Brady: Wages Rose Twice as Fast as Inflation after GOP Tax Reform
“In President Trump’s economy after the tax cuts, we saw wages not only growing but they were growing twice as fast as inflation,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “Your World” with Neil Cavuto on Fox News, five years after the Tax Cuts and Jobs Act was introduced in the House of Representatives. In President Biden’s cruel economy Americans are seeing a pay cut every month.
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President Biden’s spending fueled inflation, GOP tax reform fueled prosperity.
“The proof is in the pudding. In President Trump’s economy after the tax cuts, we saw wages not only growing but they were growing twice as fast as inflation, so every month working families were actually seeing a pay raise.
“Under Joe Biden with the spending, the new regulations, paying people not to work and those types of subsidies, we are seeing just the opposite: Every month Americans get a pay cut. Some in Pennsylvania are seeing the largest pay cut in a quarter of a century under President Biden.
“It’s revealing that John Fetterman believes that giving people back more of what they worked so hard to do, small businesses, letting them keep more of what they worked so hard to earn, is inflationary. The truth of the matter is it is spending. It is all these failed Biden policies. It appears John Fetterman, given a choice between working families and the president, is sticking with the President.”
Republican tax reform helped all Americans and resulted in the wealthy paying a larger share of income tax.
“I think right now we will see probably new numbers soon that showed the Tax Cuts and Jobs Act principally has been paid for. We still have some years to run before parts of it sunset, but I’m really pleased with some of the highest revenue years in history after the tax cuts. We know that growth really matters. Put guardrails around spending. I think you’ll see Republicans have a conversation about what smart guardrails on spending.”
Republicans’ Commitment to America means a stronger economy.
“Unfortunately Prime Minister Truss surprised the market without laying out that rationale. We did the opposite. We spent about four years, 41 congressional hearings, took input from around the country on how we make America competitive again, how we bring jobs and investment back to the U.S., and why these personal tax cuts were so key to economic growth.
“That will be the formula Republicans will use again. I think that’s why the market, the growth, bringing back companies, why that worked so well under the Republican tax cuts.”