Congresswoman Bachmann is a strong advocate for removing involvement of the federal government from the free market. She believes in a hands-off approach where the government regulates to ensure lawful commerce, but can ultimately only act to hinder business when in reaches into the market place. Her voting record and economic proposals mirror this economic theory of lowering tax rates and regulation to remove the burden of government on the American work force. Although she has spoken many times on the economy as a Presidential candidate, Congresswoman Bachmann has not proposed a specific plan for the economy and has been somewhat inconsistent in the specifics of her economic proposals.
Elected in 2006, Congresswoman Bachmann was not vocal on most economic legislation until the creation of the TARP program. She was one of the leading advocates against the creation of the program as an ultimate detriment to the US economy. She called for reforming mark-to-market and other government regulations to solve the problems that led to the credit crunch instead of throwing money at the problem. Throughout her career, Congresswoman Bachmann has continued to call for reform to regulatory rules such as the mark-to-market accounting rules in Sarbanes-Oxley.
In 2009, Congresswoman Bachmann strongly opposed the stimulus program put forth by President Obama. Her opposition was based not only the content and size of the stimulus package, but also the manner in which it was passed through Congress.
As an alternative to the ARRA, Congresswoman Bachmann supported a Republican alternative proposed by Congressman Camp and Congressman Cantor. This alternative legislation would have reduced the lowest individual tax rates from 15% to 10% and from 10% to 5%. This plan was somewhat similar to the stimulus passed under President Bush in 2008, which Congresswoman Bachmann voted to support and consisted of mostly checks to individuals.
While she has not proposed a specific jobs or economic plan, Congresswoman Bachmann has spoken often about the steps that she would take to spur the economy. In April of 2010, she appeared on Fox News and called for a reduction in government spending, a reduction in corporate tax rates to 9%, zeroing out capital gains tax rates and the estate tax, accelerated depreciation, and repealing Sarbanes-Oxley.
At a speech for an American Spectator Dinner in November of 2010, Congresswoman Bachmann outlined a 10 point plan that included:
Cut federal spending 25 percent, the amount she says spending has increased under President Obama.
Pass the "mother of all repeal bills" that will kill the Democrat's healthcare reform and regulations.
Get the federal government out of the bailout business, especially when it comes to Wall Street and pension plans. This includes returning all money left in the TARP program to the federal coffers to pay down debt.
End involvement in semi-private businesses like Freddie Mac and Sallie Mae.
Make all the Bush tax cuts permanent.
Cut the corporate tax rate of 34 percent to "single digits" to spur growth and job creation.
Kill capital gains taxes.
Zero out the death tax.
Cap personal income taxes at 20 percent.
Propose a "flatter tax" and a tax code no longer than 50-pages "double spaced, with a font size no smaller than 9-point. My guess is that even some of my Democratic colleagues would be able to read that bill."
In September of 2011, Congresswoman Bachmann outlined a similar plan during a Presidential candidate forum in South Carolina. This plan included moving to allow money earned overseas by US companies to be brought back into the US at a 0% tax rate, and changing the corporate tax rate to about the 20% level with hopes to bring it lower in the future, and a moratorium on the implementation of Obamacare.
Credit and Debit Card Relief Act
In May of 2008, Congresswoman Bachmann released a statement noting her support for the Credit Card Receipt Clarification Act.
Bipartisan Bachmann Bill Protects Consumers and Businesses House Passes Legislation to Stop Frivolous Lawsuits
Washington, D.C., May 14, 2008 -
Last night, the House unanimously passed The Credit and Debit Card Receipt Clarification Act (H.R. 4008). This bill, introduced by Congressman Tim Mahoney (D-FL) and Congresswoman Michele Bachmann (R-MN), would bring an end to a slew of frivolous lawsuits aimed chiefly at small businesses.
