Hearing Remarks: Protecting American Families from Higher Taxes

Adam N. MichelI recently testified for the Senate Budget Committee on the topic of taxes, economic growth, and budget deficits.You can read my full written testimonyhere, and watch the hearinghere. Below is a  lightly edited version of the three main points I emphasized in my oral remarks.First, the 2017 Tax Cuts and Jobs Act was a  success. Second, tax cuts did not cause the federal deficit. And third, the topic of this hearing is really about the appropriate size and scope of government—a topic on which reasonable people can disagree. However, if Congress decides that the current trajectory of federal spending does not ne ed to be curtailed, it should be honest with the American people. Big government is expensive, and it will require significantly higher taxes on everyone.I ’ll begin with a bit of history of the 2017 tax cuts. After years of misleading reporting, many Americans still don’t believe that they benefited from a tax cut. This is a shame because the law not only lowered taxes for Americans at every income level, it simplified taxpaying, and supported an economy that was struggling to finish the long climb out of the great recession.The law cut taxes for more than 80 percent of Americans and cut the tax bill for the lowest ‐​income Americans the most. Despite claims to the contrary, the Tax Cuts and Jobs Act made the U.S. tax code more progressive—collecting a larger share of tax revenue from the highest‐​earning taxpayers.The law cut tax r...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs