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Budget/Economy/Tax
As a senior member of the Senate Budget Committee, I’m one of the architects who maps out the federal government’s spending blueprint. After Congress adopts the budget resolution for the coming fiscal year, lawmakers then must determine how to raise revenue and spend tax dollars that will fit within the blueprint. Here is where the devil certainly lies in the details. It’s tough to get 535 members of Congress singing off the same song sheet, especially when it comes to deciding how tax dollars are raised and spent. Some of my colleagues can’t raise taxes high enough to satisfy their spending appetites. The new majority leadership in Congress essentially proposed rolling back existing tax policy.

As then-chairman of the tax-writing Finance Committee, I helped steer through Congress the landmark 2001 and 2003 tax relief laws that lowered marginal tax rates, creating a first-ever 10 percent bracket. However, if this job-creating, economy-growing tax policy is allowed to lapse, American families and businesses will face a $900 billion tax increase over five years. Thanks to the lower tax rates on investment income, the economy is thriving, creating jobs, prosperity and opportunity for millions of Americans. The past five years have shown tax cuts do indeed trigger economic growth and increase revenue coming in to the Federal Treasury. At 18.4 percent of GDP, federal tax receipts are exceeding the historical averages. Americans should not be paying more in taxes. Congress needs to maintain the job-creating fiscal policy that expands the economic pie.


As the top Republican on the tax-writing Finance Committee, I’ll also continue my crusade to ferret out tax avoidance schemes and shelters (Bipartisanship Could Fuel AMT Repeal, Jan. 18, 2007), plug the $345 billion tax gap and fix the mess caused by the Alternative Minimum Tax. This parallel tax was enacted more than three decades ago to ensure wealthy taxpayers didn’t escape paying income taxes. However, the AMT was not indexed for inflation and today forces millions of middle-income taxpayers to pay higher taxes than they otherwise would under the standard tax code.


Contrary to the majority party’s views, Washington needs belt-tightening, not tax-hiking, to keep up another five years of uninterrupted growth that will achieve a balanced budget by 2012. Spending binges and tax hikes are not the answer. (Taxing Season for Lawmakers and Taxpayers, Feb. 2007 and Belt Tightening Needed in the Beltway,Jan. 2006)

 