“Millions of consumers across America will experience a little extra pain in the pocketbook unless Congress passes The Credit and Debit Card Receipt Clarification Act,” said Bachmann. “Stores and businesses across America are taking a hit. And if we don’t close this loophole, this pain will be passed on to consumers in the form of higher prices.”
In an effort to crack down on fraud, The Fair and Accurate Credit Transaction Act mandated that by December 4th, 2006 all business transaction receipts display only 5 customer credit card digits. Companies across America complied with the legislation but many continued printing the card expiration dates as well due to a lack of clarity in FACTA.
Even though identity theft experts say 5 digits from a credit card and expiration date are not enough to steal a card or an identity, lawyers across America began dragging business after business into court. H.R. 4008 closes Congress’ loophole by and puts a stop to these frivolous lawsuits.
“This is the last thing we need when Americans are already being squeezed by rising living costs,” Bachmann continued. “H.R. 4008 is a simple, no-nonsense, fair, necessary and bipartisan bill that is truly in the best interests of the American people.”
A Republican Stimulus
In January of 2009, Congresswoman Bachmann wrote an op-ed discussing an alternative route to the Obama stimulus that she an other Republicans would support.
A Republican Stimulus Package 1/28/2009 | Email Michele Bachmann | All Posts By Blogger
Today, Congressmen Dave Camp (R-MI) and Eric Cantor (R-VA) will be offering a Republican substitute to the Democrats' trillion-dollar spending bill. So you're not confused, this substitute is different from the RSC's Economic Recovery bill I've talked about in recent posts, but still very effective in reducing tax rates for all Americans and stimulating the economy. It's certainly a better cure for what ails us than the Democrats big spending package.
Below are a few of the highlights of the Camp/Cantor substitute, and how it will impact Minnesotans and families across America .
The legislation will reduce the lowest individual tax rates from 15% to 10% and from 10% to 5%.
As a result, every taxpaying-family in America will see an immediate increase in their income with an average benefit of $500 in tax relief from the drop in the 10% bracket and $1,200 for the drop in the 15% bracket. A married couple filing jointly could save up to $3,200 a year in taxes.
And according to research done by The Heritage Foundation, 272,306 filers in Minnesota’s 6th District will benefit from the reduction in the 10% bracket and 228,926 filers will benefit from the reduction in the 15% and the 10% brackets.
The legislation allows small business to take a tax deduction equal to 20% of their income.
In fact, small businesses (those employing less than 500 individuals) employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. This legislation will immediately free up funds for small businesses to retain and hire new employees.
In Minnesota, there are 498,606 small businesses with 500 or fewer employees and according to the Small Business Administration Office of Advocacy, they represent 98.0% of the state’s employers while having created 78.4% of the state’s net new jobs from 2004 to 2005. It's vital that we lower the tax burden on these small businesses.
The legislation also includes a home-buyers credit of $7,500 for those buyers who can make a minimum down-payment of 5%.
This credit will go a long way in giving potential buyers the incentive they need to purchase homes now to help turn around our stagnant real estate market.
Support for Mark to Market Reform
In April of 2009, Congresswoman Bachmann released a statement noting her support for the Financial Accounting Standards Board’s announcement that would relax "mark-to-market" accounting rules.
Bachmann Commends FASB for Mark-to-Market Reform
Washington, D.C., Apr 2, 2009 -
U.S. Representative Michele Bachmann (MN-06) today released the following statement in response to the Financial Accounting Standards Board’s announcement that would relax "mark-to-market" accounting rules to allow companies to more accurately reflect the true, long-term value of their assets:
“I am thrilled that FASB has taken this long-overdue action to improve mark-to-market standards. During the height of debate over the $700-billion TARP bailout, I, along with more than 60 other Members, wrote the SEC and asked them to suspend mark-to-market and replace it with a form of mark-to-value that could accurately reflect the true, long-term value of institutions’ assets.
