We need to grow the economy, not the federal government. I support pro-growth economic plans that provide welcome relief to taxpayers.
In 2017, Congress passed historic tax reform to help the economy grow, create more jobs, and simplify taxes. I am proud that as Chairman of the Budget Committee and as a member of the Senate Finance Committee I played a key role in helping pass this legislation. It has provided American workers and families with an across-the-board tax cut and put more money in people’s pockets. It lets Americans have a greater say as to how to use their hard-earned money. The changes to the tax code help small businesses in our communities thrive and encourage the largest international companies to remain in the United States, creating jobs at home and encouraging a healthier economy. All this while preserving important deductions for families such as those for medical expenses, charities, home owners, and state and local taxes.
Businesses small and large are benefiting from a range of tax breaks, including lower tax rates, expanded opportunities to expense the purchase of capital assets, a new 20 percent deduction for many unincorporated businesses, and international tax reforms to give U.S.-headquartered international companies a strong competitive footing in the global marketplace. These are changes you can take to the bank.
Our farmers and ranchers received stronger protections from the reach of the death tax to help them more easily pass on their businesses to their families. And the law eliminated the Obamacare individual mandate tax, which was imposed on people who couldn’t afford to buy a specific type of health insurance.
The Tax Cuts and Jobs Act is helping our economy expand. It has provided tax relief to hardworking Americans and changes to our tax code that businesses large and small need to boost the economy and create jobs.
For many years, I championed bipartisan legislation in the Senate, known as the Marketplace Fairness Act, to help states collect the local taxes on out-of-state retailers they were owed. In 2018, the U.S. Supreme Court overturned its 1992 decision, Quill Corp. v. North Dakota, which prohibited states from collecting these local taxes that help pay for schools, police, roads and other important services. I am glad the Court realized the importance of closing this gaping loophole in our tax law that denied states the right to enforce their own laws.