Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) spoke on Fox & Friends this morning on how Congress is speeding up the process for tax reform that delivers huge wins for American taxpayers.
Excerpts of the interview are below, or watch online here.
On speeding up the pace to finish tax reform:
“We talked with Senate Budget [Committee] prior to producing their [budget] to make changes to theirs. We will take that Senate budget up this Thursday. And what that means is that’s two weeks faster when we can begin tax reform. We had a conference call this week and we had the President and the Vice President on it, and really when you look at the budget, it is the mechanism to get us tax reform. The sooner we get tax reform and growth in this country, the sooner we help those hard-working taxpayers across America.”
On how the budget is the first step to tax reform.
“We work with our entire conference the whole time, but we also work with the Senate. Yes, the House budget is more conservative. But remember what the budget allow us to do here. It is the mechanism for tax reform. This is exactly what the President said on that conference call with all of our members. A vote for the budget is vote for tax reform. It is the first phase to get it moving. By doing this, we will take off two more weeks to start faster to get tax reform done before the end of this year.”
On how tax reform is huge for hardworking taxpayers:
“It’s never easy because tax reform is very complicated. The uniqueness about this is, the House has been working on this for a number of years. We put it out to the American public, and this is what we simply said: We want a tax code that is actually fair. We want one that produces growth, especially for hard-working taxpayers. And we want America to be competitive around the world. So the first thing that we do, if you’re a single American, right now, it is only the first $6,000 that’s tax free. We double that to 12. For a couple, it’s only $12,000 today. We double that to 24. So we help that hard-working American taxpayer, but more importantly when we lower the corporate rate from 35% to 20%, there is a new report out that says for the average American household, income will go up $4,000. We know small businesses create more jobs than any corporation. We lower that rate to 25%, the lowest it’s been in 80 years. And no longer will you spend weeks filling out your taxes. You will spend minutes because you’ll do it on a postcard.”