“The current fair value accounting rules are pro-cyclical and over-value assets in a rising marketplace while under-valuing losses in a declining one. Neither is really beneficial for assessing the true value of assets, but in a declining marketplace it clearly has the worst impact on stakeholders across the board. And in the current economy, it has been truly detrimental to our recovery.
“Our financial system needs to find a way to unleash capital that is sitting on the sidelines—both in investors’ pockets and on bank balance sheets—so that businesses and consumers alike may return to a more stable lending environment. Adjusting mark-to-market standards is a critical step towards accomplishing these goals.
“I have had numerous conversations with both financial services institutions and those in the accounting industry, and I pledge my commitment to continue fighting for more accurate accounting practices. I am encouraged that our voices were finally heard.
“Immediately following FASB’s announcement, shares rose for many Wall Street giants, including Citigroup and Bank of America. Bloomberg has reported that ‘FASB’s changes could raise bank industry earnings by 20 percent,’ helping our economic recovery.”
Cash for Clunkers
In August of 2009, Congresswoman Bachmann released a press statement noting a letter sent to Transportation Secretary LaHood about Cash for Clunkers.
Bachmann Demands Answers About “Cash for Clunkers” Program Administration Leaving Cash-Strapped Dealers in the Lurch
Washington, D.C., Aug 24, 2009 -
U.S. Representative Michele Bachmann (MN-06), along with Rep. John Kline and Rep. Erik Paulsen, sent a letter last week to Secretary Ray LaHood asking him to help car dealers who have been frustrated by inconsistent protocols and administrative red tape in the “Cash for Clunkers” program, formally referred to as the Car Allowance Rebate System (CARS).
“Since the launch of CARS, we have heard from many automobile dealers in Minnesota who are confused about the program’s operations and concerned about the lengthy delays they’ve experienced in obtaining transaction approvals from the National Highway and Traffic Safety Administration (NHTSA),” wrote Bachmann. “While dealers have been working to secure as many transactions as possible, the serious uncertainties they face as a result of the administration of the program threaten their businesses – businesses already struggling during this difficult economic time.”
The letter comes after many dealers reported inconsistent protocol regarding the application system, leading them to question the objectivity and administration of the program. Bachmann is requesting information regarding what documentation is required and a plan of action from the NHTSA to increase the efficiency of the application process.
“Dealers are growing more and more frustrated. It appears to them that each claim is treated with a different level of scrutiny and different documentation requirements,” Bachmann continued. “Our dealers need better guidance and more consistency in what constitutes a complete CARS application and we look forward to working with you to achieve that goal.”
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Text of letter below:
Dear Secretary LaHood,
We first want to thank you for your responsiveness to our constituents’ concerns over the past several months. We write to you today to ask for your assistance with concerns we’re hearing about the administration of the CARS (Car Allowance Rebate System) program.
Since the launch of CARS, we have heard from many automobile dealers in Minnesota who are confused about the program’s operations and concerned about the lengthy delays they’ve experienced in obtaining transaction approvals from the National Highway and Traffic Safety Administration (NHTSA). While dealers have been working to secure as many transactions as possible, the serious uncertainties they face as a result of the administration of the program threaten their businesses – businesses already struggling during this difficult economic time. We would appreciate your prompt response to the questions in this letter so that our constituents can get the answers they need.
Many dealers have reported inconsistent NHTSA protocol regarding the resubmission of CARS applications that have been rejected based on technicalities. What steps are you taking to provide uniform and coherent instructions to dealers to minimize these technical rejections which only result in further delays for dealers? One Minnesota dealer reported submitting 54 applications with only 3 accepted. The analysis for approval should be essentially objective, based largely on age of the car and gas mileage. This slow rate for approvals means that there is another problem.
Furthermore, we have been told that there is substantial confusion among dealers about what documentation the NHTSA will accept to prove continuous registration for Minnesota drivers. We understand that the Minnesota Motor Vehicle Registrar, through the American Association of Motor Vehicle Administrators (AAMVA), forwarded NHTSA the enclosed document as a sample for what should constitute continuous registration for a Minnesota “clunker” transaction.
