 trillion and rising – that is over $214,000 per U.S. taxpayer.
The American people deserve better from their elected officials and those executing relief programs. When elected to Congress, I will fight for policies that support businesses and workers when they need it most.
For example, I believe Congress should be working with business to ensure appropriated funds get to the communities, businesses and families who need the support most. Small business will be the engine that drives economic recovery. We need to enable these businesses to thrive. Congress should remove barriers to doing business, ease restrictions that prevent people from returning to work and ensure business owners have access to the capital needed to function when operations are stalled or slowed.
Payroll Tax Holiday
I have long advocated for a payroll-tax holiday as a means to stimulate the economy in response to the COVID-19 pandemic. The Federal Insurance Contributions Act (FICA) is a tax of 15% on every dollar workers earn – half is paid by the worker and half is paid by the employer. Suspending this tax will immediately mean a raise to workers and a cost savings to employers, providing a much needed powerful boost to the economy. This simple, easy to administer tax holiday would mean a person earning $50,000 a year would, in effect, receive an annual raise of $4,000.
We need to give Kansas families a viable path to prosperity, and that begins with letting them keep more of what they earn. With more money in their pockets, families will be better able to meet pressing needs and stimulate economic growth. This is not only important for employees, but also for their employers. We need to restore economic growth and get employees back to work, and this is the right first step.
I was grateful President Trump took decisive and instructed the Treasury Department to defer the collection of the employer portion of the payroll tax. However, a true payroll tax holiday should be enacted by Congress and be clear that deferred payroll-tax payments are completely forgiven. Without clarity and confidence in how the payroll-tax holiday will be implemented, many businesses will proceed as normal, withholding payroll taxes that could otherwise be going straight into employees’ paychecks. We need bipartisan Congressional action to ensure payroll-tax relief is a success.
Furthermore, Congress should ensure taxes stay low for all Americans. According to the Joint Committee on Taxation, the 2017 Tax Cuts and Jobs Act reduced average tax rates for all taxpayers by 1.7% in 2019. In Kansas, every income group in every congressional district received a tax cut as a result of this legislation. Congress should make these tax cuts permanent before they expire, ensuring continued lower taxes for all Americans in the years to come.
Creating Incentives for Investment
In Kansas City, the industries most heavily impacted by the Coronavirus are small business, commercial real estate, construction, healthcare, restaurants, entertainment and agriculture. Business owners of all sizes are concerned about the liability associated with employees returning to work, as well as the risk in making capital investments in uncertain times. Government should be incentivizing businesses to make capital investments, as well as reducing liability while protecting public health.
There is a fundamental choice between what Democrats say is necessary and what I believe will return the country to prosperity. I support stimulus programs that incentivize businesses to invest. I do not support raising taxes as a means to stimulating economic recovery. The Federal Reserve has the power to back stimulus programs that incentivize investment.
When elected I will support:
- Programs that create tax incentives for businesses to hire talent;
- Research and development credits that encourage innovation;
- Tax incentives for equipment and physical asset investments, including “buy American” incentives; and
- Preferential tax treatment for companies who invest in workforce training and retraining that teaches employees news skills, allowing them to keep up with post-pandemic challenges and emerging and rapidly developing technologies.
Economic Recovery through Responsible Government
I believe the Republican Party must return to our roots of fiscal restraint and responsible spending. I care deeply about how much Congress spends, what they spend it on, and what we as tax payers get in return. I will not allow Congress to continue to borrow and spend money with little to no regard for the debt we are saddling our children and grandchildren with.
I believe in a fiscally conservative budget that promotes a strong economy and reduces the national debt.
Unfortunately, one of the unintended consequences of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the enhanced Unemployment Insurance created through the Act is higher than the median wage in many states. We cannot regain prosperity as a nation when there are greater incentives for remaining unemployed than for returning to work. Congress needs to focus on maintaining the relationship of the worker to the employer – as opposed to creating worker dependency on government.
Government must also asses the measures put in place during this pandemic that have allowed for more efficient operations and cost savings. I was pleased that President Trump signed an Executive Order in May, intended to help rebuild the economy by requiring federal agencies to “identify regulatory standards that may inhibit economic recovery.” Deregulation can help kickstart the economy and provide additional opportunities for relief for suffering businesses.
In the immediate weeks of the pandemic, Congress rightfully acted to ensure businesses had the cash on hand they needed to keep operating and assisted those who were laid off because of COIVD-19. However, these are not permanent solutions to restoring American prosperity.
Americans should not have to make a choice between public health and a strong economy. The economy will recover best when free market, conservative solutions are at the forefront. Big government and more intervention is not what America’s economy needs now, or ever. America can return to a Path of Prosperity if Congress acts appropriately.
Click HERE to download Amanda’s plan for economic recovery.