Why tax cuts? Why now?
We need to build a stronger economy for all Americans
Last November, the American people re-elected a Republican Congress that campaigned on reforming the nation’s tax code as part of its “Better Way” platform to get the country moving ahead.
Years of sluggish economic growth, resulting in years of stagnant wages, have left too many people behind and too many millennials without a sense of what a healthy, growing economy can mean to their ability to find work and quality of life.
Too many Americans have no money left at the end of the month to save for retirement, replace a broken appliance or invest in their child’s college fund. There are no more excuses for inaction — Americans have toiled under a broken tax code for too long, and they are counting on members of Congress to end the status quo and bring about a new era of more jobs, higher wages and opportunity for all.
That is why I support the Tax Cuts & Jobs Act, which the House, Senate and Trump administration are working together on to make this happen.
Our approach is twofold: Put more money in the pockets of all taxpayers and create more options for American workers in today’s global economy. We can do both with a tax code that is fairer and simpler and that ends the special breaks for special interests.
Our plan would double the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for couples. Essentially, we would double the amount of money you earn that would not be subject to income tax.
The bill would expand the Child Tax Credit to help parents bear the cost of raising kids. And it would add a brand new credit to help provide care for elderly family members and adults with disabilities.
These are just some of the steps that would help Americans keep more of their paychecks.
With these changes, significantly more people would fall into the “zero tax bracket,” which means more Americans at the bottom of the income scale would not owe any income tax and could keep their hard-earned wages.
Aside from cutting taxes for individuals, it is important to create the conditions necessary to make doing business in America more attractive. Currently, the United States has the highest business tax rate among developed nations. This makes our country seem unfriendly to business and discourages job creation.
Making our business tax rates competitive would bring more investors to America and increase the pool of funds available to help startups and business expansion. It also would encourage Americans companies to invest their earnings at home and create more jobs in the United States.
Finally, eliminating special-interest loopholes would level the playing field so that businesses of all sizes would stand a fair chance at success.
The 2016 election was a referendum against business as usual — years of a slow-moving economy, no meaningful wage growth and the decline of the middle class. To those who feel as though you have been forgotten, we hear you and we are working for you.
This is a once-in-a-generation opportunity to come together, fix our broken tax code and create a system that is fair and simple, leaving American’s taxpayers with more of their own money. To learn more about the Tax Cuts & Jobs Act, please visit fair and simple.