Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) appeared on FNC’s Sunday Morning Futures with Maria Bartiromo to discuss the latest on tax reform and his recent trip to Puerto Rico, U.S. Virgin Islands, and the Florida Keys to survey the recovery efforts after Hurricanes Irma and Maria.
Excerpts of the interview are below, or watch online here.
On the latest tax reform developments:
“The House just took up the Senate budget so we can move two weeks faster to get tax reform moving. We have the criteria, we want it to be simple, we want it to be pro growth, and we want to help hard working Americans. We double the standard deduction, so a family or a couple, they now get their first $24,000 tax-free. We want to lower the corporate rate down to 20% so we can compete around the world. A recent study shows that means $4,000 more dollars in household income. Small businesses create more jobs so we need to lower the rate to 25%–the lowest it’s been in 80 years. And we need to simplify it so people could actually just fill it out on a postcard. We’ll keep the home deduction, the charitable deduction, and expand the child tax credit.”
On the Congressional Republicans being unified to reform the tax code:
“We want to look at it overall and the one thing you have to remember only about a third of [taxpayers] itemize their taxes. After we raise the standard deduction, fewer will itemize because they will have better savings. We were looking at the property tax; there are a lot of different ideas. Going forward, I say let’s look to see what Kevin Brady brings out on Wednesday. But the one thing that is very important to those members that have come from states concerned with SALT they have been so productive in expressing what their districts are looking at, we’ve been looking at the numbers, they’ve been expressing what they want to see, and at the end of the day their voice will be heard in what we’re able to put forward for them.”
On the need to protect and expand 401(k)’s:
“I think 401(k)’s are very important. What you’re going to find out in our plan is that we’ll raise the amount of [money] that you can put in. The more than individuals can invest their own money, the better off we are in the long term. They’ll have more capital, and they can protect themselves in the future and they are not looking to government.”
On his trip to Puerto Rico, USVIs, and the Florida Keys:
“I went down to the Virgin Islands, Puerto Rico and Key West. It was a bipartisan trip. It’s devastating because in Puerto Rico… their grid system is probably the oldest, least efficient, and one that we need to not rebuild as is but put a new 21st century grid system in there. We went further into the interior than any congressional delegation has gone…. So when we go back and make investments there, we should prepare ourselves there will be a future hurricane some time in the future. It’s happened before and it will happen again but we should prepare ourselves, so we’re not repaying for the exact same thing.”