Congressman Reed outlines goals for Ways and Means

Andrew Poole

It’s been less than one week since Congressman Tom Reed was named to the Ways and Means Committee, but he’s already set his sights on several targets for the committee.

In a Monday morning conference call, Reed outlined multiple goals aimed at helping America’s businesses return from the doldrums.

 “Our top priority is to create the economic opportunity for job growth. That has been our overall theme,” said Reed.

The Ways and Means Committee has jurisdiction over the tax code, a document whose 70,000-plus pages help certain business reap benefits while others pay a heavier burden, said the congressman.

Reed is hoping to eliminate some of the loopholes and exemptions, and create a better balance of tax bills across businesses. “Small-business America is really picking up the tab, and that’s where our future lies,” said Reed.

Reed said the discussion on changing the tax code has already started during his first committee meeting Wednesday. The conversation so far has attracted bi-partisan support.

He’s hoping potential reforms may be submitted to Congress by winter or spring of 2012.

Along with bringing foreign income back to American shores, Reed said another goal is to continue to push for passage of the REINS Act, a target he’s discussed in previous calls.

The REINS Act would demand that any regulation coming from the executive branch aimed at $100 million or more in the economy would require Congressional and presidential approval before becoming effective.

Passage of the REINS Act and overhauling the tax code will not only help America on the small business-level, but also on the national economic scale, said the congressman.

Recently Reed and 102 other Congressional members signed a letter to Speaker of the House John Boehner and Majority Leader Eric Cantor against further increases of the debt ceiling.