On Tuesday, August 3, 2021, U.S. Congressman Kevin Brady spoke to the membership of the Magnolia Rotary Club to provide a Congressional Update from our country's capital. Pictured above from left to right are: Kelly McDonald (Rotary Club President) and U.S. Congressman Kevin Brady.
Congressman Kevin Brady told everyone that we were very lucky to live in Texas during Covid-19 compared to many states who are just now talking about whether or not to let school age children be in class without face masks.
Congressman Brady passed out a summary sheet from the U.S. Ways and Means Committee of which Kevin is the Republican Leader. The summary sheet spoke to the impact of:
- Repealing the "Stepped-Up Basis" which will make it very difficult for small businesses and farms to be passed on to children without being heavily taxes by the government.
- Repealing section 1031 of the tax code which have been in place since 1921. Repealing section 1031 will not only destroy the real estate industry but disadvantage hardworking families & small businesses.
- Biden's Tax Hike plans which will hurt many areas of the U.S. economy.
- Biden's war on the oil and gas industry.
Congressman Brady spoke to upcoming issues for the U.S. economy under the Biden presidency:
- Current job growth is negative and future job growth is also being projected as going downward.
- Inflation is rising.
- War on energy causing higher energy costs.
- Significantly higher taxation will worsen the overall economy.
- Banks to report to the government on individual bank accounts
- Increasing income inequality.
In addition to information from Congressman Kevin Brady, the Magnolia Rotary Club awarded a $1,000 scholarship to Kynlee Curry. A photo of her receiving the scholarship from Hope Moye can be seen below:
