1 / 19

Overview of Fiscal Cliff Plan

Overview of Fiscal Cliff Plan. Revenue Top Individual Rate Increases from 35% to 39.6% ($400K/ $450K) Capital Gains & Dividend Rate increases From 15% to 20% ($400K/ $450K) PEP/ Pease Reinstated Estate Tax Increase to 40% above $5M AMT Permanent Fix Extend Other Expiring Provisions.

arlo
Download Presentation

Overview of Fiscal Cliff Plan

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Overview of Fiscal Cliff Plan Revenue • Top Individual Rate Increases • from 35% to 39.6% ($400K/ $450K) • Capital Gains & Dividend Rate increases From 15% to 20% ($400K/ $450K) • PEP/ Pease Reinstated • Estate Tax Increase to 40% above $5M • AMT Permanent Fix • Extend Other Expiring Provisions Spending • Doc Fix (1 year) • Turn Off Sequester (2 months) • Unemployment Extension (1 year) • Farm Bill Extension (1 year)

  2. 112th Congress 113th Congress HouseSenate Republicans: 234 Democrats: 53 Democrats: 201 Republicans: 45 Independents: 2 Diversity Female: 100 African American: 43 Latino: 32 Asian American: 9 Blue Dogs: 14 HouseSenate Republicans: 240 Democrats: 51 Democrats: 191 Republicans: 47 Independents: 2 Diversity Female: 93 African American: 44 Latino: 31 Asian American: 9 Laws Passed: 238 (House voted to repeal AffordableCare Act 33 times) Blue Dogs: 26 (54 in the 111th)

  3. Senate Agriculture Committee 112th 113th Democrats C Debbie Stabenow, MI Pat Leahy, VT Tom Harkin, IA Max Baucus, MT Sherrod Brown, OH Robert Casey, PA Amy Klobuchar, MN Michael Bennet, CO Kristen Gillibrand, NY Joe Donnelly, IN Heidi Heitkamp, ND Republicans RM Pat Roberts, KS Richard G. Lugar, IN Thad Cochran, MI Mitch McConnell, KY Saxby Chambliss, GA John Boozman, AR Mike Johanns, NE Charles Grassley, IA John Thune, SD John Cornyn, TX John Hoeven, ND Republicans RM Thad Cochran, MS Pat Roberts, KY Mitch McConnell, KY Saxby Chambliss, GA John Boozman, AR John Hoeven, ND Mike Johanns, NE Chuck Grassley, IA John Thune, SD Democrats C Debbie Stabenow, MI Patrick J. Leahy, VT Tom Harkin, IA Kent Conrad, ND Max Baucus, MT E. Benjamin Nelson, NE Sherrod Brown, OH Robert Casey, Jr., PA Amy Klobuchar, MN Michael Bennet, CO Kirsten Gillibrand, NY

  4. 113th House Agriculture Committee 112th Republicans Frank D. Lucas, OK Chairman Bob Goodlatte, VA Timothy Johnson, IL Steve King, IA Randy Neugebauer, TX K. Michael Conaway, TX Jeff Fortenberry, NE Glenn Thompson, PA Tom Rooney, FL Rick Crawford, AR Scott DesJarlais, TN Renee Ellmers, NC Stephen Fincher, TN Bob Gibbs, OH Chris Gibson, NY Vicky Hartzler, MO Tim Huelskamp, KS Randy Hultgren, IL Reid Ribble, WI Martha Roby, AL Bobby Schilling, IL Austin Scott, GA Steve Southerland, FL Marlin Stutzman, IN Scott Tipton, CO Democrats Collin C. Peterson, MN Tim Holden, PA Mike McIntyre, NC Leonard Boswell, IA Joe Baca, CA Dennis Cardoza, CA David Scott, GA Henry Cuellar, TX Jim Costa, CA Timothy J. Walz, MN Kurt Schrader, OR Larry Kissell, NC Bill Owens, NY ChelliePingree, ME Joe Courtney, CN Peter Welch, VT Marcia L. Fudge, OH Gregorio Sablan, Northern Mariana Islands . Terri A. Sewell, AL James McGovern, MA Republicans Frank Lucas, OKChairman Bob Goodlatte, VA Steve King, IA Randy Neugebauer, TX Mike Rogers, AL K. Michael Conaway ,TX Glenn Thompson, PA Bob Gibbs, OH Austin Scott ,GA Scott Tipton, CO Steve Southerland , FL Rick Crawford , AR Martha Roby , AL Scott DesJarlais , TN Chris Gibson , NY Vicky Hartzler, MO Reid Ribble, WI Kristi Noem, SD Dan Benishek, MI Jeff Denham , CA Doug LaMalfa, CA Richard Hudson , NC Rodney Davis, IL Chris Collins , NY Ted Yoho, FL Democrats Collin Peterson, MN-Ranking Mbr Mike McIntyre, NC David Scott, GA Jim Costa, CA Tim Walz, MN Kurt Schrader, OR Marcia Fudge, OH Jim McGovern, MA Joe Courtney, CT Suzan DelBene, WA Gloria Negrete McLeod , CA Filemon Vela, TX Michelle Lujan Grisham, NM Ann Kuster, NH Rick Nolan, MN Pete Gallego, TX William Eynart, IL Juan Vargas, CA Cheri Bustos, IL Sean Patrick Maloney, NY • Boldindicates new to the committee

