Dear ,

I hope you and your family are doing well! I wanted to provide a few updates on my work this past week for the residents of Arizona’s First Congressional District.

Introducing the Small Business Paperwork Savings Act

On Friday, I introduced the Small Business Paperwork Savings Act to increase the Form 1099 reporting requirement threshold from $600 to $5,000 to account for cost-of-living adjustments since 1954, when the $600 threshold was first established in the Internal Revenue Code. 

For nearly 70 years, small businesses have had to put up with burdensome and unnecessary tax compliance for payments that exceed $600 over the course of a year without any adjustment for inflation despite median family income being over 21 times higher today.

Employers should be focused on creating jobs and growing their businesses instead of drowning in paperwork and bureaucratic red tape. This legislation creates a better climate for job creation and lifts this incredible burden off our small businesses.

Discussing How to Navigate Divided Government With Forbes

Click here or on the image above to watch the interview.

Last week, I joined Forbes Newsroom for a wide-ranging discussion on the challenges of navigating divided government in the 118th Congress. After two years of one-party rule in Washington, House Republicans are working to change the trajectory of President Biden and Congressional Democrats' unsustainable spending habits.

The Social Security Trust Fund isn't going to magically replenish itself. The latest figures show it will run out in 9 years — risking the doubling of senior poverty. Republicans and Democrats must put aside partisan politics to come together and be brutally honest about the math needed to save entitlement programs for future generations. That is our moral obligation to society.

Fair Investment Opportunities for Professional Experts Act Passes House

Last week, the Fair Investment Opportunities for Professional Experts Act unanimously passed through the House of Representatives. This bipartisan legislation would expand the definition of “accredited investor” to include professional experts, bringing in a larger number of sophisticated investors into the marketplace.

I'm proud to have championed this legislation dating back to when I first introduced it in the 114th Congress. I'd like to thank Congressman French Hill for shepherding this legislation through the House, and I encourage the Senate to take this bill up quickly so that hardworking Americans with relevant experience can invest in private offerings based on their knowledge rather than their wealth.

What I’m Reading & Why It Matters

This week, I'm reading a report from the Congressional Budget Office on how the Fiscal Responsibility Act of 2023 reduces projected federal debt in 2033 by about 3 percent, from $46.7 trillion (or 119 percent of gross domestic product, or GDP) to $45.2 trillion (or 115 percent of GDP).

I'm also reading this encouraging article in the Wall Street Journal regarding a breakthrough experimental drug to treat patients with low-grade glioma, helping them stave off cancer growth for more than twice as long as patients who didn't take the drug. Additionally, here's an opinion piece on the potential of vaccines to strengthen immune systems to ward off breast cancer development.

Thank you for taking the time to read this update on my latest work in Washington, D.C. and Arizona’s First Congressional District! If you have any comments or concerns, I encourage you to reach out to my office.

Sincerely,

David Schweikert