Good Morning –
As the Supreme Court made clear, the cornerstone of ObamaCare is a massive tax on the American people. No matter which way you slice it American families and businesses of every size and shape will all face higher costs and patients will have less control of their own health care choices. Whether it’s ObamaCare or his latest proposal to hike taxes on small businesses, under President Obama small business hiring has stalled and the economy isn’t growing. The proof is in the pudding: the number of new jobs created in June was barely a blip on the screen and small businesses are ‘bummed about the future.’ Today the House vote to repeal ObamaCare and in the coming weeks, we will vote to keep taxes from going up on anybody to create an environment of certainty and growth.
Today in History: In 1804, the famous duel between Vice President Aaron Burr and Alexander Hamilton took place, with Burr fatally wounding his political rival, who died the following day.
Birthdays: Corey Boles, Garrett M. Graff, John Quincy Adams, E.B. White, 7-Eleven, Lil' Kim, Richie Sambora, Jeff Corwin, and Andrew Bird
Here Are the Top Stories We’re Watching:
1. State Of Play: Today The House Will Vote To Repeal ObamaCare And Pave The Way For Patient-Centered, Affordable Care. House Republicans sought to convince their colleagues that the 2010 healthcare law needs to be repealed because it is a huge intrusion into the personal lives of Americans, in Tuesday floor debate leading up to a Wednesday vote to repeal the law. "Rather than reform healthcare, this law epitomizes Washington at its very worst," House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) said on the House floor. "Intrusive mandates, higher costs, red tape, unaffordable spending, taxes on employers and families, and control of personal healthcare decisions by boards, bureaus and agencies in Washington."Several Republicans added that even aside from the size of the program, the law is failing to lower costs, and has been reduced U.S. economic growth. The Hill
2. Repeal Vote: Wiping ObamaCare From The Books Is Necessary To Cut Costs, Improve Access and Quality of Care. Though a wiping of ObamaCare from the books is necessary to prevent a further expansion of the government's role in health care, it will not be sufficient to create a truly modern, market-based health care system. Even before ObamaCare passed in 2010, the American health care system was far from a free market. In 2009, government at all levels accounted for $1.1 trillion, or 44 percent, of all health care spending in the U.S., according to the Centers for Medicare and Medicaid Services. Beyond this, the federal government grants tax advantages to those who get insurance through their employers. This may sound appealing in the abstract, but the result is that people are given fewer choices over the type of plans they want, and if they like their plan, they cannot keep the coverage when they change jobs. Those who don't get insurance through government or their employers are forced to navigate a tightly regulated individual insurance market without enjoying the same tax advantages. In a free market system, individuals would have more control over their health care dollars, and the health care industry would be competing for their business. By exercising choices, consumers could drive down health care costs as they do in other, freer sectors of the economy, thus improving access and the quality of care. The Examiner
3. ObamaCare: Virginia Lieutenant Governor Bolling: Last Thing We Need Is ObamaCare Taxes. The Supreme Court has upheld ObamaCare’s mandate penalty as a tax, rescuing it from the ash heap of unconstitutionality. Legal scholars will continue the argument over the constitutional issues for years. But wherever one comes down on the legal niceties of the health care overhaul, Virginia is still staring down the barrel of a fully loaded gun. For tucked in the bill’s 2,700 pages are a number of provisions that, as they go into effect beginning in 2014, will be a disaster for the economy of Virginia and for the American health care system. One such provision is the special excise tax ObamaCare imposes on medical-device manufacturers. The manufacture of medical devices is one of the most dynamic sectors of our economy. A range of small and large companies has been one of the major engines of progress in the development of less expensive and more effective means of medical treatment…As Alex Lukianov, CEO of NuVasive, an innovative company in this field, wrote recently, “I can confidently say that if this tax were in place 13 years ago, NuVasive would not be here today. Thousands of jobs would never have been created, and hundreds of thousands of patients would be worse off.” Washington Times
