Monday, February 22, 2010

May: House Defeats Rep. Rice’s Risky Investment Scheme

House GOP and Dems Team Up to Stop Investment Gamble on Retirement Accounts

The state House of Representatives today stopped a Senate Joint Resolution that House Republicans said encouraged risky investments for Coloradans’ individual retirement accounts.

At issue was Senate Joint Resolution 15, by Rep. Joe Rice, D-Littleton, which would have granted the state House of Representatives’ encouragement and stamp of approval for Colorado businesses to add a renewable energy fund to every 401(k) and other defined contribution plans in the state. The resolution was defeated when Representatives on both sides of the aisle saw how risky this investment strategy is.

“The House is not going to encourage people to gamble with their retirement funds,” said House Republican Leader Mike May. “I don’t believe that the state House should set the precedent of trying to pick winners and losers in the stock market. Especially not for Rice’s special interest cronies.”

As an example, May, R-Parker, pointed to a much-hyped foreign corporation that could be included in such an investment that has seen their stock drop nearly 70 percent in the last 20 months.

“We all support and encourage renewable energy,” May said. “But that doesn’t mean that Coloradans should be led to believe that the state House says they are a sound investment for your retirement.”

After a spirited debate, the House defeated the SJR 15 on a vote of 42-21.

Monday, February 1, 2010

Bulk of “Dirty Dozen” Package of Tax Increases Sent to Senate


Bulk of “Dirty Dozen” Package of Tax Increases Sent to Senate

Democrats Rush Forward with “Tax Increases in Effort to Play “Economic Chicken”

Despite continued opposition from citizens, businesses, and consumers, majority Democrats today granted final approval in the House for a package of tax increases that make up the bulk of the ‘dirty dozen.’

“The Democrats’ rush to tax the citizens and businesses who make up the backbone of Colorado’s economy, came full-circle this morning,” May said. “After hours of testimony from business owners and citizens who oppose these tax increases, Democrats still chose to ignore that message and take them one step closer to reality.”

The package of 8 proposals, granted final approval by the House today, would remove tax exemptions that small businesses rely on. Democrats are fast-tracking the package of legislation in order to pay for their over-spending in the previous year.

“Now is not the time to be passing along the cost of government bureaucracy onto citizens and businesses,” May said. “There is no question that a good many Coloradans are going to lose their jobs if this legislation is not stopped.”

May says that the overwhelming display of opposition by concerned citizens and business owners should be enough of an argument to stop these bills. Last week, the House Finance Committee debated the proposals, with one hearing lasting until 2:45 a.m. The committee room was overflowing with Coloradans from across the state who came to testify against the package of tax increases.

“One Democrat went so far as to argue that we should “call businesses bluff” when it comes to the amount of jobs that will be lost as a result of these tax increases,” May said. “When these businesses come to the capitol and tell us that they will have to cut jobs, they mean it. Calling their bluff is simply not good public policy and playing economic chicken with business owners will cost Colorado jobs.”

Among the tax exemptions being proposed for removal are candy, soda, online sales, and energy use.

The proposals, House Bill 1189, House Bill 1191, House Bill 1192, House Bill 1193, House Bill 1194, House Bill 1195, House Bill 1196, and House Bill 1199 were passed by the House on final approval with bipartisan opposition and will now move to the state Senate for further debate.

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