Washington, D.C. – Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) released the following statement in response to the macroeconomic estimate issued by the Joint Committee on Taxation (JCT) regarding the Protecting Family and Small Business Tax Cuts Act of 2018, one of three bills that make up Tax Reform 2.0:
“Republicans promised we would continue to build on the economic successes of the Tax Cuts and Jobs Act, and this estimate shows we are doing just that with the bills we are moving this week. According to the nonpartisan Joint Committee on Taxation, Tax Reform 2.0 will permanently provide over $140 billion in annual tax relief for middle-class families, boost American GDP and investment, and create 1.1 million new jobs. Some estimates find that the economic benefits will be even higher. For example, the nonpartisan Tax Foundation finds that the legislation will create 1.5 million jobs and raise long run GDP by 2.2%.
“By increasing paychecks and continuing to strengthen Social Security and Medicare, Tax Reform 2.0 sustains the strong gains our country has experienced since the Tax Cuts and Jobs Act was signed into law: over 1.7 million new jobs have been created, wages are growing at their fastest pace in a decade, we’re seeing the highest level of Main Street optimism ever recorded, and unemployment for workers of all backgrounds is at or near historic lows.
“This roaring economy should be the new normal for America, not the sluggish Obama-era days that accompanied the broken tax code that Democrats seem to want to revive. As the House gets ready to pass Tax Reform 2.0 this week, House Republicans look forward to continuing our work to ensure every American reaps the benefits of this economy for years to come.”