McCarthy on Face the Nation: Tax Cuts Will Make America Competitive Again
Congressman Kevin McCarthy (CA-23) appeared on CBS’s Face the Nation to discuss the Tax Cuts and Jobs Act—major legislation that will produce a fairer tax code, grow the economy, and benefit all hardworking Americans.
Excerpts of the interview are below, or watch online here.
On how this plan will help individuals and families:
“For decades the hardworking Americans have been ignored or forgotten from Washington, but not anymore. This Tax Cut and Jobs Act bill is going to be the start to changing that…. It lets every American keep more of what they earned. If you’re single, the first $12,000 is tax-free. If you’re a couple, the first $24,000 is tax-free. That means the average family is going to have almost $1,200 more in their pocket. And the first $55,000 a family of four earns will not be taxed at all.”
On how this plan is already making America competitive again:
“This is going to make America competitive again. Broadcom came back based upon our tax bill. This is a company who’d left America because the taxes came too high. They announced, because of the tax bill, they are moving back to America. That’s $20 billion in revenue a year, but you know what’s even more important? They will put $3 billion every year into R&D and $6 billion into manufacturing. That’s jobs—good paying jobs for America.”
On how the importance of economic growth:
“There’s a philosophical difference in Washington. Democrats want to charge more and spend more. Republicans want you to keep more of your money and spend less. One thing that Republicans have shown since they took a majority, when it comes to discretionary spending, we’ve actually cut spending…. Always in America, we’ve averaged more than 3% [gdp] growth, but we’ve had some of the lowest growth in the last eight years. If you look back to Bill Clinton, his worst growth year is higher than the largest of Barack Obama’s. Growing the economy is the key to getting us back working and helping us to be able to balance the budget.”