Fighting for Financial Independence
By Rep. Kristi Noem
For many, preparing for Tax Day only highlights just how much of a person’s paycheck is redirected straight into the federal government’s bank account. The truth is our tax returns only tell part of the story. Federal regulations add thousands of dollars more in hidden costs every year for South Dakota families. I’ve heard from many that “enough is enough” – and I agree. So regardless of if it’s tax or regulatory reform, I’m focused on giving you more financial independence.
One of the first places I’m looking to save you money is on your taxes. Last year, I helped outline a simpler and fairer tax code. In totality, the plan is estimated to save the average family $4,600 per year, according to analysis done by The Tax Foundation. On top of that, they expect the plan would help grow the economy by 9.1 percent over the next 10 years, which translates into more jobs and higher wages.
The way we’re proposing to do this may save more than money. Under our plan, tax returns may be simple enough to fit on a postcard, hopefully saving taxpayers the 6 billion hours we collectively spend doing our taxes each year.
Like I mentioned before, there are also hidden costs the federal government imposes. Today, almost 25 percent of a new family home’s final cost is dealing with regulations to build that home. Under Obama-era motor-vehicle regulations, the cost of a new car could spike almost $3,000 by 2025. Meanwhile, regulations on everything from lightbulbs to dishwashers could increase consumer costs by as much as $1,600. And it just keeps adding up from here!
Already, President Trump and Congress have worked together to delay, repeal, or dismantle more than 90 regulations put in place by President Obama. But more must still be done. In addition to dismantling the unnecessary regulations piece-by-piece, I’ve supported legislation to make it much more difficult to impose these massive regulations in the first place. Just days into 2017, the House passed a bill I co-sponsored that would require any major regulation to be approved by Congress. If enacted, it would be an unprecedented check on federal bureaucracy.
After eight years under President Obama, I think too many have accepted a status quo that leaves less money in your pocket and puts more decisions in the government’s hands. Whether it’s regulatory reform or tax reform, there is a path forward that gives you more freedom and financial independence. Ultimately, that’s the path I will always pursue.