It has been just over four months and the nation is already feeling the positive effects of pro-growth tax reform.
Americans are seeing the fastest wage gains in the private sector in a decade. We are seeing the fastest growth in capital expenditures since 2011, the unemployment rate is the lowest in 18 years at 3.9%, business optimism is through the roof, and consumer confidence is high.
The positive effects are even impacting families in our own backyard! For example, a typical family of four in the 5th District of South Carolina will see a tax cut of over $2,000. In the meantime, House Minority Leader Nancy Pelosi is still calling these tax cuts “crumbs.” It is evident that this tax bill has real benefits for South Carolina families, and these so-called “crumbs” can actually be the bread of life for many.
Fun fact: Not one Democrat voted in favor of tax reform. They actually want to raise taxes on you if they win in November! After four months since passage, now Congressional Democrats, even some in leadership positions such as Rep. Keith Ellison, are now saying things like “If you could pick up 1,000 or 900 bucks, maybe it helps.” Or how about Rep. Ben Ray Lujan saying, “anything makes a difference.” My personal favorite, though, is Rep. John Yarmuth who said, “I wouldn’t say a couple thousand dollars a year is ‘crumbs’.”
Which is it?
While the evidence clearly indicates the widespread benefits of tax reform now and down the road, work to improve our nation’s tax code remains unfinished. The capital gains tax still remains over 23%, a high rate which deters capital investment, and the individual tax cuts are set to expire after 2025. I will be working hard to ensure that these provisions, among others, are fixed.
Mainly, we must make these tax cuts permanent for individuals. In fact, in a recent survey I sent to over 70,000 constituents last month, an overwhelming 96% agreed! While we must work to make these cuts permanent for everyone, we should at least start with those who deserve it most — the men and women of our armed forces. This is why I introduced the “Permanently Amending Tax Cuts for our Heroes Act.”
Multiple aspects of the tax bill already make permanent provisions for our troops, but the PATCH Act would go further by making permanent:
• Modified Tax Brackets and Lower Rates;
• Increased Standard Deduction;
• Expanded Child Tax Credit; and
• Increased Charitable Deduction Limits.
Our troops have sacrificed so much and put their lives on the line to ensure we enjoy our day-to-day liberties. We must remember to uphold our troops all the time.
That is why I am so honored, especially during, National Military Appreciation Month, to introduce the PATCH Act to provide tax relief for those in uniform.
With so many positive effects coming from tax reform, now is the time to act to make sure these changes are here to stay.
In the meantime, I look forward to hearing more and more good things from families, individuals, and workers across the 5th District in South Carolina, and a nation as a whole, who are seeing the true benefits of tax reform!
Congressman Ralph Norman proudly serves the 5th Congressional District of SC. He serves on the House Small Business Committee and House Committee on Science, Space, and Technology.