Retirement Security, Capital Markets, and Tax Policy

The House Policy Subcommittee on Retirement Security, Capital Markets, and Tax Policy is taking up bold proposals to reform Social Security, Medicare, and the federal tax code--modernizing these programs to give individuals more control of their retirement savings and health care decisions. Thanks to GOP fiscal responsibility, record debt repayments are having unprecedented effects on the nation's borrowing capacity, capital markets, and financial institutions-effects the Subcommittee will ensure the House fully considers.

Activities in the 107th Congress

The Subcommittee helped promote economic growth, lower taxes, and fiscal responsibility by supporting pro-growth tax relief and Social Security reform. The Subcommittee worked to pass the President’s permanent tax relief in the House and fought efforts in the Senate to make it temporary. A Policy Perspective prepared in consultation with the Subcommittee suggested that the economic response to the September 11 attack include rate relief on taxes on work, savings, and investment, the elimination of the heavy dead-weight job and investment loss imposed by the alternative minimum tax, and reform of tax rules on handling business investment so they conform to prudent business practice.

The Subcommittee worked with the President’s Commission to Strengthen Social Security, holding an Executive Session between House and Commission members, and a briefing for House staff by the Commission’s Executive Director.

Executive Sessions were held with Secretary of the Treasury Paul O’Neill, to discuss the condition of the economy and formulate tax reform initiatives for the next Congress, and Chairman of the Council of Economic Advisors R. Glenn Hubbard to discuss the President’s economic and tax policy agenda. Before the President’s Economic Forum, the Committee wrote to President Bush urging him to consider pro-investor measures such as indexing capital gains to inflation and ending the double taxation of dividends – policies which the President has since advocated.

Subcommittee Chairman Hulshof led efforts to make the Bush tax relief permanent. Working with the Full Committee, the Subcommittee also played host to experts from the Treasury and the bond markets to discuss the federal debt limit. In spring 2002, the limit was reduced because trust funds for the entitlement programs count toward the ceiling.

NEWS

Policy Subcommittee Chairman Hulshof, Author of Bill to Make Tax Relief Permanent, Seconds President's Call to Action More...

Annual Report on the United States Government: Policy Committee summarizes federal financial operations. More...

Cutting Trade Taxes: On December 6, 2001, the House approved Trade Promotion Authority, which will let the United States cut taxes on American exports. More...

SCHEDULED MEETINGS
	No scheduled meeting at this time

RECENT MEETINGS
	Oct 11, 02	Full Committee meeting with Deputy Treasury Secretary Kenneth W. Dam
	Sep 20, 02	Republican and Democratic Policy Committee Bipartisan Briefing on the Economic Outlook and Policy Options
	Jun 05, 02	Business meeting of subcommittee chairmen
	May 24, 02	Policy Committee Executive Session with Secretary of Labor Elaine Chao
	Apr 26, 02	Policy Committee Executive Session with Larry Lindsey, Assistant to the President for Economic Policy and Mark Weinberger, Assistant Secreatary of Treasury for Tax Policy
	Apr 26, 02	Tax policy, featuring Assistant to the President for Economic Policy Larry Lindsey and Assistant Secretary of Treasury for Tax Policy Mark Weinberger: As much tax relief as possible
	Mar 22, 02	Policy Committee Executive Session with Rep. Jim Nussle Chariman of the Budget Comittee
	Mar 15, 02	Policy Committee Executive Session with Mitch Daniels Director of the Office of Management and Budget

JURISDICTION

Tax policy; public debt; capital markets; banks and banking; insurance; securities and commodities exchanges; real estate; Social Security and activities of the Social Security Administration; economic policy; international trade; labor law and policy; activities of the Department of Labor and the National Labor Relations Board; activities of the Department of Treasury; activities of the Securities and Exchange Commission and the Commodity Futures Trading Commission; activities of the Federal Reserve System.

COMMITTEES AND LINKS

Financial Services

Joint Committee on Taxation

Joint Economic Committee

Securing America's Future with Tax Relief

Securities and Exchange Commission

Ways & Means

United States Department of Treasury