4. Obamanomics: The Economy Continues To Suffer Under President Obama’s Failed Policies. Obama promised that unemployment would not top 8 percent if we passed the stimulus law -- and though he predicted that the unemployment rate would be at 5.6 percent today, the private economy itself is quite disabled under this leadership. There are very few jobs on offer. People are accordingly going where the money is. From the beginning of the recovery in June 2009, more Americans have joined the ranks of the disabled (3.1 million) than have found jobs (2.6 million). Record numbers have also filed for unemployment insurance, welfare benefits and food stamps, which 1 in 7 Americans now receive…The president is fond of saying, regarding the Republican Party's economic philosophy, "We tried that, and it didn't work." Obama never acknowledges that his economic philosophy -- enthusiastically enacted by a Democrat-dominated Congress in 2009, not only has failed but also makes no sense. By what logic does adding record numbers of people to the welfare rolls aid the economy? Town Hall
5. Tax Debate: Obama’s Tax Stance Makes No Sense. Speaking Monday from the White House Rose Garden, Obama called for what was in effect a massive tax hike on the nation's job and business creators — a political act of desperation that could lead to another recession and soaring unemployment. Under Obama's plan, the top 2% of earners — for families, that's anyone earning $250,000 or more annually — would be hit with punitive hikes in taxes, all in the interest of "fairness." This makes no sense whatsoever — either from the standpoint of fiscal responsibility or even Obama's own past statements on taxes. Remember in August 2009, when Obama supported extending the Bush tax cuts because, as he then put it, "The last thing we want to do is raise taxes during a recession"? Well, here we are with 8.2% unemployment (we haven't been below 8% for 3-1/2 years), meager 1.9% average GDP growth with a very real threat of recession on the horizon, trillion-dollar deficits extending as far as the eye can see, and this is a good time to raise taxes? Investor’s Business Daily
6. Small Biz Survey: Small Business Confidence Hits 2012 Low. "I've cut taxes for small business owners 18 times since I've been in office," President Obama said Monday as he proposed tax hikes on the well-off. He stressed, "This isn't about taxing job creators, this is about helping job creators." Small business owners may feel they've gotten quite enough help from the current administration. The Small Business Optimism Index fell 3 points in June to 91.4, the National Federation of Independent Business reported Tuesday. That's the lowest level since last October and the biggest one-month drop in two years. Net employment at small firms declined for the first time this year. Business owners also soured on the prospects for their profits and sales as well as the overall economy. The report adds to a slew of recent data pointing to deteriorating economic activity at home and abroad. The latest NFIB survey doesn't include reaction to the Supreme Court's ObamaCare decision in late June. But the small business community is no fan of the NFIB v. Sebelius ruling. Investor’s Business Daily
7. Committee Check: Chairman Graves: Obama Administration Blocks Increasing Government Contracting Options For Small Business. Congress has been debating various proposals aimed at helping small business — lower taxes, fewer regulations, greater access to credit. But one issue offers a surefire way to provide more opportunities: government contracting. The federal government spends a half-trillion dollars on contracted goods and services. This offers small companies an extremely large market to provide services and products. With the federal government as a customer, small firms can grow and create jobs. When a large company wins a federal contract, it usually has the resources to do the work. But a small business will most likely need to hire new staff to meet the new contract’s demands. The biggest problem for small firms that want to enter the federal procurement marketplace is limited opportunities. Roughly 90 percent of the businesses that bid on federal contracts are small. However, the government wide goal for using small contractors is only 23 percent…To address this issue, our committee embarked on an aggressive initiative to reform the procurement system to give small businesses a fair shot. We passed 11 bills with bipartisan support to help fix various small-business contracting problems. One that might be the most effective is legislation that raises the small-business goal from 23 percent to 25 percent…So everyone can agree on this small-business proposal to increase government contracting opportunities, right? Wrong. You’d be surprised where the opposition is coming from. Just before House passage of the national defense authorization in May, the Obama administration announced its opposition to this proposal. Politico
Off the Beaten Path:
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