Representative Drew Ferguson

Dear Friend,

I hope this newsletter finds you and your family well!

Last week, I proudly introduced H.R. 8149, the Providing Tax Clarity for Digital Assets Act. This bipartisan bill would clarify within the tax code that digital asset rewards are to be collected at the point of sale and codifies staking rewards as created property. The bill also explicitly prevents any future situations of double taxation and provides long awaited clarity for the digital asset industry, ultimately encouraging more companies to stay in the United States and increasing the U.S. revenue base.

The United States has long been the leader in innovation and technology yet is falling behind our foreign counterparts in providing tax clarity for the emerging digital asset industry. The United States’ treatment of digital asset rewards is overly complex – leading to confusion by investors, double taxation, and American businesses relocating overseas. The Providing Tax Clarity for Digital Assets Act would give the industry desperately needed tax clarity, establish United States leadership in digital asset tax treatment, all while encouraging innovation and business investment in the United States.

Click here to learn more about the bill.

Bringing Back American Jobs Through Intellectual Property Repatriation Act

Today, I joined Congressman Darin LaHood (R-IL) and members of the House Ways and Means Committee in introducing the Bringing Back American Jobs Through Intellectual Property Repatriation Act, which will remove obstacles within the tax code to incentivize American businesses to return valuable intellectual property (IP) to the United States. This bill will support increased research and innovation domestically, and protect U.S. companies from the growing threat of IP theft around the world.

America must incentivize strong and robust domestic supply chains while protecting our nation’s IP. This important bill provides the needed tax policies that encourage the return of jobs and manufacturing to the United States.

Click here to learn more about the bill.

On April 16, the House Ways and Means Committee held a hearing on the Biden Administration’s 2024 trade policy agenda with United States Trade Representative, Ambassador Katherine Tai. The Biden Administration has no meaningful plan to work with allies to shift the supply chains from China or consistently enforce trade agreements to demand fair treatment for U.S. farmers or for products made by U.S. workers. During my remarks, I discussed the importance of safeguarding digital trade in America.

Click here to watch my remarks.

Later in the day, I chaired the Ways and Means Subcommittee on Social Security hearing where we examined the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). The subcommittee discussed their intended purposes, shortcomings, and alternatives. The WEP and GPO are both based on outdated and complicated formulas that act like a blunt instrument in adjusting Social Security benefits for retirees with non-covered employment.

As Congress examines potential solutions, I noted that the Social Security Administration (SSA) now has data required for fairer solutions. These solutions also have the potential to reduce improper payments by the SSA, which totaled $16 billion over the last five years.

Click here to watch.

Last week, the Ways and Means Committee held a hearing on the President’s Fiscal Year 2025 Budget Request with Treasury Secretary Yellen. One of the Democrats’ favorite talking points is that the wealthy should “pay their fair share,” yet the Democrats’ Inflation Reduction Act was stuffed with handouts for billion-dollar companies. Businesses with over $1 billion in sales receive more than 90 percent of special-interest green energy tax subsidies. During the hearing, I highlighted how these tax breaks create loopholes for major corporations to escape paying taxes under the guise of fighting climate change.

Click here to watch.

Thank you to the Georgia Beer Wholesalers for stopping in to meet with me, and for the update on your work across the state.

I enjoyed meeting with FIFA President Gianni Infantino last week in Washington. We discussed the new U.S. Soccer HQ and National Training Facility being built in Fayette County. The Peach State is taking soccer to the next level in America!

This week, the House will consider the following pieces of legislation on the floor:

H.R. 6972 – Securing the Chain of Command Continuity Act
H.R. 7219 – Information Quality Assurance Act
H.R. 7528 – Comment Integrity and Management Act of 2024
H.R. 7527 – Mail Traffic Deaths Reporting Act
H.R. 7525 – Special District Grant Accessibility Act
S. 2073 – Eliminate Useless Reports Act of 2024
H.R. 5887 – Government Service Delivery Improvement Act
H.R. 7524 – GSA Technology Accountability Act
H.R. 272 – ASTRO Act
H.R. 3354 – To designate the facility of the United States Postal Service located at 220 North Hatcher Avenue in Purcellville, Virginia, as the "Secretary of State Madeleine Albright Post Office Building"
H.R. 7423 – To designate the facility of the United States Postal Service located at 103 Benedette Street in Rayville, Louisiana, as the "Luke Letlow Post Office Building"
H.R. 6192 – Hands Off Our Home Appliances Act
H.R. 4143 – National Construction Safety Team Enhancement Act of 2023
S. 870 – Fire Grants and Safety Act of 2023
H.J. Res. 109 – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to Staff Accounting Bulletin No. 121
H.R. 2925 – Mining Regulatory Clarity Act of 2024
H.R. 7109 – Equal Representation Act

As always, I’m here to serve you. Please contact my office with any questions, comments, or concerns. Be sure to follow me on Facebook, Twitter, and YouTube to keep track of upcoming legislation and events!

Sincerely,

Drew Ferguson
Member of Congress