Rep. Black: Tax Reform is Rebuilding Confidence
Washington, D.C. – Today, Congressman Diane Black (R-TN-06) spoke on the House floor highlighting the economic relief and optimism resulting from the Tax Cuts and Jobs Act. She also urged support for the Tax Reform 2.0 package, which would make permanent the already lowered tax rates for small businesses, individuals and families.
Remarks, as prepared for delivery, are below:
M. Speaker, long before 2017, our tax code had become broken, complicated, and outdated. It no longer worked for our families or our businesses.
We needed to rebuild confidence in our private sector and provide relief for families.
We needed to bring back America’s competitive edge by giving job creators freedom from punishing high taxes.
And when tax reform was signed into law last December, we accomplished that.
In our bill, we doubled the standard deduction and lowered rates for individuals, which means that parents and families are keeping more money in their pockets.
We also dramatically reduced the tax rate for small businesses, so they can invest in the people that keep their business moving.
Now, we want to make those cuts permanent. The Tax Foundation estimates that implementing permanent relief will create 1.5 million new jobs and increase our GDP by 2.2%.
Permanent tax cuts will continue to encourage the economic growth that has put our nation back at the front of the competition.
It will give taxpayers room to breathe when it comes to saving for life’s unexpected challenges or emergencies.
And it will allow our families to save more by expanding access to new and existing savings vehicles for their child’s education.
That’s what tax reform is all about: helping taxpayers keep more money in their pockets so they can choose what to do with it. Americans know how to spend their money better than the government. It’s as simple as that.
I’m proud of our accomplishment because it means people can breathe easier and with confidence.
But we still have work to do to ensure our tax code remains competitive, innovative, and better. Tax reform is boosting our economy and we want to add to that momentum.
With this bill, we have an opportunity to give permanent certainty to millions of Americans – and we intend to do just that. I yield back.
For more information on the Tax Cuts and Jobs Act, please click here.
Congressman Diane Black represents Tennessee’s 6th Congressional District. A nurse for more than 40 years, she serves as a member of the House Budget Committee and the Ways and Means Committee.