Mr. Chairman, the budget that is being considered here today sets in motion the process of the first major tax reform that we will have been able to see in 3 decades. We are on the cusp of a really exciting opportunity to give Americans…
Mr. Chairman, the budget that is being considered here today sets in motion the process of the first major tax reform that we will have been able to see in 3 decades. We are on the cusp of a really exciting opportunity to give Americans what they deserve: a Tax Code that works for them, not against them.
Now, on the House Ways and Means Committee, we spent many months meeting, holding hearings, discussing, working on almost a daily basis ways to craft a tax plan that is simpler and fairer for all Americans. The framework that was just rolled out last week takes that into account and lays out a plan that will lead to more jobs and, most importantly, bigger paychecks.
You know, the economic ``recovery'' since the Great Recession hasn't worked for a lot of Americans. It certainly hasn't worked for a lot of Minnesotans that I represent. Economic growth has been anemic, and we remain uncompetitive in far too many areas. Many are living paycheck to paycheck, and either have or now are at risk of having a lower standard of living than their parents.
Young people, like my daughter's generation, will go backwards if this country is not fundamentally more competitive economically. They feel like they just can't get ahead.
Meanwhile, seniors, and baby boomers who will soon become seniors, are also at great risk. Their savings, as well as the government's ability to fulfill its commitment to Social Security and Medicare, could be undermined if we don't grow our economy at a higher rate.
So both Republicans and Democrats agree that it is time to fix our broken Tax Code. No one is defending the status quo, Mr. Chair. Our current Tax Code punishes American workers and manufacturers. It is a maze of special-interest loopholes that are unfair to hardworking Americans. It burdens families and small businesses with excessive paperwork and compliance costs, creating unnecessary frustration each and every tax season throughout the year. That is why 9 out of 10 Americans either pay someone to do their taxes or have to buy the financial software to do their taxes.
Mr. Chair, our Tax Code is holding our country back. It is holding our economy back. So we have a stark choice. We can either truly grow the economy and put ourselves back on a path to real prosperity, or we can continue with weak economic growth, which only benefits ``the few'' and will do nothing for the rest of us when the next economic downturn happens.
Tax reform, for me, is about one thing and one thing only. It is about restoring the hope for a prosperous future for ourselves, for our parents, and, most importantly, for our children.
It is about Paula in my district, in Plymouth, Minnesota, who said that the Tax Code is hurting her small business and preventing her from hiring more employees and giving them a raise.
It is about an owner of an extrusion company in Chaska, Minnesota, that I just spoke to. He said he would invest in new equipment and machines if this tax plan passes.
And it is about lowering rates across the board for all Americans, as well as small businesses, so that they can keep more of their first dollars earned.
Tax reform means increasing the personal income for average Americans and reducing the cost of living so that day-to-day expenses are more affordable. This will lead to families being able to save for their future and their retirement. It will allow people to take more control of their lives and their finances so that they can save and spend and invest their hard-earned money as they see fit.
Mr. Chairman, this is a really important opportunity we cannot let slip away to help middle-income families and small businesses. Passing this budget puts us on a path for tax reform that has so much potential to unleash and grow our economy to the benefit of middle-income families in Minnesota and across the country.