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September 12, 2008 - Grassley Responds to Colleagues on Presidential Candidates’ Small Business Tax Plans
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September 11, 2008 - Funding fix for highway improvements clears Congress
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September 2, 2008 - Grassley Questions Two Tax-exempt Hospitals on Certain Practices
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August 29, 2008 - Grassley, Colleagues Secure IRS Commitment to Suspend Collection of ISO AMT Liabilities
August 27, 2008 - $686,000 Released to KD Station from the U.S. Department of Housing and Urban Development
August 26, 2008 - Grassley, Welch Announce College Endowment Roundtable
August 26, 2008 - Grassley: $440,766 for Workforce Development from U.S. Department of Labor
August 25, 2008 - Grassley: $3 Million to Iowa Homeland Security and Emergency Management Division
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June 25, 2008 - Forum to help Iowans needing mortgage and foreclosure assistance on Saturday
June 24, 2008 - Senators seek tax relief for flood and tornado victims in the Midwest
June 19, 2008 - Grassley works for tax relief for Iowa flood, tornado victims
June 19, 2008 - Grassley Welcomes Housing Reform Bill, Tax Provisions to Help Disaster Recovery
June 18, 2008 - Grassley: $130,000 to Iowa from USDA
June 18, 2008 - Grassley: Over $17 million to Iowa in a National Emergency Grant
June 17, 2008 - Grassley: $194,699 to Iowa from USDA
June 17, 2008 - Foreclosure Prevention and Mortgage Assistance Fair
June 17, 2008 - Motion to Proceed on House Tax Extenders Bill
June 17, 2008 - Grassley Responds to Blue Dogs on Spending Challenge
June 17, 2008 - Joint Statement of U.S. Senators Tom Harkin and Chuck Grassley on Midwestern Senators Disaster Meeting
June 16, 2008 - Grassley: $472,000 to Iowa from Department of Energy
June 16, 2008 - Grassley: $70,000 to Iowa from USDA
June 13, 2008 - Grassley Asks IRS to Assist Taxpayers Affected by Major Flooding
June 13, 2008 - Grassley Asks IRS to Assist Taxpayers Affected by Major Flooding
June 11, 2008 - MORE HITS ON THE AMERICAN FAMILY BUDGET FROM PLANNED TAX INCREASES
June 11, 2008 - CLOTURE VOTES ON ENERGY ACT, HOUSE TAX EXTENDERS BILL
June 11, 2008 - Grassley: $6,000 to Grant from USDA
June 10, 2008 - Failure to invoke cloture on House tax extenders bill
June 10, 2008 - Failure to invoke cloture on House tax extenders bill
June 10, 2008 - Grassley: $50,000 to Rock Rapids from USDA
June 5, 2008 - Grassley questions participation of national organizations in ethanol smear campaign
June 4, 2008 - $196,980 Released to Iowa from the U.S. Department of Housing and Urban Development
June 3, 2008 - Floor Statement of U.S. Senator Chuck Grassley of Iowa on S.3036, the Lieberman-Warner Climate Security Bill
June 3, 2008 - FLOOR STATEMENT OF U.S. SENATOR CHUCK GRASSLEY OF IOWA ON S.3036, THE LIEBERMAN-WARNER CLIMATE SECURITY BILL
May 30, 2008 - Grassley: More than $1.3 Million for two Iowa airports from the Federal Aviation Administration
May 29, 2008 - WEALTHY COLLEGES MUST MAKE THEMSELVES MORE AFFORDABLE
May 29, 2008 - $262,640 Released to the Scott County Housing Council from the U.S. Department of Housing and Urban Development
May 28, 2008 - Grassley: More than $3 million for Iowa Workforce Development from U.S. Department of Labor
May 23, 2008 - Grassley Office to Host Foreclosure Prevention and Mortgage Assistance Fair
May 23, 2008 - Grassley enlists Iowans to join him in fight against ethanol smear campaign
May 22, 2008 - OPENING REMARKS ON THE TRADE ENFORCEMENT ACT HEARING
May 21, 2008 - Farm Bill Veto/Override
May 21, 2008 - Grassley: $1,749,999 to Iowa from the National Science Foundation
May 21, 2008 - Remarks on Budget Resolution Conference Report
May 15, 2008 - Farm Bill Passes Senate
May 7, 2008 - Grassley: $500,000 for Workforce Development from U.S. Department of Labor
May 5, 2008 - Grassley Announces $243,000 to Iowa for Economic Development Administration
April 25, 2008 - Grassley Q&A: Housing Foreclosures
April 22, 2008 - Grassley: $7,247,426 to 14 Iowa airports from U.S. Department of Transportation
April 18, 2008 - Provision in Senate-passed legislation would allow Spencer project to proceed
April 18, 2008 - Grassley Q & A: Older Americans Month
March 11, 2008 - Opening Statement of Senator Grassley during Senate Floor Debate on Fiscal 2009 Budget
January 31, 2008 - Grassley: Senate Stimulus Bill Improves Upon the House Bill
November 15, 2007 - Grassley: IRS Says Virgin Islands Tax Change Would Hurt Tax Compliance Effort
November 6, 2007 - Grassley Seeks Information from Six Media-based Ministries
October 24, 2007 - Grassley: House Tax Proposal Could Undermine U.S. Companies’ Competitiveness
October 23, 2007 - Grassley: Treasury Analysis Shows 50 Million Taxpayers Could Get Hit with AMT-related Filing Fiasco
July 31, 2007 - Administration officials’ comments on currency legislation
July 26, 2007 - GAO Mail Processing Report Released
July 11, 2007 - Grassley Welcomes Lower Budget Deficit Estimate, Says Tax Relief Helps Fuel Revenue Growth
May 29, 2007 - Grassley Statement on Expected Zoellick Nomination for World Bank President
May 10, 2007 - Sen. Grassley says contents of new CBO paper underscore importance of Congress staying focused on providing SCHIP coverage to children in low-income families
April 25, 2007 - Grassley Works for Action Against Price Fixing by OPEC
April 25, 2007 - Grassley Works for Action Against Price Fixing by OPEC
April 25, 2007 - Grassley Works for Action Against Price Fixing by OPEC
April 3, 2007 - Grassley Praises Northwest Airlines Reservations Center Announcement, Highlights Use of New Markets Tax Credit
March 7, 2007 - Grassley seeks hedge fund registration, says Congress needs to bring about transparency
October 23, 2006 - Grassley: Afghan Investment Agency to Sponsor ‘Matchmaker’ Conferences
September 19, 2006 - Grassley Concerned About Smithfield-Premium Standard Farms Merger
September 6, 2006 - Grassley Takes Aim at Stock Options Backdating, Executive Compensation Tax Loophole
August 15, 2006 - Grassley Announces Meeting With Newton Community Leaders and Federal Agencies
August 15, 2006 - Grassley Announces Meeting With Newton Community Leaders and Federal Agencies
August 15, 2006 - Grassley Announces Meeting With Newton Community Leaders and Federal Agencies
May 30, 2006 - Grassley secures federal tax credits for community development in Iowa
March 6, 2006 - Raising a Red Flag: Wake Up Call for the Red Cross
February 6, 2006 - President’s Budget Proposal
August 24, 2005 - Sen. Grassley Comments on the First Day of the BRAC Commission's Final Hearing
July 13, 2005 - Grassley Expresses Concern Over Potential CNOOC-Unocal Deal
June 22, 2005 - Grassley Works for Action Against Price Fixing by OPEC
May 26, 2005 - Grassley: Northwest to Upgrade Service on Direct Flight to Washington, D.C.
April 20, 2005 - Grassley Praises President for Signing Comprehensive Bankruptcy Reform Legislation
April 20, 2005 - Grassley Praises President for Signing Comprehensive Bankruptcy Reform Legislation
February 10, 2005 - Letter from the Justice Department regarding study in Health Affairs journal
February 10, 2005 - Opening Statement of Sen. Chuck Grassley at the Bankruptcy Reform Hearing
February 2, 2005 - Grassley Renews Effort to Reform Bankruptcy Code
October 22, 2004 - Grassley Praises President’s Signing of Business Tax Relief, Key Reforms Into Law
October 4, 2004 - Grassley on the Signing of the Working Families Tax Relief Act of 2004
June 4, 2004 - Latest job creation report/outlook for JOBS Act passage
June 4, 2004 - Latest job creation report/outlook for JOBS Act passage
December 19, 2003 - Baucus, Grassley: IRS, Congress Need to Step Up Fight of Abusive Tax Schemes
December 12, 2003 - Terrorists Earning Funds through Profitable Crimes in U.S.
December 12, 2003 - Senators Release GAO Report on Car Donations to Charities
September 25, 2003 - Manufacturers Praise Grassley's Leadership on Bill to Resolve International Tax Dispute,
March 27, 2002 - offer in compromise program
March 28, 2001 - IRS Says Grassley is Right About Taxpayer Review, Audit Rates