WASHINGTON, D.C. - Congressman Jason Lewis (MN-02) issued the following statement after the release of the unified tax reform framework:
“American families and businesses suffer under some of the highest tax rates in the world, and consequently families have less income and businesses create fewer jobs. Our economy has been stuck in low gear for years, growing far slower than the post-WWII average of 3.3%. As a result, median family incomes have failed to keep pace since the 2007 recession.
“Today, that changes. Our tax reform plan doubles the standard deduction, which will massively reduce the tax burden on millions of families and allow them to file their returns on a postcard. It encourages investment and capital formation by lowering rates on small business pass-through income. And we finally end the outdated practice of being the only industrialized nation to tax foreign profits twice—once abroad and again when proceeds are brought back for investment here at home.
“I want a tax code that promotes economic growth—not one that merely divvies up a shrinking economic pie. It’s time to close the tax loopholes so we can embrace good policy where everyone has skin in the game--but at much lower rates. This plan is about defending the American Dream—the right to fly as high as your wings will take you.
“As John F. Kennedy said when he unveiled his proposed tax cuts in 1962: ‘The present patchwork of special provisions lightens the tax loads of some only at the cost of placing a heavier burden on others. It distorts economic judgments and channels undue amounts of energy into efforts to avoid tax liability... In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now...’
“JFK was right. Tax reform not only worked then, but whenever it’s been tried—in the ‘20s, the ‘60s and the ‘80s. And it will work today for America’s families and business.”
