Jack Kingston

In case you missed it, Jack was on MSNBC’s Live with Dan Abrams last night to discuss Democratic presidential candidate Barack Obama and Jack’s comments on last week’s RealTime with Bill Maher.

Click here to see the segment

Speaker Newt Gingrich spoke at Jack’s Theme Team meeting this morning and presented this handout to the members.  As always, Speaker Gingrich captivated the audience and discussed his efforts to transcend political parties and tackle the issues facing our Nation.  If you havent’ checked out his new organization, American Solutions for Winning the Future, you really should.

To hear Jack on Attitude Radio, click here.�

For all his talk about overcoming partisanship and bringing about change on the campaign trail, Senator Obama is up to the same old tactics inside the Beltway.  Rather than allow nominees to the Federal Elections Commission to get an up or down vote, Senator Obama has joined Senator Feingold in blocking the appointments.

On the surface, this seems like business as usual but, in reality, Obama’s obstructionist tactics are working to his advantage on the campaign trail.  In a report about Senator John McCain’s request to withdraw from federal financing (after Senator Obama backed down on his own pledge to accept the spending limits that come with the program), CongressDailyAM reports that FEC Chairman David Mason, “cited a statute that says candidates can only withdraw from the program with the ‘vote of our commissioners” on the six-member panel.  The FEC now has just two members due to a standoff begun with Obama and Sen. Russell Feingold, D-Wis., put holds on the nomination of Commissioner Hans Von Spakovsky…”

The article later cites Monday’s Wall Street Journal editorial which, “observed that if Obama is ‘promising to end partisanship in Washington…here’s a place to start: He could stop playing politics with the [FEC] in a way that could hamper John McCain’s campaign against, well, Mr. Obama.”

The House Republican Conference today launched  an earmark reform website (available here). 

From Leader Boehner’s release:

The House Republicans’ earmark reform website will feature content from Capitol Hill and across the Internet, including news releases, opinion pieces, and news stories.  The site also will keep track of the number of House co-sponsors of legislation – authored by Reps. Jack Kingston of Georgia, Frank Wolf of Virginia and Zach Wamp of Tennessee – that would bring the earmark process to a halt and establish a panel to identify ways to permanently change the spending process.  The measure has been co-sponsored by 150 House Republicans, including the entire House Republican leadership team.  However, Speaker Pelosi, who as leader of the Democrat-controlled House has the power to shut down the chamber’s earmarking process immediately, declined to support the measure or the proposed moratorium.

(Courtesy Republican Study Committee)

Unless Congress takes action, the following tax increases will automatically occur for the following tax years:

2008

• The exemption for the Alternative Minimum Tax (AMT) will decrease from $44,350 to $33,750 for single filers and from $66,250 to $45,000 for married couples filing jointly.
• Taxpayers will not be allowed to deduct their state and local general sales taxes from their federal income tax.
• Taxpayers will not be able to adjust their income for qualified tution and related expenses.
• Businesses will not be able to claim a tax credit for research, experimentation, and development activities.
• First-time homebuyers in the nation’s capital will no longer be able to claim a tax credit.

2009:

• Taxpayers will no longer be able to claim a tax credit for certain residential energy efficient property, a tax credit for construction of new energy efficient homes, or a tax deduction for energy efficient commerical building property.

2010:

• The Section 179 business expensing cap will decrease from $128,000 (plus inflation after 2008) to $25,000, and the starting point for the phase-out of this deduction will decrease from $510,000 (plus inflation after 2008) to $100,000.

2011:

• The marginal income tax rates will increase as follows:
  • 35% bracket will increase to 39.6%
  • 33% bracket will increase to 36%
  • 28% bracket will increase to 31%
  • 25% bracket will increase to 28%
  • 10% and 15% brackets will condense to 15%
• The capital gains rates for individuals will increase from 15% and 0% to 20% and 10%
• Dividends will no longer be taxed at captial gains rates for individuals, thereby increasing the double taxation of dividends by as much as 62%
• The standard deduction for couples as a percentage of the standard deduction for singles will decrease from 200% to 167% - restoring the marraige penalty.
• The top end of the 15% marginal income tax bracket for couples as a percentage of the top end for singles will decrease from 200% to 167% - restoring the marriage penalty.
• The child tax credit will decrease from $1,000 to $500.
• The “death” tax using the “stepped up” basis will return with a 55% maximum rate (including surtax) and a $1 million exemption, after years of decreasing “death” tax rates, increasing exemptions, and one year using the “carryover” basis to calculate the tax due.

For a more comprehensive list, click here for one from the Joint Committee on Taxation.

House Republicans forced a vote today on the Jack’s earmark reform measure.  While debating the rule to provide for the consideration of HR 4137, the “College Opportunity and Affordability Act,” members were given a chance to take up consideration of Jack’s bill that would create a bicameral, bipartisan select committee to review earmarks and identify area for reform.  Jack took to the floor to argue that the American people have had enough and that it is time to engage in an open debate about how to fix what many see as a broken process.

 To view Jack’s remarks, click below.

For more information on Jack’s bill, check out this press release.

The same spirit that guided Senate Republicans to block the fatted calf put forth by the Senate Finance Committee should guide all conservatives to work towards blocking the economic “stimulus” which passed the House this week.

The package that lies before us is one that will do nothing to bring about long term growth in our economy.  Its effect will be more like the Christmas shopping season that will boost numbers for a quarter, may two, but its far too short sited to serve as an engine of growth.

One important thing to remember is that there is not full agreement that we are even facing a recession.  An expert Jack’s been talking to from the University of Georgia likens the “housing crisis” to the burst of the “dot com” bubble in the late 1990s.  In his view, the housing market is simply correcting itself which, though it may be painful, will eventually improve the market.With the House in recess for the Democrat retreat, Jack’s had a chance to travel through the district and to other parts of Georgia and there is a consensus growing that a real economic stimulus should focus on a few key tenets.  Namely:

• Making the 2003 tax cuts permanent.  These tax cuts brought unprecedented growth to our economy and should be made permanent.  President Bush himself cited them as a growing source of uncertainty looming over our economy.  The tax cuts encourage folks to work harder because they know they will keep more of what they make.
• Additional tax cuts to drive the economy upward.  If we want real economic growth, we need to target tax cuts to encourage Americans to go buy new consumer goods.  Many believe that the proposed rebates will primarily be saved or used to buy basic needs both of which do little good for long term economic growth.
• Make permanent the depreciation write-offs in the ’stimulus’ package.  While the tax breaks for businesses contained in the current proposal are good, they will do little for businesses who are looking to buy equipment for long term use.  Many businesses plan far in advance and would need long-term tax breaks to really encourage them to buy anything that market forces would not already encourage them to purchase.
• Bring back the investment tax credit.  To create more jobs, we need to encourage the American people to pour money into the markets.  This is a great time to buy as the uncertainty has caused a dip in the markets.