Cosponsored H.J. Res. 81, which would amend the Constitution of the United States to control federal government spending by prohibiting the federal government from spending more than 20% of Gross Domestic Product (GDP).  The GDP is the dollar amount that represents the whole U.S. economy.  An exception can be made for years when a declaration of war is in effect or when the Congress votes by a two-thirds supermajority. 

Voted against H.Con.Res. 312, the Congressional Budget for Fiscal Year (FY) 2009-2013, which would create a $2,915 annual increase in federal taxes on the average taxpayer in the Fourth District.  H.Con.Res. 312 would result in a tax increase that is more than double the tax rebate provided in the so-called “economic stimulus” package that was recently passed.  This budget proposal presented by House leadership would impose the largest tax increase on American taxpayers in history —$683 billion over the next five years.  In addition, the Majority’s budget would not address entitlement spending and would raise the national debt by $646 billion in FY2009.

Expressed disappointment after the House Budget Committee reported a Federal budget plan that will raise taxes for Virginians by an average of $3,120 per year.  Rep. Forbes said, “With the strain we are currently seeing on our economy - declining home value, slowing job growth, and rising energy and health care prices - the last thing we should do is raise taxes for our working families. Washington has enough of Americans' hard-earned money. Congress should instead focus on how to best spend the money that they already have, rather than taking more money out of the wallets of hardworking Americans."

Opposed the House version of H.R. 2764, the Fiscal Year 2008 Consolidated (Omnibus) Appropriations Bill, on December 17, 2007. While this version of the fiscal year 2008 funding bill met the President’s funding levels and included $11.2 billion in “emergency” spending, it restricted the use of funds for military operations in Iraq and included funding only for military operations in Afghanistan. Congressman Forbes voted in favor of the Senate Amendments to H.R. 2764 on December 19, 2007, which added $70 billion for military operations in Iraq and Afghanistan without imposing artificial time tables on our troops. This is critical funding for our troops in Operation Iraqi Freedom and the War on Terror. The President is expected to sign H.R. 2764, as amended, into law, which will complete the annual appropriations process for fiscal year 2008.

Joined Members of Congress is sending a letter to President Bush in support of entitlement reform. The letter calls on President Bush to meet with cosponsors of the SAFE Commission Act to talk about the need for entitlement reform. Earlier this year Congressman Forbes cosponsored the SAFE Commission Act (H.R. 3654) which will would institute a comprehensive review and reform of the United States tax and entitlement systems. With the first baby boomer signing up for Social Security a couple weeks ago, it is important for the United States to address this growing fiscal problem to ensure that future generations are left with a country that is financially solvent.

Voted in favor of H.J. Res. 52, which makes continuing appropriations for the fiscal year 2008. The resolution would extend federal government spending authority through November 16 for those agencies and programs whose FY 2008 appropriations bills were not enacted before FY 2007 ended on September 30, 2007. Spending for those agencies and programs will continue at the current FY 2007 level. H.J. Res 52 includes provisions to continue funding for programs such as the State Children's Health Insurance Program (SCHIP) and defense-related spending, including appropriations for the war in Iraq and Afghanistan, among others.

Cosponsored H.R. 3583, the Government Shutdown Prevention Act, which would provide for an automatic continuing resolution in the event that Congress does not pass a budget by the end of the fiscal year. This would prevent any political party from using the threat of a government shutdown as a political ploy. It would also prevent anyone from hiding earmarks in a Continuing Resolution.

Cosponsored H.R. 3654, the Securing America’s Future Economy Commission Act (SAFE Act), which would establish a commission to investigate entitlement spending, tax policy and all federal spending. The mission of the SAFE Commission would be to address the long-term problems facing our country such as foreign-held debt, solvency of Social Security and Medicare, increasing individual savings, and reforming entitlement programs to serve the most needy. The Commission’s recommendations would be submitted to Congress for approval.

Cosponsored H.R. 2084, the Family Budget Protection Act, which would reform the Congressional budget process to create a simple and legally binding budget. This would create five spending categories: mandatory spending, defense spending, non-defense spending, interest payments and emergency spending. Non-defense spending would be capped and would require approval by the Congress before it could be exceeded. The bill would also require emergency funds to be budgeted. In addition, H.R. 2084 would provide a legislative veto, biannual budgeting, and would sunset all discretionary programs every ten years.

Cosponsored H.R. 2380, the Death Tax Repeal Permanency Act, which would provide better financial stability to small businesses and family farms by eliminating the federal estate and gift taxes. This legislation would also make permanent the estate tax approved by Congress five years ago, set to expire in 2010.

