In an op-ed for Fox Business, Ways and Means Republican Rep. Vern Buchanan (R-FL) offers his business expertise to outline how President Biden’s tax hikes will devastate communities, small businesses, and working-class families.
A Biden economy is taking us back to the disastrous economy of the ‘70s, when Washington – not workers – benefited.
- Rep. Buchanan: “The growth that followed tax reform was not surprising to anyone who has run their own business. When my wife and I started our first company in the 1970s, high tax rates meant that business profits went to the government instead of our employees.”
Tax hikes land on workers in lost jobs, slashed paychecks, and higher prices.
- Rep. Buchanan notes, “Simply put, raising taxes on individuals and corporations would take us backwards as a country. It means that once again, entrepreneurs will send more money to Washington, limiting the funds available to create new jobs or increase wages for the hardworking men and women who show up, day after day.”
The Tax Cuts and Jobs Act lifted up America’s working families.
- Rep. Buchanan said, “Then president and CEO of the National Federation of Independent Businesses (NFIB) said ‘[my] sponsorship of the Main Street Fairness Act established the principle that tax reform should start with small business. That principal became one of the pillars of the Tax Cuts and Jobs Act. The results were stunning: we added 2.6 million new jobs in the year following tax reform, with some industries experiencing the best job growth in decades. In 2019, the unemployment rate hit 3.5 percent — a 50-year low.’”
Read the full op-ed here.