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Senate Key Vote: Important Amendments: Ethanol, Death Tax and Dodd-Frank Repeal

June 14, 2011 J,

Dear Senator,

On behalf of more than 1.7 million Americans for Prosperity activists in all 50 states, I write to advise you of three pending key votes on amendments in the U.S. Senate.

AFP will rate the following amendment votes in our congressional ratings.

* Key Vote #1: Coburn Amendment to Repeal VEETC and Ethanol Tariff. It’s time to end the wasteful and misguided tax subsidies the federal government is currently using to prop up the ethanol industry. The VEETC is a $6 billion program to offset the burden the usage mandate inflicts. The import tariff similarly shields the ethanol industry from having to face the true market forces surrounding its product. It’s time for ethanol to stand or fall on its own merits.

* Key Vote #2: DeMint Amendment to End Ethanol Mandate and Repeal the Death Tax. In addition to the tax and tariff treatment, it’s important to end the usage mandate that is driving the diversion of corn from animal feed to gas tanks. Food prices are spiking and ethanol mandates are contributing to the increase. The DeMint Amendment also repeals one of the most hated taxes in the entire voluminous tax code: the death tax. Death taxes harm the economy by discouraging saving and wealth accumulation, thereby shrinking the capital available for investments to expand businesses and create jobs. They also distort market allocation of capital, encouraging savers to divert resources into less productive vehicles to avoid these punitively taxes.

* Key Vote #3: DeMint Amendment to Repeal the Dodd-Frank Financial Regulatory Bill. The impetus behind the Dodd-Frank bill was purportedly to end “too big to fail.” However, the bill does no such thing; it actually gives regulators the power to bailout firms with so-called systemic risk. The bill also created the ill-named Consumer Financial Protection Bureau, now being stood up by Financial Czar Elizabeth Warren. The creation of another unelected and unaccountable czar with power over consumer finance is reason enough to repeal the bill. Repeal would also eliminate the Durbin Amendment, which establishes price controls on debit card interchange fees.

AFP will rate the above amendment votes in our congressional ratings.

Sincerely,

James Valvo
Director of Government Affairs
Americans for Prosperity

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