Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) appeared on CNBC’s Squawk Box to discuss the passage of the Tax Cuts and Jobs Act—major legislation that will produce a fairer tax code, grow the economy, and benefit all hardworking Americans.
Excerpts of the interview are below, or watch online here.
On when the Tax Cuts and Jobs Act will be signed into law:
“We will vote on it, we have to enroll it, and then we have to send it to him, and then he has ten days in that time frame. I think the President will be very excited to sign it. After we vote on it today you’ll see the House and Senate go down to the White House, do a little ceremony. I think the President will pick the time and place. He has a short time frame, but I think he should celebrate the signature, because for three decades people have been trying to do this and have not been able to accomplish this. This is not only changing this country, but look around the world. It’s going to make America competitive again.”
On how this bill will give you a tax cut and help small businesses thrive:
“Everybody starting in February is going to see an increase in their paycheck because of the deductions and where they are. Just check your check. More importantly, look at where small businesses will be. There will be more entrepreneurs. Look where the corporate rate is going to go to 21%. How many times do you talk every day on the air where you talk about a company leaving America because of our tax code? You’re going to start reporting people coming back to America….
“Look, this is the start of America’s comeback. This is an opportunity for so many others to start small business, but you are seeing real life examples just with that. You saw Broadcom announce they’re come back to America because they left because of the taxes. We’re going to see example of example throughout the rest of the year.”
On taxpayers fleeing high-tax states:
“I happen to come from a blue state, California. You look at the latest statistics: people have already started moving out. We lost Toyota. We lost my neighbors down the street that had a small business with just 20 employees because you had a 13% state tax. That is already happening. What I hope happens in this—because even if you are in a SALT state, you are getting a tax cut—but I have talked to our governor in California, and you know what he did this year? He now has California paying the highest gas tax in the nation. Our gasoline costs $1 more a gallon than the state right next to us. They continue to raise the taxes instead of creating a new way of lowering the taxes like the federal government is doing and create an incentive. How many people do you know who have moved out of New York not for any other reason than the tax itself?”