Economy and Jobs
Creating jobs and strengthening our economy are among my top priorities. I believe the formula for job creation includes a strong education system that empowers a skilled workforce and a common sense tax and regulatory environment. Small businesses create jobs and have a positive impact on our community and economy – government should not get in the way with unnecessary red tape. H.R. 1 - the Working Families Tax Cuts - has made good on President Trump and Republicans promises to small businesses and family operations.
We must restore fiscal responsibility in Washington. Reckless spending has led our country into a dire economic situation threatened by inflation and mountains of debt. I've been working with my House and Senate colleagues to find common-sense solutions to halt wasteful spending, make middle class tax cuts permanent, and dramatically decrease the size of government. In President Trump's first administration, we passed the Tax Cuts and Jobs Act which created opportunity zones and allowed an overwhelming majority of Americans to see larger paychecks and bonuses. We have tough choices ahead to build on our accomplishments and cut government spending. Yet it is immoral for us to borrow from future generations to pay for things we don't need and can't afford.
With President Trump in office again, we were able to pass the Working Families Tax Cuts that increases the Child Tax Credit, removes taxes on tips and overtime, gives historic relief to seniors in the form of a tax deduction, boosts the standard deduction so families can keep more in their pocket, permanently increases the exemption for the estate tax so farms can stay in the family for generations, eliminates the marriage penalty, creates Trump Savings Accounts, makes the small business pass-through deduction permanent, creates a made-in-America deduction for businesses, and so much more.
By the Numbers: Working Families Tax Cuts Deliver for Americans Earning Less Than $100,000
- Nearly 70 percent of Americans who received a tax cut earned less than $100,000, while 96 percent of Americans who received a tax cut earned less than $200,000.
- Over 7.5 million Americans claimed No Tax on Tips, with an average deduction of over $7,000.
- 90 percent of Americans who claimed No Tax on Tips earned less than $100,000 while 99 percent earned less than $200,000.
- Over 29 million Americans claimed No Tax on Overtime, with an average deduction of over $7,500.
- 75 percent of Americans who claimed No Tax on Overtime earned less than $100,000 while 96 percent earned less than $200,000.
- Over 35 million American seniors claimed the Social Security deduction, with an average deduction of over $7,500.
- 68 percent of Americans who claimed the Social Security deduction earned less than $100,000 while 94 percent had income under $200,000.
- Over 1.4 million Americans claimed No Tax on Auto Loan Interest on their new American vehicles, with an average deduction of over $1,800.
- 62 percent of Americans who claimed No Tax on Auto Loan Interest earned less than $100,000 while 98 percent earned under $200,000.
- Over 5.5 million Trump Accounts have been opened, 1.4 million of which are eligible for the $1,000 pilot program contribution.
- 86 percent of all Trump Accounts opened are linked to families earning less than $200,000.
- Nearly 40 million families claimed the enhanced Child Tax Credit, which was expanded to $2,200 and permanently indexed for inflation under the Working Families Tax Cuts.
- 65 percent of families claiming the credit earned under $100,000, while 89 percent earned under $200,000.
- Over 127 million Americans (90 percent of all tax filers) have claimed the doubled standard deduction.