On December 22, 2017, the Republican comprehensive tax reform package, H.R. 1, the Tax Cuts and Jobs Act, was signed into law by President Donald Trump. As your Member of Congress, I was proud to support this bill.
For too many years, the American people were unnecessarily burdened with a complicated web of rules and regulations and mountains of paperwork. We set out to change that. According to the non-partisan Joint Committee on Taxation, Americans across every single tax bracket and income level will see their taxes fall as a result of H.R. 1. More money flowing to American families means more money flowing through our economy and more money for Americans to save.
Another unfortunate side effect of our former tax code was that it forced American jobs overseas and effectively gave companies and businesses incentives to keep their money, profits, and business in general in other countries. Up until H.R. 1 passed, our nominal corporate tax rate was one of the highest in the world. By lowering the corporate tax rate from 35 percent to 21 percent, our tax code has once again become competitive when compared to other economically advanced nations. This will help American businesses stay competitive and create millions of new jobs.
In the past, companies simply kept profits in other countries to avoid the burdensome tax rate in the U.S. H.R. 1 incentivizes those companies to bring their profits back home, and will spur billions of dollars in investment back into the country. This corporate re-investment will bring a plethora of macro-economic benefits, and it will help employ thousands of Americans.
I’m proud that my efforts to reform our tax code have led me to be the recipient of the "Spirit of Enterprise” Award from the U.S. Chamber of Commerce and the “Taxpayer Hero” award from Citizens Against Government Waste, but our work is far from over. I’m committed to continually improving our tax system, so that the government takes less of hard-working Americans’ money.
The above are just a few examples of how H.R. 1 will stimulate the US economy and create millions of new jobs. However, they are just a small snapshot of everyone who was positively affected by the bill. If you would like to share your story about how tax reform helped you, please use the following link. I look forward to hearing from you.
More on Tax Relief
This week, like most Americans, I was outraged to learn that the hard-earned tax dollars of families and small businesses are being used for million-dollar executive bonuses at American International Group (AIG). Americans have rightfully lost confidence in Washington and in a Majority Democrat Party that has mismanaged their money, failed in its commitment to fiscal responsibility, and looked the other way while company executives fill their own pockets with tax dollars.
This week in Washington, I attended President Obama’s first address to Congress. On Tuesday evening, the President outlined his vision for America during these historic economic challenges.
President Obama strongly voiced his commitment to fiscal responsibility and job creation, and the nation stands ready for action. My Republican colleagues and I are ready to work with the President to ensure a more prosperous future, with bipartisan agreements that offer innovative and fiscally-responsible solutions to the current economic crisis.
Washington, DC – U.S. Congressman Pete Sessions (R-Dallas) issued the following statement in response to the Obama Administration’s fiscal year 2010 budget to Congress:
“Especially during this economic crisis, American families and businesses are making tough financial decisions every day, and they have every right to expect the same from their government.
Washington, DC – U.S. Congressman
Pete Sessions (R-Dallas) issued the following statement in response to President Barack Obama’s address to a joint session of Congress:
“Tonight, President Obama outlined his vision for America during these historic economic challenges. He has voiced his commitment to fiscal responsibility and job creation, and now is the time to place stated goals into action.
Today, every House Republican and seven Democrats voted against the largest spending bill in American history. With a price tag of $789 billion ($1.1 trillion including interest), this bill exceeds the current cost of the entire Iraq war. Despite bipartisan opposition, the Democrat Majority has chosen to capitalize on an economic crisis by today passing a trillion dollar spending spree that offers very little hope of job creation or economic growth.
Washington, DC – U.S. Congressman Pete Sessions today released the following statement after the House voted 244-188 for an “economic stimulus” bill totaling over $1.1 trillion (including interest):
Washington, DC – U.S. Congressman
Pete Sessions today released the following statement after the House voted in favor, 260-166, to release the second $350 billion installment for the Troubled Assets Relief Program (TARP):
“I am disappointed that this Congress has chosen to aid and abet tax dollar mismanagement by allowing the second $350 billion installment of TARP funds.
As our nation’s stock market remains destabilized and our unemployment level continues to rise, my Republican colleagues and I have become increasingly concerned with the treatment of taxpayer dollars intended to stabilize our nation’s economic foundation through the Troubled Asset Relief Program (TARP), which Congress authorized under the economic rescue bill.