However, while many Minnesota transactions have been submitted and approved with this type of registration documentation, others have been rejected with similar paperwork. Will you please confirm whether this documentation is sufficient to prove both current registration and continuity of registration in Minnesota? If it is not, what registration documentation should dealers submit? Can you please respond with clear guidance on this issue?
Dealers are growing more and more frustrated. It appears to them that each claim is treated with a different level of scrutiny and different documentation requirements. In fact, dealers have so little clarity from NHTSA that the Minnesota Automobile Dealers Association (MADA) plans to meet this week to trade experiences and share with one another what works and what doesn’t when submitting an application to the CARS program. We applaud them for their initiative and creative response, but this wouldn’t be necessary if dealers received faster, clearer and more uniform answers directly from your agency.
We appreciate your consideration of these concerns. Our dealers need better guidance and more consistency in what constitutes a complete CARS application and we look forward to working with you to achieve that goal.
Hearing on Sarbanes-Oxley
In October of 2009, Congresswoman Bachmann released a press statement noting her desire to have a hearing on Sarbanes-Oxley.
Kanjorski Promises Bachmann Hearing on Sarbanes-Oxley Act
Washington, D.C., Oct 28, 2009 -
U.S. Representative Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today promised U.S. Rep. Michele Bachmann (MN-06) the first hearing since 2006 on the Sarbanes-Oxley Act. The commitment came after Bachmann introduced two amendments to the Investor Protection Act (H.R. 3817) to make the Public Company Accounting Oversight Board (PCAOB), created by Congress in the Sarbanes-Oxley Act of 2002, more accountable to the American taxpayers and also to address outstanding questions about the constitutionality of that Board.
“Sarbanes-Oxley is arguably the broadest financial reform this Congress has passed in decades,” said Bachmann. “It was passed in haste in response to scandalous headlines about Enron and WorldCom and it has had a devastating impact on our financial markets, forcing capital investment overseas and driving companies out of public trading.
“I appreciate the Chairman’s attention to this issue and his commitment to holding a hearing on Sarbanes-Oxley. Two-thirds of this Committee were not in Congress when this law was passed, and many of our members were not even in Congress when we last held hearings on it in 2006. Yet, we are moving to expand its reach. We at least owe the American people due diligence on the impact Sarbanes-Oxley has on our economy. It has truly been far too long since this law was examined and I look forward to our Committee’s discussion,” said Bachmann.
In light of the Chairman’s agreement to hold a hearing within the next year to revisit Sarbanes-Oxley, Bachmann withdrew her amendments, which would have (1) made members of the PCAOB subject to appointment by the President and confirmation by the U.S. Senate; and (2) delayed implementation of Title VI of the Investor Protection Act, which expands the authority of the PCAOB, until June 2010 to give the Supreme Court time to hear a current case on the constitutionality of the PCAOB through to its conclusion.
Opposition to Wall Street Reform
In December of 2009, Congresswoman Bachmann released a press statement noting her opposition to wall street reform legislation.
Bachmann Opposes Permanent Bailout Bill
Washington, D.C., Dec 2, 2009 -
U.S. Representative Michele Bachmann (MN-06), a member of the House Financial Services Committee, today released the following statement after the Committee passed legislation that creates a permanent taxpayer bailout authority and encourages poor market discipline throughout the U.S. financial system:
“We continue to hear that preventative care is the most cost effective approach to solving problems; however, Democrats have ignored their own rationale by pushing this legislation forward. Labeling certain financial institutions as ‘systemically risky’ will only lead to more bad behavior as Wall Street players take advantage of this bill’s guarantee of taxpayer bailouts. And, the bill’s dramatic expansion of the powers of the Federal Reserve, a regulator that has already proven its inability to preemptively catch systemic risks, is the wrong approach.