Cosponsored H.R. 1304, the Motorsports Fairness & Permanency Act, which would permanently extend the tax depreciation provisions of the 2003 tax cuts, which are set to expire in 2008. This would allow the Richmond International Raceway and the Martinsville Speedway to plan for capital improvements to keep them competitive and keep motorsports thriving in Virginia.

Cosponsored H.R. 1576, the Tax Credits for Land Conservation Act, which would make permanent the tax credit for conservation easement donations. H.R. 1576 would raise the deduction a landowner can take for donating a conservation easement from 30% of their income in any year to 50%. In addition, this legislation would allow qualifying farmers and ranchers to deduct up to 100% of their income. Finally, H.R. 1576 would extend the carry-forward period for a donor to take tax deductions from 5 to 15 years. H.R. 1576 would help the Commonwealth achieve its goal of establishing 400,000 conservation acres.

Cosponsored H.R. 473, the SAFE Commission Act, which would establish a Securing America's Future Economy (SAFE) Commission that would review federal spending and develop legislation designed to address: (1) the unsustainable imbalance between long-term federal spending commitments and projected revenues; (2) increases in net national savings to provide for domestic investment and economic growth; (3) the implications of foreign ownership of federally issued debt instruments; and (4) revision of the budget process to place greater emphasis on long-term fiscal issues.

Cosponsored the Commission on the Accountability and Review of Federal Agencies (CARFA) Act, legislation that would establish a bipartisan commission to review federal agencies and programs in an effort to eliminate wasteful spending on duplicative, inefficient or outdated programs. CARFA would make recommendations to Congress and to the President for changes to maximize the efficiency and effectiveness of taxpayer dollars.

Voted against H.Con.Res. 99, the 2008 Budget Resolution. This budget, which passed in the House of Representatives by a vote of 216 - 210, would inflict the largest tax increase in American history - nearly $400 billion over five years and an average tax increase of $3,119 for Virginia taxpayers. Congressman Forbes voted in favor of the budget substitute amendment, which includes manageable spending, continued tax relief and reserve funding for emergencies. National advocacy groups in favor of this budget substitute include: Freedom Works, Citizens Against Government Waste, the Club for Growth and the National Taxpayers Union. For information on fiscally responsible legislation that Congressman Forbes has cosponsored, click here.

Voted against H.R. 1227, the Gulf Coast Hurricane Housing Recovery Act of 2007. In response to the disasters, the federal government has already committed more that $110 billion to help the Gulf Coast, including $16.7 billion for the Community Development Block Grant program. This legislation would give even more housing assistance for the areas of the Gulf Coast hit by hurricanes in 2005 (Katrina, Rita and Wilma). Congressman Forbes supports oversight of federal money spent to support the families affected by these disasters, but considered the additional impact this costly legislation would have on our deficit. Congressman Forbes supports responsible federal spending and has recently cosponsored additional legislation, the Emergency Spending Control Act of 2007, H.R. 1122, which would budget for emergency spending and clearly define what constitutes an emergency.

Cosponsored H.R. 1122, the Emergency Spending Control Act of 2007. This legislation would require justification from the President for all funding requests designated as an 'emergency.' It would create a separate reserve fund in the budget in anticipation of these emergency funding needs. The emergency cost of the hurricane season of 2005, including Hurricane Katrina, was over $110 billion. This bill would work towards ensuring emergency spending is more thoroughly reviewed and provided for in the budget.

Cosponsored a Balanced Budget Amendment, which will force Congress to enact fiscally responsible spending measures, reduce the deficit, and ensure that the money our citizens work so hard to earn is not spent on wasteful spending and programs. The bill requires that Congress not spend more than it receives in revenues, requires the President to submit a balanced budget to Congress, and requires a 3/5 majority vote to increase the debt limit. A Constitutional amendment will force Congress to eliminate unnecessary and wasteful spending and make the decisions necessary to balance the budget and eliminate the federal deficit.

Voted twice to prevent the largest tax increase in American history.   The Majority’s budget proposal for FY 2009-2013 (H.Con.Res. 312) would impose the largest tax increase on American taxpayers in history — $683 billion over the next five years, and a $2,915 annual increase in federal taxes on the average taxpayer in Virginia’s Fourth District. This week, Congressman Forbes voted on two procedural motions that would have prohibited these tax increases from going into effect. 

