By Rep. Kevin Brady
November 7, 2019
The Tax Cuts and Jobs Act changed the trajectory of America’s economy, resulting in higher economic growth, larger paychecks, more jobs, less poverty and one of the most competitive economies in the world.
With its enactment, more Americans are working and seeing significant paycheck growth. American manufacturing is back as well. No longer are jobs, research and businesses moving overseas. In fact, the U.S. is the prime location for new jobs and investment.
As a result, tax revenue is at an all-time high. You heard that right. According to the Treasury Department, total federal receipts are up more than 4% this year. The bottom line: Washington doesn’t have a revenue problem, it has a spending problem.
So why more tax cuts? The answer is twofold: to lock in the tax cuts and economic gains from the GOP tax cuts, and to keep America the most competitive economy in the world.
Today, a single mom with two kids doesn’t pay a dime of federal income taxes on the first $53,000 she earns. Why can’t she keep more for her children? A family of four keeps $2,000 more today than before tax reform — why can’t they keep more for college costs and utilities?
Small businesses have a first-ever tax deduction to grow and hire. Let’s make that permanent. Let’s also make permanent a provision that has companies, for the first time, bringing home substantial profits to invest in America.
New tax cuts would also ensure that the U.S. leads the world in new business startups and innovation.
Even though the U.S. now has the most competitive economy, this doesn’t guarantee it will in the future. Six other countries have lowered their businesses taxes since America did; they want our jobs and a strong economic future.
To ensure American families benefit the most from economic growth, Republicans and President Donald Trump will offer further, smart tax cuts and a pro-growth agenda, to contrast with the Democrats’ “Washington eats first” tax increase agenda in 2020.
Rep. Kevin Brady, R-Texas, is the top Republican on the House Ways and Means Committee.