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The Treasury Department reports that 80% of the taxpayers affected by the Reid surtax are small business owners. Since small business owners pay business taxes on their 1040 tax forms, to raise the tax rate on these owners is to raise the tax rate on the very small businesses that create jobs. The Reid surtax will kill jobs.

There are better, more productive ways to create jobs than to threaten a trade war with our largest trading partner. Tariffs only serve to increase costs for American businesses and consumers. Instead, we should be looking at ways to grow the economy by reducing excessive regulation, fundamentally reforming the tax code, getting our fiscal house in order, and increasing our domestic energy supply.

Today, Senator Mike Lee submitted legislation that would create millions of new jobs and inject $1 trillion into the American economy by significantly reducing the excessive tax on repatriated assets. Sen. Lee’s proposal would permanently lower the tax rate for businesses from 35% to 5% on money earned overseas and brought back to this country.

In 1977, Congress first gave the Federal Reserve a dual mandate to promote both "maximum employment" and "stable prices." Unfortunately, in the last few years, we've had anything but maximum employment and stable prices. Most Americans believe the prices of products and services they buy on a daily basis like food, gasoline, electricity, heating oil, and health care services have increased significantly in recent years and grown more volatile. Moreover, we have official unemployment over 9 percent and many Americans struggling to find work in a difficult economy. Therefore, in my view, the Federal Reserve is failing in its Congressional mandate and some action should be taken to remedy this.