Tax Cuts And Jobs Act
Mr. Speaker, I rise today in support of H.R. 1, the Tax Cuts and Jobs Act. First of all, I want to thank President Trump for making this a priority, but I especially want to thank Chairman Brady for his tireless efforts and leadership in…
Mr. Speaker, I rise today in support of H.R. 1, the Tax Cuts and Jobs Act. First of all, I want to thank President Trump for making this a priority, but I especially want to thank Chairman Brady for his tireless efforts and leadership in bringing this legislation to the floor today.
Three decades ago, there was a 24-year-old starting a business in Ohio. He borrowed money and started hiring people. As he grew his business, he didn't take a paycheck and kept hiring hardworking middle class Americans. But then, as he started looking over things, he couldn't hire anymore, because of the tremendous tax bill owed to the Federal Government.
That is what small business entrepreneurs face in today's tax environment. That 24-year-old was me. Luckily, I was a certified public accountant. I was able to figure out a way to make my business work and grow without our suffocating Tax Code or through our suffocating Tax Code.
Unfortunately, most small-business owners do not experience the Tax Code complexities until they get started. They have an idea, they start their business, and then the government steps in; and they are not CPAs.
If my three children were to ask me today if they should risk and start a business, I would be hesitant to push them down that path, which is why I support H.R. 1, which lowers the tax rate for businesses and gives hardworking taxpayers a break. This bill puts more money in their pockets to do with it what is important to them, those hardworking taxpayers, not letting the government take it and waste it.
Lowering the individual rate will give Americans the opportunity to choose where they want to spend their money instead of banking on a government to spend it for them.
On the business side, the harsh reality is that America has become an uncompetitive place to do business. With the highest corporate tax rate in the developed world, it should not be a surprise that businesses are relocating to countries with better business climates. Fortunately, by bringing our rate down to 20 percent, we can make America one of the most competitive countries in the world to do business.
It is hard for U.S. companies to compete against companies based in Canada, where the Federal income tax rate is 15 percent, Ireland at 12.5 percent, or even the U.K., which will be 17 percent by 2020. Businesses set their prices to be competitive. The U.S. has to set its business rate to compete, as well.
The high corporate tax rate is not just a Wall Street problem; it is a Main Street problem. Business entities do not pay taxes; people do.
The burden of the corporate tax rate falls on three categories of people: shareholders, customers, and employees. Corporations do not pay taxes; we do.
This bill helps companies compete, hire more people, and give them a more competitive wage. This bill gives individuals more money to spend on what they want, not what the government wants. This bill simplifies the Tax Code for hardworking Americans.
Mr. Speaker, I urge my colleagues to support this historic reform so more Americans can choose where their money goes, not Washington.
Mr. Speaker, I urge passage of H.R. 1.