Last week in Washington I introduced legislation to halt excessive litigation that harms Americans’ 401(k)s, discussed the economic repercussions of the many Executive Actions coming from the new administration and announced a report I commissioned on the taxation of cryptocurrency around the world.

We’re keeping our foot on the accelerator this week as we plan to introduce a bill to protect retirement savings from unfair taxation.

Capital Gains Tax

The Biden Administration has proposed an increase to the capital gains tax from 23.8% to 39.6%. This increase would be detrimental to our farm families who have worked for years on their estate plans and are encouraging the younger generation to continue living and working on the family farm.

The imposition of this capital gains tax increase would decimate any chances of passing a farm down to the next generation, which disincentivizes family farms from carrying on their tradition. Farmers’ assets are usually tied up in their land, buildings, and equipment. Under Biden’s plan, these farm families would need to take out large loans or sell off land in order to pay the new taxes imposed by this increase.

American Worker

Last month, President Biden halted a major economic development project with the stroke of a pen. He signed an Executive Order rescinding the Keystone XL pipeline, which would have provided more than 11,000 jobs.

At a time when millions of Americans are out of work, killing the Keystone XL pipeline will only amplify the economic pain. With the American worker in mind, I co-sponsored the Keystone XL Pipeline Construction and Jobs Act.

This bill would authorize the Keystone XL project as previously approved by its permit. President Biden’s move to rescind this permit was a breach of his promise to unify Americans and serve the needs of hardworking Americans. This bill would also clarify that a presidential permit is not required for the construction, connection, operation, or maintenance of pipeline and border facilities.

In addition, I joined my colleagues Representative Jim Hagedorn and Representative Michelle Fischbach in cosponsoring the Saving America’s Mines Act, which was recently introduced by Representative Pete Stauber. This important bill will prevent any administration from arbitrarily halting mining on federal lands.

Retirement Savings

For many Americans, our savings are invested in mutual funds. Whether it be in a 401(k) or other retirement accounts, these funds preserve our earnings and help us save for the future.

Last week, I introduced legislation to improve the litigation requirements against firms that are already strongly regulated to protect consumers in order to reduce the excessive number of lawsuits that are brought without merit.

The Mutual Fund Litigation Reform Act would protect the investments of millions of Americans who rely on mutual funds. Approximately 56 million households in America own mutual funds. By strengthening the burden of proof for those bringing lawsuits forward, we can better protect retirement savings and individual investors across America.

Fiscal Responsibility

In the interest of prioritizing our national debt, and properly addressing the COVID-19 fallout facing us, I wrote to President Biden expressing concern about his proposed $1.9 trillion emergency spending proposal related to COVID relief.

Currently, more than one trillion dollars in coronavirus relief spending have not been committed or disbursed. With so much federal taxpayer money sitting unused, we should not be considering another $1.9 trillion dollar package.

I am dedicated to fighting the COVID-19 crisis head on, but we also need to be strategic and prudent about the long-term problems we are creating for our country, and those who will inherit it from us.

Black History Month

During my first term in Congress, I was honored to participate in a historic moment during the 50th Anniversary of the march of Selma. I was part of a Congressional Delegation that traveled to Alabama to commemorate the anniversary of the “Bloody Sunday” march.

My experience that weekend was an incredible opportunity to stand side-by-side with my colleagues and reflect on the events of that historic place.

Revolutionary Technology

Recently, I announced the release of a report I commissioned from the Law Library of Congress on the taxation of cryptocurrency around the world.

I worked with foreign law specialists to assess the tax treatment in 31 countries around the globe on certain aspects of cryptocurrency. I believe cryptocurrency and blockchain technologies have revolutionary potential, but we must be careful not to overregulate innovation.