District Update October 28, 2024     

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Dear ,

I hope you and your family are doing well! Below, please find a few updates on my work last week for the residents of Arizona’s First Congressional District.

Federal Government Funding is Being Swallowed by Interest Payments

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Since 2017, interest costs are taking an increasingly greater share of receipts. From Fiscal Year 2017 through fiscal year 2024, total receipts increased by 48.4 percent, while on-budget receipts increased by 48.5 percent. Over the same time period, gross interest cost increased by more than three times that rate; and net interest increase by nearly five times the growth in on-budget receipts.

Recognizing Some Amazing Citizens of AZ-01

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On Tuesday, October 15, I had the opportunity of touring the facilities of an innovative precision medicine company in Phoenix called Caris Life Sciences.

Caris was founded to help patients, and their oncologists understand cancer at the molecular level-leading to better, more targeted treatment options. Caris’ comprehensive molecular profiling combined with a clinical cancer database, artificial intelligence and machine learning applications provide information that allows for a data-driven understanding of the biology driving the disease. 

When I mention the phrase "better, faster, and cheaper", these are the exact models I'm talking about. A big thanks to Caris Life Sciences for hosting us and paving the way for innovation we can implement further into our health care system. 

Cave Creek and Mesa Districts to Add Fees at 
Several OHV Areas for Enhanced User Experience
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Tonto National Forest officials will be changing and adding new fees at four off-highway vehicle (OHV) recreation areas to enhance and maintain these sites for an improved recreational experience. These new fees will take effect January 1, 2025. Fees collected at recreation areas are reinvested directly to maintain these sites which includes trash removal, toilet pumping, painting, cleaning, addressing the backlog of deferred maintenance, conducting patrols, maintaining highly used trails, campsites and more. Specifically, the following fee changes have been approved:  

Special Recreation Permit
Current: $6 administrative fee
New: Annual $80, 6-Month $60, 3-Day $10
Bulldog Canyon OHV Permit Zone
St. Clair OHV Permit Zone

Special Recreation Permit
Current: $0    
New: Annual $80, 6-Month $60, 3-Day $10
The Rolls OHV Permit Zone
Desert Vista OHV Permit Zone
Lower Sycamore OHV Permit Zone (Fees will not be charged until all NEPA requirements 
have been completed, exact date to be determined)

The Tonto National Forest hosts numerous fee free days and many roads, trails, and developed recreation sites on the forest are free for public use. You can find information on fee free days here. A complete list of fee areas can be found on the Tonto National Forest webpageFor more information, please visit the Tonto National Forest website at: www.fs.usda.gov/tonto 
or call the Cave Creek Ranger District at (480) 595-3300 or the Mesa Ranger District at (480) 610-3300.

What I'm Reading & Why it Matters

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Photo from a September meeting with Chairman Brady to talk about the potentials of the TCJA's expiration. Click here or on the image above to listen to the full episode.

This week, I wanted to share content which I have been listening to. On Bloomberg’s Odd Lots podcast, Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. This episode covers the potentials of what could happen when the 2017 tax reform expires next year. Due to the way fiscal policy works in the United States, a large component of the Tax Cuts & Jobs Act (TCJA) was temporary. Starting in 2026, millions of households are due to see higher taxes if the bill isn't extended or a new one is passed. On this episode of the podcast, hosts have a conversation with Kevin Brady, who was the architect of the bill as the former Chairman of the House Ways and Means Committee.

My friend and former colleague, Mr. Brady, explored a wonderful point: "whichever country wins the innovation race really wins the future, in terms of economics." One of the lessons learned from the 2017 tax reform was that the bolder you go, the more people are willing to give up parts of the old tax code in order to cultivate a faster, better, and cheaper model going forward to adapt with our changing times. Chairman Brady goes onto highlight positive outcomes due to the legislation, including real-wage growth of an average nine percent, decreased poverty, increased opportunity, and shrinkage of income inequality for the first time in 50 years. 

In 2025, we are looking at an average tax increase of $2,000 per family, amongst other provisions. This podcast delves into what the policy making process looked like, aspects that were considered, compromise in committee meetings, and how much work went into curating a tax reform that worked for Americans. It's a really informative episode, and I recommend giving it a listen to better understand what might be at stake for you and your family come next year.  

Schweikert Suggests...
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This week, I am highlighting an important question from Tim M. in Cave Creek. He asks...
"Is there any chance of an effective bipartisan committee to deal with the deficit problem?"
As your elected representative and Vice Chair of the Joint Economic Committee (JEC) in Congress, it’s my moral obligation to tell the truth about the math and help the American public understand the scale of policy decisions ahead of us. The federal government has been on a perilous fiscal path for far longer than the last three-and-a-half years. Schweikert Suggests beginning the difficult task of implementing workable solutions that will ensure that our children, grandchildren and future generations have the same economic opportunities we have all been blessed with as Americans. To that end, I am a proud cosponsor of the Fiscal Commission Act (H.R. 5779), which would establish a fiscal commission within Congress, consisting of 12 Members of Congress and four outside experts. The Commission would be tasked with identifying and developing policy recommendations to improve the long-term fiscal condition of the federal government. Any legislative recommendations agreed upon by Commission Members would be presented to Congress and considered in an expedited fashion, similar to the Base Realignment and Closure (BRAC) Commission. The Commission’s primary goal would be to develop legislation to achieve a sustainable debt-to-GDP ratio, below 100 percent, by 2039. 
Do you have any general questions that I can help answer? Do not hesitate to reach out to my offices at (202) 225-2190 or (480) 946-2411.

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,

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David Schweikert

 

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