Kustoff: To Usher In a Strong Economy, Congress Must Make GOP Tax Reform Permanent
“If Congress does not take action, working and middle-class families will face tax increases, which stifle domestic innovation and investment and make America less competitive abroad,” writes Ways and Means Member Rep. David Kustoff (R-TN) in a new op-ed for the Washington Times.
President Biden has shrunk the economy and fueled inflation with his $2 trillion partisan so-called stimulus, which paid workers more to stay at home than go to work.
Republicans’ Commitment to America will deliver an economy that’s strong, where everyone has the opportunity to enjoy the American dream. Making TCJA permanent means more Americans can keep more of their hard-earned money.
READ: Five Years Later: Republicans Delivered Historic, Pro-American Tax Reform
Republicans’ Commitment to America means a stronger economy.
- “Republicans’ Commitment to America, by contrast, can deliver an economy that is strong. The key ingredient? Locking in the gains from the Republican-passed Tax Cuts and Jobs Act of 2017 (TCJA) by making its temporary provisions permanent.”
- “This was the first major reform to the federal tax code in over 30 years and expanded opportunities for families and businesses.”
Democrats’ policies are harming families and workers with crippling tax hikes, worsening inflation, and a devastating labor shortage.
- “Democrats’ one-party rule in Washington has failed every American family and small business. As our nation is coming out of the COVID-19 pandemic, out-of-control government spending and radical policies have Americans from coast to coast struggling to make ends meet.”
- “Compare that to the economic policies rammed through Congress by the Biden White House: a $2 trillion so-called stimulus that fueled inflation by paying people more to stay at home than go to work and unvetted tax increases that not only fall on made-in-America manufacturers but also eventually fall on American workers in the form of lower wages and fewer jobs.”
READ: Fact Check: Biden Has Crashed the Economy and Wants to Blame Republicans
READ: President Biden’s Cruel Economy is No Joke
Just one year after Republicans’ TCJA went into effect, the growth in wealth of lower–income families outpaced that of the upper-class – for the first time since 2007.
- “TCJA reduced taxes on middle-class families and small businesses, created nearly 5 million jobs in the first two years, and delivered the lowest unemployment rate in 50 years.”
- “At a time when job creators are being forced to pass on higher costs to consumers in the form of higher prices, we need to provide relief. Small businesses have boomed thanks to a variety of TCJA provisions that let them invest in their businesses. One gives Main Street businesses a tax deduction of up to 20% of their income. Another lets businesses deduct the cost of new investments in the year they were purchased.”
- “The tax cuts in the Tax Cuts and Jobs Act of 2017 will allow Americans to keep more of their hard-earned money and help get our economy back on track. TCJA turned our economy around once. Making it permanent will ensure it can do it again.”
READ: Small Biz Owner Says TCJA Boosted Jobs & Paychecks: “No Worse Thing to Do Than Raise Taxes”