The United States Senate Committee on Finance is a standing Senate committee that deals with taxation and revenue measures. They debate the budget and other matters of public concern. As you might expect, they have a wide variety of responsibilities, and the committee’s work is not always easy to follow. Here is a brief run-down of some of its most recent activities. Read on to learn more about their mission and how they can help you.
The Senate Finance Committee oversees taxation, government debts, and international trade, as well as health care, Medicare, and temporary assistance to needy families. Moreover, the committee also oversees the Treasury Department’s financial policy and trade policies. The committee is one of the most influential bodies in the United States Senate. However, many members do not realize that the Committee is responsible for many of the nation’s major issues.
The United States Senate Committee on Finance considers public finance proposals from all over the country. It oversees the Public Employees’ Retirement Association, the State Treasury, and the Office of State Planning and Budgeting. There is a lot more to know about this committee and its members. Its members include many notable politicians and public servants who have made a lasting contribution to the nation’s economy. Its bicentennial will bring even more history to the forefront of American politics.
The Finance Committee introduced the nation’s first income tax in 1867. This tax would apply to those earning between $600 and $50,000. Over $50,000, it would be taxed at 7 percent. As its work grew, the Finance Committee became too large and overloaded. The Senate created a new committee for this purpose in March 1867. The Finance Committee lost jurisdiction over veterans’ affairs when the Senate created a separate committee.
The Committee inherited a huge budget deficit when it passed the War Risk Insurance Act, which extended its jurisdiction to include tax reform. The Finance Committee also passed the Bonus Bill for World War I veterans, a measure that compensated them for the loss of wages. It passed over President Calvin Coolidge’s veto. But, as you can imagine, World War II brought the government’s expenditure to an all-time high. The Federal Government spent nearly $5 billion a month on the war effort by early 1942, resulting in a deficit of approximately $150 million a day.
The Finance Committee also tackled issues surrounding welfare and expanded social security benefits. Two of its proposals were included in the Social Security Amendments, which guaranteed a monthly benefit to workers who had worked for 30 years. Another proposal, Supplemental Security Income, created a monthly stipend for the needy. There are many more areas in which the Finance Committee worked, so the names of the two most important ones are not very different.