Coats Notes: Renewing Push for Balanced Budget Amendment, Tax Season Resources

Senator Dan Coats
2013-02-22 10:18:58
<iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/co ats_topbanner.jpg> Dear Friend, Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback. Thanks for reading, Dan Coats _____ Renewing Push for Balanced Budget Amendment America is in a fiscal crisis today because for too long our country has spent money we do not have and operated without a budget. In fact, it has been almost 1,400 days since the Senate last passed a budget. It is ridiculous that our country is in this situation, and I believe Washington should be forced to balance its budget every year just like Hoosier families and businesses have to do. Passing a balanced budget amendment is one step toward reining in out-of-control spending and getting our financial house in order. I am supporting a balanced budget amendment to the U.S. Constitution that would force the government to balance its budget, limit the growth of federal spending and require supermajorities for tax increases. I supported identical legislation in the 112th Congress and similar legislation in the 1990's. In 1995 and again in 1997, I voted for a balanced budget amendment to set limits on spending and require the federal government to balance its checkbook. Each time the Senate came one vote short of the two-thirds required to pass the amendment. If this amendment had passed and been ratified by three-fourths of our states, I believe we would not be faced with the financial challenges that exist today. When the amendment failed in 1997, the national debt stood at $5.36 trillion. Today the national debt is over $16.5 trillion and climbing. The balanced budget amendment: * Mandates that total budgetary outlays for any fiscal year not exceed total revenues. * Caps federal spending at 18 percent of GDP. * Requires the president to submit a balanced budget to Congress every fiscal year. * Requires a two-thirds supermajority for any new tax, any increase in tax rates, or any bill that is a net revenue-raiser. * Requires a supermajority to raise the debt limit. * Allows for waiver of budget limits if there is a formal declaration of war, if the U.S. is engaged in a military conflict constituting a threat to national security, or if two-thirds of both the House and Senate approve. _____ Tax Season Resources With tax season upon us, I wanted to pass along a couple of helpful resources to protect you and your family from identity theft. It is possible for identity thieves to use your personal information to file a tax return and then claim your tax refund. For information on reporting identity theft or other fraudulent activity, visit the Identity Protection <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.ir s.gov%2fuac%2fIdentity-Protection> home page on IRS.gov and click on the "Identity Theft" link at the bottom of the page. If you would like to report information on an individual who attempted to use your information, you can file a complaint with the Internet Crime Complaint Center <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.ic 3.gov%2fdefault.aspx> . Additionally, IRS Taxpayer Assistance Centers are available for personal tax help when you believe your tax issue cannot be handled online. Here is the website for the IRS's Indiana Tax Payer Assistance Centers, with locations and hours: www.irs.gov/uac/Contact-My-Local-Office-in-Indiana <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.ir s.gov%2fuac%2fContact-My-Local-Office-in-Indiana> . You can also request paper tax forms by calling 1-800-TAX-FORM (1-800-829-3676). Coats in the News Senator Coats Discusses Hagel Nomination on FoxNews <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fwatch%3fv%3dRGlLpaeiQcg%26amp%3bfeature%3dyoutu.be> Coats Hopes Federal Budget Cuts Prompt Serious Look at Spending <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.nw itimes.com%2fnews%2flocal%2fgovt-and-politics%2fcoats-hopes-federal-budg et-cuts-prompt-serious-look-at-spending%2farticle_ee00fbd0-cd07-5660-acb 1-0efeb8a06d05.html> Coats: Sequester Is Wrong Approach, but Best Chance at Spending Cuts <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.wi bc.com%2fnews%2fstory.aspx%3fID%3d1890959> Senator Coats Stops by Berry Plastics for Visit <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.14 news.com%2fstory%2f21220701%2fsenator-coats-stops-by-berry-plastics-for- visit> _____ Stay Connected <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.fa cebook.com%2fpages%2fSenator-Dan-Coats%2f180671148633644> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2ftwitte r.com%2fSenDanCoats> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fSenatorCoats> _____ Coats with Hoosiers <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/co atsCopy.jpg> Addressing the Indiana State Senate. <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fnewsroom%2fphotos%2fcoats-tours-countrymark-refinery> <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/DR CDavidLong.jpg> With Senator David Long, President Pro Tempore of the Indiana Senate. _____ To unsubscribe please Click Here <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2fnewsletter%2funsubscribe> Contact Me <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2f> Latest News <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14623.8762973.5227681.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2f> <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/iq trk.gif?crop=14623.8762973.5227681.7189397>
 

Dear Friend,

Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback.

Thanks for reading,
Dan Coats


Renewing Push for Balanced Budget Amendment 

America is in a fiscal crisis today because for too long our country has spent money we do not have and operated without a budget. In fact, it has been almost 1,400 days since the Senate last passed a budget.

It is ridiculous that our country is in this situation, and I believe Washington should be forced to balance its budget every year just like Hoosier families and businesses have to do. Passing a balanced budget amendment is one step toward reining in out-of-control spending and getting our financial house in order. I am supporting a balanced budget amendment to the U.S. Constitution that would force the government to balance its budget, limit the growth of federal spending and require supermajorities for tax increases.

I supported identical legislation in the 112th Congress and similar legislation in the 1990’s. In 1995 and again in 1997, I voted for a balanced budget amendment to set limits on spending and require the federal government to balance its checkbook. Each time the Senate came one vote short of the two-thirds required to pass the amendment. If this amendment had passed and been ratified by three-fourths of our states, I believe we would not be faced with the financial challenges that exist today. When the amendment failed in 1997, the national debt stood at $5.36 trillion. Today the national debt is over $16.5 trillion and climbing.

The balanced budget amendment:

  • Mandates that total budgetary outlays for any fiscal year not exceed total revenues.
  • Caps federal spending at 18 percent of GDP.
  • Requires the president to submit a balanced budget to Congress every fiscal year.
  • Requires a two-thirds supermajority for any new tax, any increase in tax rates, or any bill that is a net revenue-raiser.
  • Requires a supermajority to raise the debt limit.
  • Allows for waiver of budget limits if there is a formal declaration of war, if the U.S. is engaged in a military conflict constituting a threat to national security, or if two-thirds of both the House and Senate approve.

Tax Season Resources

With tax season upon us, I wanted to pass along a couple of helpful resources to protect you and your family from identity theft. It is possible for identity thieves to use your personal information to file a tax return and then claim your tax refund. For information on reporting identity theft or other fraudulent activity, visit the  home page on IRS.gov and click on the “Identity Theft” link at the bottom of the page. If you would like to report information on an individual who attempted to use your information, you can file a complaint with the .

Additionally, IRS Taxpayer Assistance Centers are available for personal tax help when you believe your tax issue cannot be handled online. Here is the website for the IRS’s Indiana Tax Payer Assistance Centers, with locations and hours: . You can also request paper tax forms by calling 1-800-TAX-FORM (1-800-829-3676).

Coats in the News

Senator Coats Discusses Hagel Nomination on FoxNews

Coats Hopes Federal Budget Cuts Prompt Serious Look at Spending

Coats: Sequester Is Wrong Approach, but Best Chance at Spending Cuts

Senator Coats Stops by Berry Plastics for Visit


Stay Connected

      


Coats with Hoosiers


Addressing the Indiana State Senate.


With Senator David Long, President Pro Tempore of the Indiana Senate.


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