  5. House Agriculture Subcommittee Department Operations, Oversight, and Credit 112th Congress Livestock, Rural Development & Credit 113th Congress Democrats Jim Costa, CA RM Mike McIntyre, NC David Scott, GA FilemonVela, TX Michelle Lujan Grisham, NM Pete Gallego, TX Bill Enyart, IL Cherie Bustos, IL Kurt Schrader, OR Vacant Vacant Republicans Jeff Fortenberry, NE Chair Timothy Johnson, IL Steve King, IA Rick Crawford, AR Kristi Lynn Noem, SD Democrats Marcia Fudge, OH RM Jim McGovern, MA Joe Baca, CA Republicans Rick Crawford, ARChair Bob Goodlatte, VA Steve King, IA Randy Neugebauer, TX Mike Rogers, AL K. Michael Conaway, TX Glenn "GT" Thompson, PA Scott DesJarlais, TN Christopher P. Gibson, NY Reid J. Ribble, WI Jeff Denham, CA Richard Hudson, NC Ted Yoho, FL

  6. Key Events/Dates in 2013 • Sequester Spending Reductions: March 1st • Continuing Resolution: March 27th • Debt Ceiling: Mid May • Farm Bill Expiration: September 30th

  7. Crop Insurance • Premier “farm safety net” tool (i.e. drought)…or a program rife with subsidies? • Impact re: FB direct payments in CY 2013? • Expecting a difficult climate… • EWG (conservation compliance) • Fiscal conservatives • Durbin/Coburn amendment (AGI cap of 750K premium subsidy – Senate Bill)

  8. House Financial Services Committee Republicans (33) Democrats (28) Maxine Waters, CA Ranking Member Carolyn B. Maloney, NY Luis V. Gutierrez, IL Nydia M. Velázquez, IL Melvin L. Watt, NC Brad Sherman, CA Gregory W. Meeks, NY Michael E. Capuano, MA Rubén Hinojosa, TX Wm. Lacy Clay, MO Carolyn McCarthy, NY Stephen F. Lynch, MA David Scott, GA Al Green, TX Emanuel Cleaver, MO Gwen Moore, WI Keith Ellison, MN Ed Perlmutter, CO James A. Himes, CT Gary C. Peters, MI John C. Carney, Jr., DE Terri A. Sewell, AL Bill Foster, IL Daniel T. Kildee, MI Patrick Murphy, FL John K. Delaney, MD KyrstenSinema, AR Joyce Beatty, OH Jeb Hensarling, TX Chairman Marlin A. Stutzman, IN Gary G. Miller, CA Vice Chairman Mick Mulvaney, SC Spencer Bachus, ALRandy Hultgren, IL Peter T. King, NY Dennis A. Ross, FL Edward R. Royce, CA Robert Pittenger, NC Frank D. Lucas, OK Ann Wagner, MO Shelley Moore Capito, WV Garland “Andy” Barr, KY Scott Garrett, NJ Tom Cotton, AR Randy Neugebauer, TX Patrick T. McHenry, NC John Campbell, CA Michele Bachmann, MN Kevin McCarthy, CA Stevan Pearce, NM Bill Posey, FL Michael G. Fitzpatrick, PA Lynn A. Westmoreland, GA Blaine Luetkemeyer, MO Bill Huizenga, MI Sean P. Duffy, WI James B. Renacci, OH Robert Hurt, VA Michael G. Grimm, NY Steve Stivers, OH Stephen Lee Fincher, TN

