President Joe Biden and the rest of the congressional Democrats have relentlessly railed against the tax cuts passed by former President Donald Trump as a sop to the rich. Yet they have taken no action to repeal them, even though tax reform produced record revenue for the federal government.
Biden will get that chance next year if he is re-elected. Trump’s cuts will expire, giving Democrats the massive tax increase they pine for.
Florida Rep. Greg Steube argues, however, that the current tax structure should be made permanent now.
In an opinion article last week, the Sarasota Republican argued that allowing the tax cuts to fade away will jeopardize the financial security of working-class Americans and wreak havoc on the overall economy.
“I have firmly advocated for America First policies, which include renewing and building upon the Tax Cuts and Jobs Act's many successes. Contrary to the tired far-left messaging that falsely claims the tax cuts only favor the wealthy, the reality is very different,” Steube, a member of the House Ways and Means Committee, which writes budget and tax policies for the House, wrote in the Sarasota Herald-Tribune.
Steube argued that “countless” constituents have told him how the Tax Cuts and Jobs Act helped their families and businesses, especially during the COVID-19 pandemic and with Biden’s “rampant” inflation. “In fact,” he added, “Trump’s tax policies served as a critical buoy in keeping our economy afloat during the pandemic as Democrats went on a multi-trillion dollar spending spree.”
He noted that, contrary to leftists’ assertions, the tax cuts gave substantial financial relief to all Americans, but especially middle and working-class families and small businesses.
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Steube argued that in his district and across America, jobs are on the line and small businesses face the dilemma of whether to grow or brace for higher taxes.
The congressman cited a study by the National Bureau of Economic Research and the Treasury Department that found that corporate tax reforms adopted under Trump boosted domestic investment by roughly 20% during the first two years that the cuts were in effect.
“These are not just numbers on a page; they have real meaning to American families,” said Steube. ”This increased investment has led to hundreds of thousands of new jobs, which has left more in Americans’ pocketbooks to put food on their dinner tables, send their kids to college, and save for retirement.”
“The glaring disparity between the pro-growth, pro-America policies of the Trump administration and the current Biden administration's approach could not be starker,” Steube continued.
“While Trump’s tax code propelled economic growth and lifted more than 6 million people out of poverty, the Biden administration has proposed $7 trillion in tax hikes, which would cause permanent damage to our economy and create an irreversible culture of government dependence in our country.”
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Steube maintained that if Biden is elected and follows through on his pledge to let the cuts expire in 2025, families and businesses across our country will be hammered by significantly increased taxes.
“The small business federal income tax will go from 21% to 43%, an increase that will force small businesses to make tough decisions like laying off workers or increasing prices on consumers,” he noted.
The congressman pointed out that, despite their anti-Trump, anti-capitalist rhetoric, Democrats recognize the benefits of Trump’s tax reforms.
He said the House recently passed a “significant” tax package with broad bipartisan support that retained and renewed three of Trump’s key provisions.
The Tax Relief for American Families and Workers Act restores immediate expensing for research and development, provides full interest deductibility, and expands 100% expensing.
“These Tax Cuts and Jobs Act policies grew investment in American businesses and strengthened our competitiveness with China,” he said. “While not a single Democrat supported the Tax Cuts and Jobs Act vote in 2017, the overwhelming bipartisan support of this tax package is proof that even House Democrats can’t deny Trump’s economic policies worked.”
“There’s no questioning the level of prosperity Trump’s tax policies have brought to America. The only question now is this: Why would Americans support a president who promises to undercut such successful policies?” Steube continued.
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“The way forward for our country must be a steadfast dedication to preserving a pro-America, pro-growth agenda that has underpinned our nation's pre-pandemic economic success,” Steube concluded.
“By rejecting the left’s policies that thwart American competitiveness, we must instead embrace policies to empower individuals and businesses so America can remain a beacon of opportunity and prosperity for generations to come. We must fight to make the Trump tax cuts permanent.”
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