Todd Akin on The Economy

Last Updated : Oct 22, 2012

Summary

Congressman Akin is a very strong advocate for economic growth through reduced taxation, reduced regulation, and a stable and predictable government. He cited the Bush tax cuts as the cause of a stronger economy in the mid 2000s.

Bankruptcy Reform

In 2003, Congressman Akin supported the bankruptcy reform legislation. He stated that the reform would modify the bankruptcy system by closing loopholes that allow those who can afford to meet their financial commitments to sidestep payment to their creditors.

Tax Cuts and the Economy

In 2004, Congressman Akin stated that the vibrant economy was evidence that the tax cut policies of President Bush that he supported was continuing to reverse a devastating recession started during the Clinton Administration.

 

Bankruptcy Reform

In March of 2003, Congressman Akin released a press statement noting his support for bankruptcy reform legislation.

 

Bush Polices Working

In April of 2004, Congressman Akin issued a press statement noting his view that the Bush tax cuts have stimuluated the economy.

 

The Federal Budget and the Economy

In February of 2010 Congressman Akin spoke on the House floor about the overall topic of the economy and the federal budget.

 

The Economy

On September 15, 2010 Congressman Akin spoke on the House

 

Growing the Economy and Jobs

On December 15, 2010 Congressman Akin spoke on the House floor about the overall topic of the economy and jobs. In a very long speech, he discusses stimulus, cap-and-trade, and a number of other subjects.

 

Official Website Statements

 

Campaign Website Statements

 

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. Todd Akin voted against the Small Business Jobs Tax Relief Act of 2010

Todd Akin 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 . Todd Akin voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Todd Akin 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. Todd Akin voted against the legislation to tax bonuses to TARP recepients.

Todd Akin 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. Todd Akin voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Todd Akin 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. Todd Akin voted against the Wall Street Reform Legislation.

Todd Akin 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. Todd Akin voted against the unified version of the Stimulus bill.

Todd Akin 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. Todd Akin voted against the Stimulus when it passed the House.

Todd Akin 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. Todd Akin voted against the Helping Families Save Their Homes Act of 2009.

Todd Akin 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. Todd Akin voted against the Auto Industry Financing and Restructuring Act.

Todd Akin 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 Todd Akin voted against the TARP Program.

Todd Akin 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. Todd Akin voted in favor of the Bush Stimulus.

Todd Akin voted in favor of the Bush Stimulus.

Bankruptcy Reform

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 completely redefined bankruptcy in the United States. The bill made it much more for people to walk away from unsecured debt, such as credit cards, and permitted the court to award some compensation to creditors in the event that a bankruptcy was awarded. The bill got moderate bipartisan support and passed 302-126. Todd Akin voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Todd Akin voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

American Jobs Creation Act

The American Jobs Creation Act was a Republican plan that was signed into law in the summer of 2004. The legislation ending some taxes in the agriculture industry, reduced corporate tax rates from 35% to 32%, reduced taxation on overseas income, and provisions to help companies invest in equipment. It passed the House 251-178. Todd Akin voted in favor of the American Jobs Act.

Todd Akin voted in favor of the American Jobs Act.

Sarbanes-Oxley

In response to Enron and other accounting scandals, Congress passed a bill which imposed a number of book-keeping and accounting regulations on several industries. The Sarbanes-Oxley Act of 2002 The bill received moderate bi-partisan support in the House and passed in a 334-90 vote. Todd Akin voted in favor of Sarbanes-Oxley.

Todd Akin voted in favor of Sarbanes-Oxley.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 5141; Small Business Paperwork Mandate Elimination Act - Cosponsor

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.

Session-111; Bill Number-H R 5029; Economic Freedom Act of 2010 - Cosponsor

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.

Session-111; Bill Number-H R 1431; No Cost Stimulus Act of 2009 - Cosponsor

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.

Session-112; Bill Number-H R 87; To repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. - Cosponsor

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.

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