Americans are tired. So very tired.
They are worn out by years of stagnation and frustration, years of the federal government sticking its nose where it does not belong, and years of the federal government telling middle-class Americans what is best for them.
In an America where the working class has been cut down time and time again, it’s time for a nation-wide pay raise. Tax cuts hold the promise and optimism of a prosperous, thriving, and hopeful America – a country that rewards its citizens for hard work.
The framework outlined by the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance will get this country back on track and help Americans get back to pursuing the American dream.
Right now, our lawmakers should be hard at work building on President Trump’s tax cut framework designed to ease the economic burden on the middle class and give new life to manufacturing and business - the bedrocks of our economy.
While the individual income tax cuts are in themselves a boon to the middle class, the reforms in taxes for small and family businesses and corporations will inarguably reinvigorate innovation and investment in America’s business and manufacturing sectors.
The remarkable thing is that just the promise of tax reform has already encouraged US manufacturing companies to reach the highest level of optimism in 20 years at 90 percent. This 30-point uptick from President Obama’s term is due to the expectation of a Republican president.
This is a key part of our economy that directly impacts the lives of middle-class workers. As a direct result of comprehensive business tax reform, companies in the manufacturing sector have already projected that the easement of economic burden would allow for an increase in spending on capital investments, business growth, additional workers, and, most importantly, the ability to bolster employee benefits and take-home pay which will finally put money back in the pockets of hardworking Americans.
Over the last 100 years, our nation has sought to lead by example. With a 20 percent corporate tax rate - a rate that is 2.5 percent lower than that the industrialized world average - our nation’s corporations will be given a competitive advantage freeing them to invest where it matters most.
Small businesses are suffering under high-tax burdens and over-regulation. As President Trump continues to roll back these stifling regulations that hurt our small and family business owners, he continues to uphold his promise with lower tax rates. This part of the tax code is vital for the American workers. Owning a small or family business is an integral part of the American dream. Our tax code, as it is, stands in the way of the dreams of many Americans looking to provide for themselves, their families, and their employees.
The expensing of capital investments must be lauded as well. Here again, this framework seeks to help the lifeblood of our economy – small and family businesses. By encouraging both small and family businesses as well as corporations to invest back into their businesses, our nation will see a positive ripple effect across industries and the American economy.
Lastly, the proposed switch to territorial taxation of global American companies is vital to American competitiveness. The people leading America’s multinational corporations are smart – as they should be. But for too long, our tax code has encouraged them to keep their profits offshore. Think of the lost potential for job growth, investment capital, and manufacturing capital. It is untapped potential.
Treasury Secretary Steve Mnuchin estimates that this could decrease the deficit by $1 trillion. It’s clear that liberal opposition to repatriation is shortsighted and partisan without justification.
Changing the way we tax global American companies is imperative. Our tax code must put America first.
This framework provides tax cuts that would build on the movement that elected President Trump who has already eliminated 860 regulations. America’s GDP is already responding to the regulatory cuts and the promise of more to come with US 2nd Quarter GDP growth now at 3.1 percent. And given the messages the White House is sending to the American public with this framework, there is no reason our country’s GDP cannot be growing at four percent. This is why we elected President Trump and a conservative Congress. The time to put American workers and companies back on the path to greatness is now.
As the executive director of GOPAC, a Republican training organization, I’m privileged to have seen first hand the effect these types of reforms can have on state-level economies as well. States under Republican leadership like Indiana, Georgia, Texas, and Utah all have low corporate tax rates, and all of them continue to see job and economic growth.
Look. No matter what the liberal media and Democrats on the Hill say, these types of pro-growth tax cuts work. It’s time to let these policies work for this nation’s middle class.