“This expansion of government bureaucracies that haven’t worked in the past and commitment to everlasting taxpayer bailouts represents an attempt to ‘do something’ quickly rather than correctly. Instead of examining the root causes of the financial collapse so that we may ensure it never happens again, Democrats want to codify the unpopular, fiscally irresponsible bailout mania and turn a bailout band-aid into a permanent remedy. If we continue to ignore the factors that contributed to the financial crisis, we will do nothing to truly restore market discipline in the future.
“We need to end government bailouts of financial institutions; stop allowing the government to pick winners and losers; and reinstate market discipline by removing moral hazards that exist today. Until the federal government makes a commitment to end the cycle of bailouts, the marketplace will continue to take irresponsible risks and depend on taxpayers to save them every time. The financial industry cannot afford another crisis and American families cannot afford to bail them out once again.”
Regulatory Reform Falls Short
In March of 2010, Congresswoman Bachmann released a press statement noting her belief that regulatory reform fell short.
Senate Regulatory Reform Proposal Falls Short
Washington, D.C., Mar 15, 2010 - U.S. Representative Michele Bachmann (MN-06) issued the following statement today after Senate Banking Committee Chairman Chris Dodd (D-CT) introduced financial regulatory reform legislation in an attempt to get our financial sector back on sound footing.
“Let’s face it, our economy is hurting and Washington’s reckless ways and excessive spending is putting the future of our nation into quite a precarious situation. Despite hundreds of billions in spending, unemployment still hovering around 10%, and our nation’s debt at an all time high, we continue to spend money we just don’t have.
“The legislation unveiled today further promotes the ‘too big to fail’ government bailout philosophy and errant policies that got us into this situation in the first place. It would have been an ideal time to address the future of mortgage financing giants Fannie Mae and Freddie Mac as well as restore the Federal Reserve back to administering monetary policy. Fannie and Freddie are virtually ignored in this legislation, and if we’re serious about preventing a future financial collapse like the one we’re still struggling to recover from, these two enterprises must be dealt with. We can’t continue to ignore the problem any longer.”
Change in Economy
In April of 2010, Congresswoman Bachmann appeared on Fox Business and discussed numerous items dealing with the economy, taxes, and the government's effect on the economy. She called for a reduction in government spending, a reduction in corporate tax rates to 9%, zeroing out capital gains tax rates and the estate tax, accelerated depreciation, and repealing Sarbanes-Oxley.
Opposition to Wall Street Reform
In April of 2010, Congresswoman Bachman made a video expressing her opposition to the Wall Street Reform legislation that was working through Congress.
American Spectator Speech
In November of 2010, Congresswoman Bachmann spoke at the American Spectator Dinner. Although she has not proposed a specifically named plan at this point, she did outline 10 points that she would pursue as President.
Cut federal spending 25 percent, the amount she says spending has increased under President Obama.
Pass the "mother of all repeal bills" that will kill the Democrat's healthcare reform and regulations.
Get the federal government out of the bailout business, especially when it comes to Wall Street and pension plans. This includes returning all money left in the TARP program to the federal coffers to pay down debt.
End involvement in semi-private businesses like Freddie Mac and Sallie Mae.
Make all the Bush tax cuts permanent.
Cut the corporate tax rate of 34 percent to "single digits" to spur growth and job creation.
Kill capital gains taxes.
Zero out the death tax.
Cap personal income taxes at 20 percent.
Propose a "flatter tax" and a tax code no longer than 50-pages "double spaced, with a font size no smaller than 9-point. My guess is that even some of my Democratic colleagues would be able to read that bill."
Support for Repealing Wall Street Reform
In January of 2011, Congresswoman Bachmann released a press statement noting her support for repealing the Wall Street Reform legislation.