  9. House Financial Services Subcommittee Chairmen and Jurisdictions • Rep. Gary Miller:Vice Chairman, Financial Services Committee • Lynn Westmoreland:Committee Whip • Rep. Randy Neugebauer:Insurance, Housing and Community Opportunity Jurisdiction: Insurance generally, housing, urban development, and the Department of Housing and Urban Development. • Rep. Shelley Moore Capito:Financial Institutions and Consumer Credit Jurisdiction: Banks and banking, depository institutions, federal deposit insurance, and safety and soundness. • Rep. Scott Garrett:Capital Markets and Government-Sponsored Enterprises Jurisdiction: Capital markets, securities, and government sponsored enterprises. • Rep. John Campbell Domestic and International Monetary Policy * Jurisdiction: Domestic monetary policy, currency, precious metals, valuation of the dollar, economic stabilization, defense production, commodity prices, financial aid to commerce and industry. International monetary policy, international finance and banking, international financial and monetary organizations, including the IMF and World Bank, and the promotion of international trade in financial services. • Rep. Patrick McHenry: Oversight and Investigations Jurisdiction: Oversight of all matters within the jurisdiction of the full Committee. *Newly Combined by Chairman Hensarling to form one subcommittee (formerly one for domestic one for international)

  10. Senate Banking Committee Democrats Tim Johnson, SD Chairman Jack Reed, RI Charles Schumer, NY Robert Menendez, NJ Sherrod Brown, OH Jon Tester, MT Mark Warner, VA Jeff Merkley, OR Kay Hagan, NC Joe Manchin, WV Elizabeth Warren, MA Heidi Heitkamp, ND Republicans Mike Crapo, ID Ranking Member Richard Shelby, AL Bob Corker, TN David Vitter, LA Mike Johanns, NE Patrick Toomey, PA Mark Kirk, IL Jerry Moran, KS Tom Coburn, OK Dean Heller, NV

  11. GSE Reform • Debate centered on “Housing Finance Reform” (Fannie Mae & Freddie Mac) • Treasury Report issued February 2011, per Dodd-Frank • House Financial Services Committee • Smaller bills or “death by a thousand cuts” ? • Barney Frank: What happened? • “Mixed Blessing”

  12. GSE Reform: FCC Outreach Priorities • Outreaching to key Administration & Hill committees/offices • Important to communicate the FCS story and offer assistance, where appropriate • Fly-ins and grassroots activity - vital

  13. Farm Credit Council Grassroots Program • Why is grassroots important? • Allows Communication with Congress in a way they prefer and understand • The grassroots program allows Farm Credit to react quickly, nimbly, and with force to legislative threats • Farm Credit has the potential to build a large, diverse, universe of activists

  14. Welcome to the FCC Legislative Action Center

  15. FCC Action Center

  16. Action E-List Sign Up Page

  17. Action Alerts for 2012 • Supporting a Strong Crop Insurance Program (Senate 6.8-6.20) • Opposing DeMint Amendment Eliminating Guarantee Program (6.13-6.20) • Urge Your House Member to Take Action on the Farm Bill (House 7.23-8.3) • Tell Congress to Pass a Full Farm Bill This Year! (8.13-Present)

  18. Our Success So Far…. • Nation-wide the Farm Credit System has sent 3,148 messages to 249 Members of Congress and Senators across the United States. • Over 1000 Farm Credit System Members have utilized the Action Center to Communicate with their Representatives and Senators. • Over 550 Farm Credit System Members have signed up for the Action E-List. • There is lots of room for Farm Credit to GROW its grassroots capacity! -10,000 Members, 500,000 borrowers -State level Initiatives

More Related