We’re celebrating Tax Day! It’s the last time families will have to file their taxes under our old, cumbersome, complicated, broken tax code. We’re beginning a new era of more jobs, fairer taxes, and bigger paychecks — just like we promised.
The only thing dampening today’s celebrations is the promise from the Democrats that they’d repeal tax reform if given the opportunity. As Speaker Ryan said just this morning, “Yet Democratic leaders are still out there spreading doom and gloom. They call it ‘crumbs.’ They talk about a ‘dark cloud.’ And they are promising to take it all away.” Which means those top five best changes — lower tax rates, nearly doubled standard deduction, a doubled Child Tax Credit to help families, a simpler process, and relief from Obamacare — would be ripped away from workers, families and small business owners.
In honor of Tax Day, CNBC’s Squawk Box broadcasted LIVE from the U.S. Capitol. House Republican Leadership, Chair Kevin Brady, and Trump administration officials were among those joining in to highlight the ways the new tax code will be better than the old one.
Looking for more info on the Tax Cuts & Jobs Act, Republicans’ pro-growth, pro-family tax reform? Visit FairandSimple.gop. And be sure to check out these excerpts from today’s #SquawkOnTheHill ↓
House GOP Chair Cathy McMorris Rodgers (R-WA)
“What encourages me the most is that it is bringing hope and optimism to this country again. We had seen years of stagnant wages, a stagnant economy, and now people are optimistic again….I believe Americans really see the impact of the policies that we have promoted with the Republican majority. The economy is growing. There’s more money in your pocketbook. The lifting of the regulatory burden, so people feel like they can go out there and explore the American Dream again. People are believing again.”
Business Roundtable President Josh Bolten
“It’s still early days [of tax reform], but the reviews from the American business community are incredibly strong. We did our CEO survey. We do one every quarter. And we had the highest optimism rate in the history of this survey, on both what those individual CEOs are going to do with their capital investment and what they’re going to do with their hiring. The optimism about the opportunity that the tax bill creates is very strong and a lot of the results are coming in. We have 200 member companies, some of America’s biggest companies, and so far 42 of them have announced wage and benefit increases of more than $2 billion for two million employees. That’s just early returns from a relatively small anecdotal sample, but it’s very big for the American economy.…it’s not just the big hirers that have optimistic plans–it’s all of their suppliers. It trickles down to small businesses all over America. And then there’s the individual side of the tax code. 90 percent of Americans are getting a tax cut. That’s all coming…people are now focused on what they owe last year, but I think once they see what they owe this year they will see some much stronger optimism about an already pretty strong American economy.”
“[Tax reform] takes time, and the early results are really good….the most important thing about the tax reform, though, is what it does for the long-term competitiveness of the U.S. economy. That we won’t see for years…for the first time in 10, 20, maybe 30 years, the U.S. is an attractive place to invest and hire people and make stuff.”
OMB Director and Acting CFPB Director Mick Mulvaney
“We’ve fundamentally changed the way the economy is structured and the way we’re going to tax wealth in this country and wealth creation, because keep in mind it’s not only the tax code which we’ve reformed — not just produce the rates — we’ve changed the tax code, but we’ve also changed the regulatory policy; we’ve changed energy policy; we’ve changed a lot of the way the economy works. This is a structural change in the economy for the better, and it’s not a one time thing.”
“The Democrats, some of them don’t believe [tax reform is working]. They don’t believe it’s real. But a lot of them don’t want it to be real they’re heavily invested in this message failing. If we reduce taxes, we reduce regulation, we increase energy independence, and the economy does well and all these people in this room get wealthier. There’s a lot of Democrats who don’t have anything to sell after that. So they need it to fail. And that’s what worries me.”
Secretary of the Treasury Steve Mnuchin
“We’re seeing very strong economic growth. We literally have met with hundreds of executives, small companies, big companies, and thousands of workers and we’re beginning to see the impact of the tax cuts specifically people investing large amounts of money back into the United States.”
Speaker Paul Ryan (R-WI)
“There’s so much more we can do to run through the tape. We’ve got to do our technical education bill, we’ve got to do getting people from welfare to work, we’ve got infrastructure bills, more regulatory relief, we’ve got our Dodd-Frank reforms. So we’ve got more things that we’re going to run through the tape and get done…Today is Tax Day. The average family of four is getting a $2,000 tax cut because of the tax bill. This is the last year of this old tax code and now you have a new year of lower tax rates, doubling the standard deduction, doubling the child tax credit, the simplified system. These are good things. People know it, people see it. And they know that having this unified Republican government is making a big positive difference in our economy.”
Majority Leader Kevin McCarthy (R-CA)
“I don’t think it will be too late because if you watch the tax bill has gotten more popular. You’ve got five million people who got bonuses, you’ve got how many more people that have longer maternity leave just because of this tax bill. You look at even your electrical bills in 39 states have come down because of the tax bill. And how many people got a raise in their own paycheck because the withholding changed in this process. It’s explaining that to them and it continues to grow and get more popular. But what people really look at look at where unemployment is look at where job creation and then look at all these companies that brought the money back to America to invest. So as economic growth continues to go I think come November and then April will even be greater. I know the chairman this week just today we’re passing 13 more tax bills on the floor that are changing the form of the IRS and identity theft. Very important things that Americans care about. We continue to work I think at the end of the day you’ll see this very popular.”
Ways and Means Committee Chair Kevin Brady (R-TX)
“This is the worst day of the year for most Americans and the week leading up to it is probably the worst week of the year, including in our house so it really is encouraging. Today’s the last time you’ll file under that old complicated tax code going forward. It is much simpler. People keep more of what they earn and Main Street businesses have a new discount off their taxes to invest and we redesigned the international code so our companies here can compete and win anywhere in the world.”