Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) delivered the following remarks on today’s release of the Tax Cuts and Jobs Act, during a press conference alongside members of the Ways and Means Committee, and House leaders:
Excerpts of his are below, or watch online here.
“Well, this an important day, and I hope you understand the significance of it. For every member, this could really become the most significant bill they ever make a decision on in their term in Congress….
“Three major points I want to make. When I was 20 years old, I started my first small business. Small business creates more jobs than any other thing in America. In this bill, they’ll get lower taxes. They’ll go to 25 percent, the lowest it’s been in 40 years–more small businesses, more jobs.
“Second, every single American is going to keep more of what they earn. The single American, when you talk about a standard deduction, instead of the first $6,000 you earn tax-free, it’s $12,000. For families and couples, the first $24,000 you earn, is now tax-free. You get to keep it. You get to determine what’s best to invest.
“We’re going to bring the money that’s sitting overseas back to invest in American businesses. Even before this bill goes into effect, I believe you’re going to hear from businesses saying they want to come back to America. And the cornerstone of what Ways and Means, of what President Trump has worked so hard on—is at the end of the day that middle-class families are able to get more.
“As you heard from every other speaker up here, almost $1,200 more in your pocket, that’s the difference. This is about tax cuts, this is about America first, and this is about the future.
“Not only will America grow, we’ll show the rest of the world how to lead.”