“While economists and politicians look at stock prices, interest rates, money supply, and consumer confidence for measurements of our economic outlook, for most of us these measurements are widely irrelevant in our everyday lives. People cannot eat GDP, fill their gas tanks with the interest rate, clothe their families with stock prices, or pay college tuition bills with the unemployment rate. Everyday circumstances are what shape our personal economic outlook. They are the price of gas, the total in our savings account, the medical bill in the mail, the credit card balance waiting to be paid, and the tax assessment on the kitchen counter. These are the indicators the federal government needs to be concerned about to get our economy back on track.”
- Congressman Randy Forbes
Strengthening the Economic Health of Our Families
Congressman Forbes believes that the federal government has a significant role in strengthening the economic health of our families. He has been recognized by the American Conservative Union with an award for his strong voting record on efforts to create more efficient government, and lower taxes. He has supported taking bold action on energy and gas prices – one of the lifelines of our economy – placing consumer safeguards in our mortgage lending industry, increasing financial literacy in our schools and communities, and increasing access and affordability of health care.
Bringing New Industry and Job Growth to Virginia’s Fourth District
Congressman Forbes has fought to bring new high-paying careers to Virginia’s Fourth District. Congressman Forbes has worked to position Fort Lee to bring over 11,000 jobs to the region through BRAC expansion and was at the front-end of championing job growth in Hampton Roads through the expansion of the modeling and simulation industry that has brought 4,500 jobs to the area with average salaries of $83,000. Across the district, Congressman Forbes has worked aggressively with localities to secure funding for workforce development and technology infrastructure which bolster local economies and expand job opportunities.
Reducing Tax Burdens and Simplifying the Tax Code
Especially at a time when Americans are facing the worst economy in 25 years, permanent tax reform will put more money in the pockets of hardworking Americans and will restore needed predictability in our economy. Congressman Forbes supports an optional flat tax, a simpler, fairer plan for Americans that would eliminate taxes on savings, capital gains, and dividends, and allow individuals to accomplish their taxes on a one page form in 30 minutes.
Congressman Forbes has consistently supported increased tax credits for working families with children so they can better meet everyday expenses for their families, and supported a simplified and streamlined tax code that will restore permanent predictability in our tax laws and avoid the stop-and-start tax policies that make family and business financial planning difficult. Congressman Forbes has supported reducing the payroll tax and permanently eliminating the marriage tax penalty. Additionally, he has supported reducing the corporate tax rate to 12.5% to improve America’s global competitiveness and provide incentives for job creation.
Reforming Government Spending
Just as families and businesses have to balance their budgets and control their spending, Washington has a responsibility to be good stewards of taxpayers’ dollars. Congressman Forbes was one of only 17 Members of Congress to vote against every bailout and stimulus under the both the Bush and Obama administrations, and has called for all additional Wall Street bailout funds to be used to pay down the national debt. He has introduced legislation to cut the size of government by 40% and to tie Member salaries to growth in government spending. In other words, he believes the more lawmakers spend, they less they should make.
Congressman Forbes has supported legislation to establish an optional flat tax, to audit the Federal Reserve, to rein in our nation’s debt and to amend the Constitution to require a balanced budget, and he has cosponsored legislation to make it more difficult to increase the federal debt limit. He believes taxpayer dollars should be used responsibly and without waste, which is why he has introduced legislation to prevent taxpayer funds from being used to hire additional IRS agents to enforce government-approved healthcare and supported legislation to withhold funding for the United Nations until reforms are made.
Congressman Forbes also supports the elimination of unneeded and duplicative government programs, has worked for policies that will reduce the federal deficit and supports increased transparency in government spending so Americans know how their money is being spent.
Strengthening Small Businesses
Business belongs in the hands of America’s entrepreneurs, not the federal government. Congressman Forbes supports decreasing regulation and job-killing small business taxes so we can increase global competitiveness and allow for faster job growth, and has cosponsored legislation to increase the maximum deduction for business start-up expenses from $5,000 to $20,000. He has received the "Spirit of the Enterprise" award from the Chamber of Commerce, which represents 3 million businesses across the nation, and the "Guardian of Small Business" award from the National Federation of Independent Business for his strong voting record on small business issues. Additionally, Congressman Forbes believes reducing the cost of health insurance to small business owners is best done through by providing more options like association health plans and health savings accounts.
Supporting Our Farmers and Our Food Security
In a time continued uncertainty over international agriculture, and concerns over food safety and security, America’s farmers provide a much-needed safety net for our nation’s economy. Congressman Forbes supports sustaining America’s agricultural so that we can supply our nation with an adequate food supply and protecting America’s food security. Additionally, he has supported eliminating the death tax to ensure that small businesses and family farms can continue to create jobs for future generations. Congressman Forbes has consistently voted to support Virginia’s farming industry, to continue our farmers’ access to financing through local credit unions, and to uphold our agricultural heritage. Congressman Forbes has worked to ensure that we aren’t as dependent on foreign food one day as we are on foreign oil today.
Encouraging Savings and Financial Literacy
Household savings in the United States is now the lowest it has ever been and the proportion of income that households have set aside has been near or below zero. Congressman Forbes believes in encouraging saving and investing by reducing the capital gains tax and promoting financial literacy for our younger generations. Congressman Forbes supports policies that protect the value of the dollar so Americans feel comfortable saving and investing their money. Congressman Forbes has supported tax credits to financial institutions that match the savings of low-income families.