Leader McCarthy Talks Tax Reform on Three Morning Shows

Press Office Matt Sparks, Erin Perrine

September 28, 2017

Leader McCarthy Talks Tax Reform on Three Morning Shows

Washington, D.C. - House Majority Leader Kevin McCarthy (CA-23) spoke this morning on Fox Business, Fox News, and Bloomberg on how tax reform will do amazing things for the American people.

Lowering Taxes

On lowering taxes for everyone:

"This is an opportunity to make the entire nation competitive again.... We're doubling of the standard deduction. So instead of that middle-income American only earning the first $6,000 tax-free, it's now $12,000. A married family, $24,000. Instead of paying 10% they will pay zero in that process. So we're sparking the economy to grow, we're making us competitive around the world... and we're going to let the money come back and invest in American jobs."

On how tax reform will benefit all Americans:

"I think if you look at the total tax package, it actually benefits each American. Instead of the middle-income American only having the first $6,000 of their income tax free, we doubled back to $12,000, and a family goes to $24,000. Instead of spending days filling out their taxes, they will do it in minutes on a postcard.... We take a small business tax, and put it down to 25%-the lowest tax [rate] it has been in 80 years. I started my first business when I was 20 years old and I will tell you this, more businesses and more jobs are created by small business than any other. Corporations don't create the jobs that small businesses do. And when I look at the last eight years, our highest growth year was still less than under the lowest growth year under Bill Clinton. This is what has been harming America, we've got to get competitive again in the global economy and bring jobs back to America."

American Strength

On investing in America:

"We're going to at territorial tax. What does that mean to the average American" It means that as we're competitive around the world. Instead of our tax code forcing companies to invest in other countries, they're going to invest back in America. They're going to invest in their own employees."

On making America competitive:

"We have got to get America moving again, and that means a tax code that can be competitive. Today, American companies that are competitive around the world, our tax code forces them to take that money and invest in another country instead of bringing it back to America and investing here. The most important part, think of all the days you spend trying to fill out your tax code. You will now do your tax return in minutes because it will be on a postcard. It's fair, it's simple. It's an American plan."

Fairness

On the state and local deduction:

"Is it fair that other states subsidize states that have high state taxes" Look at California. California is one of the most mismanaged, highest-tax states in the nation. And they use an argument inside that capitol, 'Let's raise taxes, as you can write it off on your federal income tax.' Well, that's not fair for all of America. [Our plan] would actually encourage states to manage their states better."

On repealing the death tax:

"Why do you want to have double taxation" Why don't you talk to Kristi Noem of what she had to do when her father was a farmer and died in an accident. She had to go out and borrow money to pay for a farm they already had because the American government said they needed to tax them on that."

Working with Trump and the Democrats

On President Trump's leadership:

"I have to give a lot of credit to President Trump. He has brought both houses together, worked out the differences, and put out a tax plan for all of America."

On bipartisanship and doing your taxes in minutes:

"We don't need Democratic support, but I want Democratic support because this is not a tax plan for Republicans, this the tax plan for Americans. They know our challenges. They know what is happening to small business. They know every American family -it takes some days to fill out the tax code. Now they can do it in minutes. That allows them to keep more of what they earned. It simplifies it."

What We've Accomplished

On what the House has done this year:

"We continue to do our job here in the House. Think what we've been able to achieve--the number of bills more so than any modern Congress you've had in the first year of a new presidency; 16 human trafficking bills; 16 Congressional Review Acts, 14 of those signed into law, in history of America only one other Congress has ever done one of those; reforming the VA; repealing and replacing Obamacare, we moved that out. And other thing that we did, we did all 12 of the appropriation bills. The last time a republican majority did that, the iPhone wasn't invented. We're doing our work. We just need a little help in the other chamber."

Fox Business

Fox and Friends

Bloomberg Daybreak

Majority Leader Press Office 202-225-4000

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