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The Fiscal Cliff

House passes spending bill to protect national defense and veterans

| Posted in Press Releases

In an effort to help provide the Pentagon budget flexibility as it faces across-the-board cuts under sequestration, the House today passed a spending bill to continue government operations until the end of the fiscal year on September 30, 2013 (H.R. 933) by a vote of 267-151. Area Congressman Mac Thornberry (R-Clarendon) supported its passage. The legislation includes a full-year Defense Appropria... Read more »

Thornberry proposes bill to delay Obamacare and stop across-the-board defense cuts

| Posted in Press Releases

With across-the-board sequestration cuts set to take place on March 1, Congressman Mac Thornberry (R-Clarendon) introduced a bill today to replace those arbitrary cuts for the rest of the fiscal year by delaying the full implementation of Obamacare until 2016. “This bill pays for the cost of one year of the automatic cuts by delaying the expensive implementation of Obamacare,” said Rep. Thornberry... Read more »

Thornberry votes to make current tax rates permanent

| Posted in Press Releases

U.S. Congressman Mac Thornberry (R-Clarendon) made the following comments after a vote in the House of Representatives to make current tax rates permanent: "Making the current tax rates permanent for the vast majority of Americans, as this bill does, is a major accomplishment. I continue to hear from many people in our part of Texas that stability in the tax code is necessary for their families an... Read more »

The Blizzard of Statistics and the “Fiscal Cliff”

| Posted in Articles

In the blizzard of statistics surrounding the “fiscal cliff,” two numbers give us the essential bottom line. They are 20.6 and 24.3. Let me explain. Since World War II, the top income tax rate has varied widely. It has been as high as 94 percent and as low as 28 percent. Usually it was somewhere in between. But in all those 67 years with all of those different tax rates, the revenue collected by t... Read more »