Bachmann Introduces Her First Bill of the 112th Congress
Washington, Jan 6 - Upon being sworn in for her third term in the House of Representatives, Congresswoman Michele Bachmann (MN-06) introduced new legislation, H.R. 87, to repeal the Dodd-Frank financial reform bill, one of the most far-reaching legislative items of the previous Congress. Congresswoman Bachmann released the following statement about the repeal legislation:
“I’m pleased to offer a full repeal of the job-killing Dodd-Frank financial regulatory bill. Dodd-Frank grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight.
“Dodd-Frank also failed to address the taxpayer-funded liabilities of Fannie Mae and Freddie Mac. Real financial regulatory reform must deal with these lenders who were a leading cause of our economic recession. True reform must also end the bailout mindset that was perpetuated by the last Congress. I am proud to work towards repeal of Dodd-Frank because Congress must protect the taxpayers, instead of handing out favors to Wall Street.”
Bachmann’s legislation has been endorsed by the Club for Growth and Americans for Prosperity. Original cosponsors include Chairman Darrell Issa (CA-49) of the Committee on Oversight and Government Reform, Representative Todd Akin (MO-2), Representative Tom McClintock (CA-4) and Representative Bill Posey (FL-15).
New Hampshire Debate
In June of 2011 Congresswoman Bachmann participated in the Presidential debate in New Hampshire and discussed the need to repeal regulation or long term projects in the mother of all repeal bills.
KING: How about to help workers, Congressman, get ready for the new jobs in manufacturing? Should the United States government, the federal government we say help in community colleges with their vocational training programs and things like that?
BACHMANN: Well, the United States federal government and the states have done numerous job training programs over the year with mixed results. This is what we need to do to turn job creation around and bring manufacturing back to the United States.
What we need to do is today the United States has the second highest corporate tax rate in the world. I'm a former federal tax lawyer. I've seen the devastation. We've got to bring that tax rate down substantially so that we're among the lowest in the industrialized world.
Here's the other thing. Every time the liberals get into office, they pass an omnibus bill of big spending projects. What we need to do is pass the mother of all repeal bills, but it's the repeal bill that will get a job killing regulations. And I would begin with the EPA, because there is no other agency like the EPA. It should really be renamed the job-killing organization of America.
Iowa Debate
In August of 2011, Congresswoman Bachmann participated in the Republican Presidential debate in Ames, Iowa. She was asked about her plan to fix the economy and stated that it could be done in 3 months.
So let's begin. Congresswoman Bachmann, you say you can turn the economy around within one quarter by cutting taxes, reducing spending, and repealing the health care law. In fact, this week you said, quote, "It isn't that difficult," and, quote, "Solutions aren't that tough to figure out."
Isn't it unrealistic to suggest that something as massive and complex as the U.S. economy can rebound in just three months?
BACHMANN: We can start to seek recovery within three months, not the whole recovery, but we can begin to see it, if we put into place what we know to be true. Number one, we should not have increased the debt ceiling. In the last two months, I was leading on the issue of not increasing the debt ceiling. That turned out to be the right answer.
And this is part of the movement that we're seeing all across the country. I've been leading that movement. I've been giving it voice. And it's not just Republicans. It's disaffected Democrats. It's independents. It's libertarians all coming together, apolitical people, because two days from now, Bret, we get to send a message to Barack Obama. And the message is this: You are finished in 2012, and you will be a one-term president. (APPLAUSE)
Palmetto Freedom Forum
In September of 2011, Congresswoman Bachmann participated in the Palmetto Freedom Forum hosted by Senator Jim DeMint in South Carolina. When asked about her economic jobs policy, Congresswoman Bachmann stated that she would move to allow money earned overseas by US companies to be brought back into the US at a 0% tax rate, and that she would change the corporate tax rate to about the 20% level with hopes to bring it lower in the future, and a moratorium on the implementation of Obamacare. (Comments start at 9:30)
As President of the United States, one of the first things that I would do today is offer to the US Congress that earnings that are accrued by a United States company earned overseas be brought back into the United States with a 0% rate on repatriation. Part of the problem has been that $1.2 trillion in earnings are staying overseas. This is real capital that belongs to American companies that wouldn't have to be borrowed at taxpayer expense. Nor would it have to be paid back, nor would we pay interest on the earnings. It would come into the United States as a $1.2 trillion dollar capital infusion and that would create jobs in the United States.
