Taxes

A strong tax code can stimulate growth and chart a path forward for future economic health. Under former President Trump, we saw one of the best periods of economic growth, and it validated the principle that nothing is better for American industry and economic prosperity than tax cuts. The Tax Cuts and Jobs Act (TCJA) provided American families and businesses tax cuts that allowed hardworking Americans to keep more of their own money and set us on a path toward prosperity.

In fact, the Congressional Budget Office released a report that TCJA reduced taxes for Americans at every income level. In Utah, the average family received a 12.5% tax cut from TCJA. Rather than taking more from American families to spend on wasteful and unnecessary big government wish list items and slush funds, our tax code should let families decide how to spend their money so they can best care for their needs.

Additionally, TCJA’s corporate cuts proved to incentivize businesses to work and invest in the United States and helped to lower unemployment and raise competitive wages. By cutting the corporate rate, domestic business boomed, and America again became a premier place to do business.

Importantly, we must play defense against Democrat-led tax reform that will stifle growth as well. Democrats repeatedly push for increased taxes—specifically corporate income taxes—that will deeply hurt low-and-middle income earners. These proposed hikes hamper growth and kill a multitude of jobs. Even the smaller, less aggressive change to the corporate tax code in the Inflation Reduction Act passed in August of 2022 has been projected to slow economic growth and kill tens of thousands of jobs. This was done just to provide revenue to support progressive agenda items, including the Green New Deal.

Americans deserve better than a tax code that is merely designed to increase revenues to support big government spending. Americans deserve a tax code that values their hard work and keeps hard-earned dollars in their pockets.

On the House Budget Committee, I work with my colleagues to ensure that the federal government is using taxpayer dollars efficiently and responsibly instead of merely advocating higher taxes. Total federal tax collections just hit a new record high. Instead of taxing more, we must find ways to use the dollars we already have in a focused, effective, and efficient manner.