Foxx Votes for Repeal Bill

Congresswoman Virginia Foxx (NC-05) voted last week for legislation (H.R. 674) to repeal a federal mandate to require state, local and federal governments to withhold three percent of payments made to companies that do business with the government.  Even President Obama recently said this mandate “keeps capital out of the hands of jobs creators” and has endorsed the House bill.  Foxx said. “Repealing this job-killing regulation will help free up cash for small businesses that they can use to invest in their operations and in hiring new employees.”  The three percent withholding rule was originally intended to increase compliance with federal taxation.  However, most companies would be unfairly harmed by the new requirement aimed to curtail tax delinquency.  Additionally, government agencies questioned whether the additional tax revenue collected would be greater than the cost of complying with the new rule.  The three percent withholding repeal bill, H.R. 674, passed the House 405-16.  Foxx also said,  “I’m pleased that the House passed this bipartisan bill and urge the Senate to give it an up or down vote as soon as possible.  More than 15 bipartisan bills focused on job-creation have passed the House and are awaiting a vote in the in theSenate.  It’s past time they got to work.”