Secondly, what I would do Jim, what we need are not government directed solutions, we need privately directed solutions and we also need permanent solutions and not government gimmicks. That's what President Obama has given to the American people, and so I would change the corporate tax rate, which currently among the highest in the world, down to about the 20% level. Ultimately, I'd like to see it go far lower, but immediately I think that we can bring it down to 20%.
And as President, I would put a moratoruim on the implementation of Obamacare, just as the President did last Friday on the implementation of EPA rules as well.
TEA Party Debate
In September of 2011, Congresswoman Bachmann participated in the TEA party debate in Tampa Bay, Florida. She spoke about her economic policy calling for repatriation of overseas funds, lowered overall taxes, free trade agreements, and repeal of Dodd-Frank and Obamacare.
2012 Presidential Campaign Website Statements
Generating Jobs and Growth
The jobs picture two years into President Obama’s “recovery” is abysmal. The Administration projected that its trillion-dollar stimulus package would keep unemployment below 8 percent. But unemployment last month turned back upwards to 9.1 percent and has not dipped below 8.8 percent since April 2009.
What’s worse, the economy in May generated an anemic 54,000 jobs, and America still has 6.8 million fewer jobs than when the recession began. And official unemployment would be even higher if labor force participation weren’t the lowest in more than a generation – the result of discouraged workers simply giving up.
The President’s economic advisor calls this state of affairs a “bump in the road.” But it’s more like the Grand Canyon. President Obama’s economic policies have failed: employers are paralyzed by record spending and debt, a weakened dollar, exploding energy prices, the explicit threat of new tax increases on top of the highest corporate rates in the world, Obamacare with its burdens on businesses, and a flood of new rules such as carbon regulation from the Environmental Protection Agency – which should be renamed the Jobs Killing Agency.
As the co-owner with my husband of a small business, I understand what it takes to grow a company and meet a payroll. That’s why as President, I will work to reverse the current state of affairs by ensuring businesses the resources, freedom and flexibility to do what they do best: create jobs.
I will lead the way in cutting spending, reducing taxes and deep-sixing our 3.8 million-word Internal Revenue Code so companies can invest again. As a first order of business, I will direct the elimination of counterproductive regulations, repeal Obamacare and stop cap-and-trade in its tracks so companies can operate again. And a Bachmann Administration will create the climate of sound currency and certainty employers needed to start hiring again.
Voting Record
Small Business Jobs Tax Relief Act of 2010
In June of 2010 the House voted to pass the Small Business Jobs Tax Relief Act of 2010. The act passed 247-170. Michele Bachmann voted against the Small Business Jobs Tax Relief Act of 2010
Michele Bachmann voted against the Small Business Jobs Tax Relief Act of 2010
Wall Street Reform and Consumer Protection Act of 2009
In June of 2010, the House voted on the Wall Street Reform and Consumer Protection Act of 2009. The act failed to pass in a . Michele Bachmann voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.
Michele Bachmann voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.
TARP Bonuses
In March of 2010, the House voted on legislation to impose an additional tax on bonuses received from certain TARP recipients, and for other purposes. The legislation passed the House 276-145. Michele Bachmann voted against the legislation to tax bonuses to TARP recepients.
Michele Bachmann voted against the legislation to tax bonuses to TARP recepients.
Small Business and Infrastructure Jobs Tax Act of 2010
In March of 2010 the House voted to pass the Small Business and Infrastructure Jobs Tax Act of 2010 246-178. Michele Bachmann voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.
Michele Bachmann voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.
