Madam Speaker, a lot has been said today on the floor about the Tax Cuts and Jobs Act from my friends on the other side of the aisle. They think that this bill before us will make losers of the American workers or of the American economy.…
Madam Speaker, a lot has been said today on the floor about the Tax Cuts and Jobs Act from my friends on the other side of the aisle. They think that this bill before us will make losers of the American workers or of the American economy. The truth is the status quo--our current broken Tax Code--is causing our workers and our economy to lose.
Back in southeast Missouri--I will give you an example under the current Tax Code--a machinist in Poplar Bluff, Missouri, working 40 hours a week is fearful to work harder because the more money that they make, the less that they will have percentagewise unde our current Tax Code. That is simply not right, Madam Speaker.
Back in southeast Missouri, a cotton farmer in Hayti has worked for decades to build his family farm hoping to pass it on to his daughter. Yet, under the current system, his daughter would have to sell portions of the farm or take out a massive loan to continue the family operation.
The status quo in our Tax Code is rigged against the American taxpayer. They can't afford an army of lawyers, accountants, and lobbyists to find all of the loopholes and the bailouts available only to a select few.
The status quo are tax rates for businesses that are so high that the American companies are not able to grow, hire new workers, or be competitive with other countries around the world.
The other side of the aisle was arguing to keep a broken Tax Code that is punishing hardworking taxpayers. All of the grandstanding leaves us with one question that needs to be answered for the American people: What do these tax cuts mean for you? It means that the hardworking family in southeast Missouri will keep more of their paycheck.
Instead of being penalized for success, this bill is about employees. It is about wages. It is about getting to keep more of what you earn. For families and couples, the first $24,000 you earn under this bill will be tax free. You get to keep it. You get to decide how to spend your own money, not the government.
It means that the small businesses and family farms won't feel the sting of the IRS and the death tax when tragedy strikes their family.
It means that lobbyists and special interests become the losers. We close loopholes in handouts that the hardworking taxpayer can't get.
We are ending a Tax Code that isn't built for the everyday American. We are making it simple and fair. It means that America can now compete and win again.
With this bill, we lower the business rate to historic levels. We are making our economy healthy again. We know from history that a healthy economy takes care of itself. It is more stable and sustainable. It provides for full employment, better jobs, and higher wages.
Former President John F. Kennedy knew this when he said: ``Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget just as it will never produce enough jobs or enough profits.''
Madam Speaker, surely, the lesson of the last decade is that budget deficits are not caused by wild-eyed spenders but by slow economic growth and periodic recessions. Any new recession would break all deficit records.
This bill makes the American worker, the American family, the American farmer, the American small businesses, and the American economy winners once again.
Madam Speaker, I urge all of my colleagues to vote ``yes'' on the Tax Cuts and Jobs Act.