House Passes Historic Tax Reform
Washington, D.C. – Congressman Kevin McCarthy (CA-23) spoke on the House floor today in favor agreeing to the Conference Report to Accompany H.R. 1, The Tax Cuts and Jobs Act.
Full remarks are below, or watch online here.
“Today we will take a vote that every member on this floor will remember—the country will remember. And next year when people check their checks and realize they have more money, they’re going to remember who voted for status quo and who voted to make the American comeback. And I want to thank the [Ways and Means] Chairman Kevin Brady for that work.
“Now, Mr. Speaker, a month ago when the House passed an earlier version of this bill, I said that for all the jobless, for everyone who hasn’t gotten a raise in years, for the parents, for the small business owners, and for anyone who ever dreamed of being that entrepreneur and a small business owner, we heard you. This bill is the start of your comeback. And when they win, well, that’s the start of America’s comeback.
“Our country has faced some tough times. I don’t have to tell you about that. And for too long, year after year, more and more Americans gave up hope. They were out of work, or maybe they had a job, but they could never see past the next month, or even the next week. They watched factories and businesses close up shop and move out, even moving out of the country.
“Nobody wants to see their communities hollow out. Nobody wants to feel like they live in a nation in decline. That’s not who Americans are. Frankly, Mr. Speaker, we are not a country that gives up on hope.
“This legislation—and the Republican Party’s entire economic plan—they’re giving people hope. You can see it in the stock market. For every American who invests their retirement in a 401(k), 84 times it’s set a new record since last year’s election alone.
“You can see it in the companies like Broadcom. You know Broadcom was a company created in America, but they’re not domiciled here today. They moved to Singapore simply over our tax code. So for those who want the status quo and want to keep Broadcom in another country, go ahead and vote ‘no.’ For those who believe in the hope of this country even greater, looking at this bill, Broadcom said they’re coming back to America.
“Mr. Speaker, you know what that means? Twenty billion dollars in revenue just a year. That means $3 billion every year invested in R&D, $6 billion ever year invested in manufacturing. Those are jobs we all dream about, and the action of this bill is making it happen.
“You can see it in the faces of families who learn that next year, thousands of dollars that they earn won’t go straight to Washington. They’ll actually stay right at home.
“And this is all in an environment of disinformation and fear mongering. I mean I have seen what has been said, and to me, it’s absurd.
“Mr. Speaker, Leader Pelosi said that this bill was, and I quote, ‘Armageddon’ and, quote, ‘the end of the world.’ Now, Mr. Speaker, I have listened a great deal to what my counterpart on the other side, the minority leader, has said. And I have read when the Washington Post analyzed what she had said. Now, when you say something that could be a little off and don’t have all the information, they have this rating for you. She’s had a rating on this. She did not get one Pinocchio. She did not even get two. She didn’t even get the extreme of three. She got the most Pinocchio’s you can say when it’s totally false, four, for her conversation about this bill.
“Mr. Speaker, in such times when the other side will say anything to win their political game, I recommend folks actually look at the bill. Doubling the standard deduction; lowering rates; simplifying the code so you don’t spend weeks doing taxes, you spend minutes; doubling the child tax credit; ending the individual mandate; lowering taxes on small businesses to the lowest it’s been in 40 years; creating incentives for business to invest and hire; that’s not the recipe for Armageddon. That’s a hope for a nation to come back.
“The American people see through all this rhetoric, and they’re going to feel it next year when they check their paychecks and they see they keep more money because of the vote today. They’re going to feel it next year and the years after when they get that raise they’ve been waiting for. They’re going to feel it when more and more companies announce they’re coming back home. They’re bringing jobs right back to the U.S.A. They’re going to feel it when we start looking to the future again not with fear, but hope.
“I won’t accept the status quo. But there will be some in this body that vote for the status quo. I won’t accept failure. Now, I do not believe anybody in this body was elected to preside over America’s decline.
“I recently was overseas, and I was sitting at a dinner table with some elected leaders from other countries, some Americans who were working in other countries, and I asked them, ‘What is the impression of what is happening in America today?’ And I thought the reports I would get would be a little different. You know what they said to me?
“They said America is back. You are now tackling big items again. Not only are you going to lead your own country, but you will help again lead the world. They were fearful of the competition of rising America one more time.
“So don’t vote for the status quo. Vote for a tax cut. Vote for reform. Don’t vote because some leader whipped you and intimidated you. Vote for your constituents. Vote for your country. And Vote to raise the paychecks of America.”