Wall Street Reform
In late 2009, the House passed the Wall Street Reform and Consumer Protection Act of 2009. The legislation consolidated many financial regulatory agencies, increased transparency in the derivatives market, regulation of credit rating agencies, and a "resolution regime" to resolve insolvent banks. Michele Bachmann voted against the Wall Street Reform Legislation.
Michele Bachmann voted against the Wall Street Reform Legislation.
The Stimulus
After the Senate passed the Stimulus package, the House voted on a passage of a conference bill to join the House and Senate versions. Michele Bachmann voted against the unified version of the Stimulus bill.
Michele Bachmann voted against the unified version of the Stimulus bill.
The Stimulus
The Stimulus bill (The American Recovery and Reinvestment Act of 2009) passed through the House on January 28, just days after President Obama\'s inauguration. The bill got no support from Republicans and 11 Democrats voted against it as well. Michele Bachmann voted against the Stimulus when it passed the House.
Michele Bachmann voted against the Stimulus when it passed the House.
Helping Families Save Their Homes Act of 2009
The Helping Families Save Their Homes Act of 2009 was a program designed to assist those who may be able to remain in their home with a modest amount of government assistance. The bill got wide bi-partisan support in the House and passed 367-54. Michele Bachmann voted against the Helping Families Save Their Homes Act of 2009.
Michele Bachmann voted against the Helping Families Save Their Homes Act of 2009.
Auto Industry Financing and Restructuring Act
In December of 2008 the US House voted to pass the Auto Industry Financing and Restructuring Act. The act provided a loan to GM through TARP funds and set up a plan to allow the company to receive more if they demonstrated a path back to viability. The act failed to pass the Senate, but was used as a guideline for the GM bailout for the Obama administration. Michele Bachmann voted against the Auto Industry Financing and Restructuring Act.
Michele Bachmann voted against the Auto Industry Financing and Restructuring Act.
Troubled Asset Relief Program (TARP)
The TARP program was designed to prevent the failure of large banks by purchasing their "troubled assets" and allowing them to move them off their records as liabilities. The vote on the legislation passed 263-171 Michele Bachmann voted against the TARP Program.
Michele Bachmann voted against the TARP Program.
The Bush Stimulus
In early 2008, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 was passed in an attempt to stimulate the economy. Also known as the Bush Stimulus, the act consisted largely of checks sent to individuals. The bill received wide bipartisan support and passed the House 385-35. Michele Bachmann voted in favor of the Bush Stimulus.
Michele Bachmann voted in favor of the Bush Stimulus.
Amends the Internal Revenue Code to repeal a provision (added by the Patient Protection and Affordable Care Act) that extends to corporations that are not tax-exempt the requirement to report payments of $600 or more.
Requires the receipts and disbursements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the federal budget submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires the costs of purchases of mortgages, and mortgage-backed securities issued, by Fannie Mae and Freddie Mac to be calculated by adjusting a specified discount rate for market risks under the Credit Reform Act of 1990. Subjects to the statutory public debt limit the face amount of obligations issued by Fannie Mae and Freddie Mac and outstanding at one time.
Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010. Makes permanent the repeal of the estate and generation-skipping transfer taxes. Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009.
To stimulate the economy and create jobs at no cost to the taxpayers, and without borrowing money from foreign governments for which our children and grandchildren will be responsible, and for other purposes.
Repeals the Dodd-Frank Wall Street Reform and Consumer Protection Act. Revives or restores the provisions of law amended by such Act as if it had not been enacted.
Directs the Securities and Exchange Commission to modify its regulations under the Sarbanes-Oxley Act of 2002 (SOX) for annual management assessments of, and reports on, internal financial controls. Requires such regulations to provide that a non-accelerated filer does not have to provide management's report on internal control over financial reporting until it files an annual report for its first fiscal year ending on or after December 15, 2008 (thereby extending the current moratorium on such requirements for small businesses).
