|Hope for hardworking residents of Southwest Washington
For the average Southwest Washington family, this week Congress passed historic legislation that will help you keep an average of $2,385 of your money. Watch this video
to hear why I supported the tax cuts - while still protecting vital Medicare and Social Security lifelines.
Mark your calendars
January 1, 2018: New Year's Day will usher in a new era for American prosperity.
February 2018: Look at your paychecks - hardworking Southwest Washington residents will see the result of our new tax code.
April 15, 2018: This will be the last time you will ever have to file your taxes under the current broken, outdated tax code.
More jobs, bigger paychecks
The Tax Cuts and Jobs Act reforms the tax code to allow the average family of four in our region to keep $2,385 more of what they earn. People across all income levels will benefit from this tax relief. Additionally, independent economic entities like the Tax Foundation verify that reforming our broken, overly-complex tax code will lead to more jobs and bigger paychecks.
Relief for small businesses
How? By empowering small businesses – which create two out of every three new jobs in Southwest Washington – to grow their operations. The tax bill lowers small business taxes, specifically incentivizing them to invest in new equipment and skills training. For instance, craft breweries will have their excise tax cut in half. Businesses that make and keep more profits usually expand, and require more workers to help.
Corporate tax reform will help too. This is hardly a conservative Republican idea; Presidents Clinton and Obama regularly promoted corporate tax cuts, recognizing that the U.S. has the highest corporate tax rate in the world. Liberal countries like Germany and Sweden have recently cut their corporate tax rates to spur economic growth. Canada did it and saw higher revenue than the U.S. for the past 15 years.
No cuts to Social Security or Medicare
One of the most irresponsible claims is that this bill will cut Social Security or Medicare. These types of attacks seek to create fear among some of our most vulnerable citizens – our seniors. Here are the facts: nothing in this bill touches Social Security, Medicare, or Medicaid.
Congress won’t cut those programs to finance tax cuts. Speaker Ryan and Senate Majority Leader McConnell issued a formal statement on December 1 opposing any such cuts and mapping out a strategy to protect Social Security and Medicare. I believe Congress should protect and strengthen these trust funds that people pay into their entire working lives, and would oppose any attempt to weaken them.
Growing the economy
Families shouldn’t have to live paycheck to paycheck because true economic recovery never arrived. A decade is too long to have stagnant wages and people stuck in low-paying or part-time jobs when they want to move upward and earn more. Critics of this tax cut plan seem to believe that our present “recovery” is good enough, but I don’t accept that. The Tax Cuts and Jobs Act will help residents of Southwest Washington earn more money and live with the economic security they deserve.