Sherman Releases Statement on State of the Union
Washington, D.C. – Congressman Brad Sherman (D-Sherman Oaks) made the following statement after President Barack Obama’s State of the Union address. Sherman is Co-Chair of the House CPA Caucus and serving his tenth term in Congress.
“I was generally pleased with the President’s remarks this evening,” said Congressman Sherman. “I support the President’s actions and proposals dealing with lowering mortgage insurance premiums, free community college tuition, cyber security for consumers, paid sick leave for workers and families, and limiting methane gas emissions.”
“I have to disagree with the President on his approach to Iran sanctions. Like the President, I believe that we should work towards a comprehensive negotiated solution. I believe that enacting additional sanctions, that would not take effect unless Iran fails to agree to a reasonable deal by July, will increase the President’s leverage and make a good deal more likely.
“I agree with the President that investment gains should not escape capital gains tax merely because the asset is passed from a deceased family member upon death. However, the family should pay capital gains tax when the asset is sold. Unfortunately, the President proposes that capital gains tax be paid at the time of death, rather than when the asset is sold. When will the family have cash to pay a capital gains tax? (The capital gains taxes the President proposes are on top of the estate tax due under current law. Estate taxes are due upon death and apply to assets of a decedent over $5.3 million).
Of course, the President’s tax proposals are more a part of our party platform than anything that will likely become law in the next two years.
“I strongly disagree with the President’s position on trade. Congress should not give the President “Fast Track” authority to force into place job killing legislation such as the Trans-Pacific-Partnership. These policies are increasing our trade deficit, taking American jobs and rewarding countries that commit gross human rights violations. Under the Trans-Pacific –Partnership goods made in Vietnam, where workers are paid 40 cents per hour, will enter America duty free. That’s not the way to raise wages in America.
War Powers Act
“I agree with the president that Congress should vote on a War Powers Resolution to clarify any authority the president may have to use military force in the fight against ISIS and other terrorist groups around the world. Congress should not authorize ground combat operations, except for raids to free American hostages.