Voted against H.R. 5719, the Taxpayer Assistance and Simplification Act of 2008.  H.R. 5719 contained several tax incentives for American consumers and businesses, many of which have been included in legislation previously passed by the House of Representatives during the 110^th Congress.  However, this legislation would also eliminate the Internal Revenue Service’s ability to utilize private debt collection companies and impose substantiation requirements for withdrawing money from Health Savings Accounts (HSAs).  HSAs have become an increasingly important and popular option for providing individuals more control over the cost of their health care.  The substantiation requirements proposed in this legislation would create unnecessary delays in reimbursements, fewer electronic transactions, and increased administrative costs for consumers. 

Signed a letter to the House Budget Committee supporting a tax credit for parents who choose to adopt.   Today, international adoptions can cost as much as $20,000 to 30,000, and domestic adoptions can cost as much as $15,000.  These high costs often deter parents who otherwise would be willing and able to adopt a child.  Making the 2001 adoption tax credit permanent will ensure that Americans who adopt a child continue to receive a credit for qualified expenses, and guarantee the maximum $10,000 credit for those who adopt children with special needs.

Cosponsored H.R. 5109, Economic Growth Act of 2008.  H.R. 5109 is legislation that would provide broad, growth-oriented, permanent incentives for economic activity across all sectors and industries, with immediate application and sustained, long-term implications.  This bill would encourage the purchase of assets with which to grow a business by allowing all businesses to immediately expense—or fully deduct on their tax returns—the costs of assets.   The bill would immediately cut the top corporate income tax rate from 35% to 25%, aligning it with the average rate in the European Union.  By allowing businesses to keep more of the money they earn, this provision would encourage the expansion of businesses, the hiring of more workers, and an acceleration of investment, while making American companies more competitive internationally. Additionally, the bill would end capital gains tax on inflation.  The bill would index for inflation the cost basis used when calculating the capital gains tax on assets acquired before the end of 2008.  Under current law, the capital gains tax is based on the difference in the original purchase price of the asset and the sale price of the asset.  However, some of this difference, or “gain,” can be attributed to inflation.  By effectively reducing the amount of a gain that is taxable, this provision would encourage the movement of capital in 2008 and spur voluminous economic investment.

Voted against a further expansion of H.R. 5140, the economic stimulus package, after the bill returned to the House from the Senate.   The bill would provide rebates to taxpayers and those who didn’t pay taxes and would increase the deficit by about $140 billion.  Congressman Forbes opposed the bill because it provided $30 billion in tax "rebates" to people who did not pay taxes in 2007.  Congressman Forbes supports long-term tax policies that will stimulate sustained growth for individuals and businesses, not one-time economic boosts that increase the federal debt with no proven results.  Congressman Forbes does support the business provisions in H.R. 5140, including establishing a 50% bonus deduction on new equipment in the year it is placed in service and allowing companies to fully expense $250,000 in both new and used tangible property in the year that it is purchased up to an overall limit of $750,000. For more information on Congressman Forbes' vote on the economic stimulus package, click here.

Voted in favor of the Senate Amendments to H.R. 3996, a bill to provide a one year patch to the Alternative Minimum Tax (AMT). The AMT was created in 1969 as a means to ensure that the wealthiest citizens were not able to lower their taxes through deductions and tax credits. Unfortunately, the AMT was never adjusted for inflation and it is estimated that without this patch, in 2007, up to 23 million Americans could be subject to the AMT. Estimates show that by 2010, 32 million Americans could be subject to the AMT and by 2016, 50 million Americans (47% of total taxpayers) could be subject to the AMT. The House of Representatives passed two previous versions of this legislation that Congressman Forbes did not support because in each version, the temporary one year AMT patch was offset by permanent tax increases. The Senate Amendments to H.R. 3996 provide a “clean” one year patch to the AMT without increasing taxes and increases the AMT exemption amount to $66,250 for joint filers and $44,350 for individuals.

Voted in favor of H.R. 3997, the Heroes’ Earnings Assistance and Relief Tax Act, a bill to make it easier for some veterans to qualify for certain low-cost mortgages, help service members receiving combat pay qualify for the earned-income tax credit, and improve some military families’ ability to receive Supplemental Security Income. It would also allow volunteer firefighters and emergency medical responders to avoid paying federal income taxes on any state or local tax rebates or abatement they receive.

Voted against H.R. 3996, the Temporary Tax Relief Act. This bill would have provided a one year extension for many popular expiring tax deductions and tax credits and it would have adjusted the Alternative Minimum Tax (AMT) level. However, although this bill included positive provisions, it would offset the the temporary tax cuts by imposing new permanent taxes to pay for the revenue loss.

Voted in favor of H.R. 3678, the Internet Tax Freedom Act Amendments Act of 2007, which would amend the Internet Tax Freedom Act to extend the moratorium on certain taxes relating to the Internet and to electronic commerce until November 1, 2011.

Voted in favor of H.R. 3648, the Mortgage Forgiveness Debt Relief Act. If a homeowner’s property has devalued from its initial purchase price, the homeowner sometimes will negotiate with the bank to have some of his or her mortgage debt forgiven. This can happen through a “short sale” of the property or refinancing or even foreclosure. However, under the law, any amount of debt forgiven by the bank is viewed by the IRS as income and will be taxed. This imposes a tax on people who can least afford it. H.R. 3648 would exempt this phantom income from taxation.

Cosponsored H.R. 3660, the Equity for Our Nation’s Self-Employed Act, which would correct the tax inequity facing self-employed workers. Under current tax law, corporations are able to deduct the cost of health insurance premiums as a business expense and forego payroll taxes on these costs. The self-employed are unable to take the same deduction. As a result they pay an additional 15.3% tax on their health insurance premiums. Virginia has almost half a million self-employed businesses and is ranked #11 in the United States based on 2005 IRS data.

Cosponsored H.R. 1742, the Fire Sprinkler Incentive Act, which would reduce the taxable depreciation period for automatic fire sprinkler systems from 39 years to 5 years. This makes it more affordable for building owners to recoup the expense associated with installing these expensive systems by classifying automatic fire sprinkler systems as five-year property for purposes of depreciation. The National Fire Protection Association has no record of a fire killing more than two people where a complete, and fully operation automatic fire sprinkler system was installed.

Cosponsored H.R. 2138, the Investment in America Act of 2007, which would establish a permanent research and development tax credit in the current tax code, which is scheduled to expired at the end of 2007. The research and development tax credit helps to keep America competitive while keeping high paying jobs onshore.

Cosponsored H.R. 743, the Permanent Internet Tax Freedom Act, which would establish a permanent prohibition on taxation of Internet access and would prohibit any taxation that would single out Internet users for unfair tax treatment. The current ban will expire on November 1, 2007. H.R. 743 does not impact any State’s ability to tax on-line sales, nor does it prohibit the collection of franchise fees or general property, business, and telecommunications taxes.

Cosponsored H.R. 1421, the Parents' Tax Relief Act of 2007, which would expand the daycare tax credit to include stay-at-home parents, supporting the right that parents have to child care choice. In addition, the bill contains common-sense tax measures such as making marriage penalty relief and the child tax deduction permanent, while encouraging home-based businesses and telecommuting to help parents spend more time with their children.

Cosponsored H.R. 2734, the Tax Increase Prevention Act of 2007. H.R. 2734 would make permanent tax reductions enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001. This tax reductions, which have helped stimulate our economy, include:(1) the tax deduction for state and local sales taxes; (2) the tax deduction for tuition and related expenses; (3) the increased expensing allowance for small business assets and related provisions; and (4) the tax credit for increasing research activities.

Cosponsored H.R. 643, the Collegiate Housing and Infrastructure Act of 2007. Under current tax law, only colleges and universities may use tax-deductible charitable contributions to make improvements to student residence halls as well as common areas and dining facilities used by college students. The not-for-profit student housing market, which includes community, Greek and faith-based organizations, providing housing for several hundred thousand college students nationwide, cannot use tax-deductible charitable contributions to make similar improvements for the same student population. The not-for-profit student housing market, therefore, often lacks the resources needed to maintain their housing. H.R. 643 would eliminate the difference in treatment of charitable contributions made to improve student housing on college campuses nationwide.

Cosponsored H.R. 1261, the Capital Gains Inflation Relief Act of 2007, legislation that would eliminate the capital gains tax on inflation. The capital gains tax is charged on a profit from the sale of assets, such as real estate or stocks. This legislation would encourage more long-term investments and reduce the tax burden for millions of Americans.

Cosponsored H.R. 1586, the Death Tax Repeal Act of 2007, which would provide better financial stability to small businesses and family farms by eliminating the federal estate and gift taxes. This legislation would also make permanent the estate tax approved by Congress five years ago, set to expire in 2010.

Cosponsored The Tax Relief for Families Act, H.R. 411, which would make some of the most popular, common-sense tax cuts permanent to help Americans better provide for their families and help our economy. Specifically, it will make permanent the Child Tax Credit, Marriage Penalty Relief, College Tuition Deduction, State and Local Sales Tax Deduction, School Teacher Expense Deduction, and it would repeal the estate tax.

Cosponsored the Tax Code Termination Act, which would abolish the Internal Revenue Code by December 31, 2010 and establish a new federal tax system by July of 2010. This legislation would terminate our current tax code and force Congress to fully debate and address fundamental tax reform.