Taxes and Economy
For decades, Washington’s spending problem led to a tax code that hurt American families, small businesses, and our nation's economy. In 2017, Congress passed and the president signed into law the Tax Cuts and Jobs Act. This bill creates a simpler and fairer code for all Americans. It creates and keeps jobs here at home while giving small business owners the flexibility they need to grow. Most importantly, this plan allows you to keep more of your hard-earned paycheck.
In this plan, we double the standard deduction and get rid of special interest loopholes, leveling the playing field for the middle class, and allowing you to keep more hard-earned income in your wallet. In fact, the average American family will see a tax cut of $2,059. And by overhauling the code to make it simple and fair, we finally end the days of wasting time and money just trying to figure out how to file your family’s tax return.
With passage of this law, America can once again be the world leader in job creation and economic growth, and we can rebuild our middle class by making sure those high-paying jobs are created right here at home instead of foreign countries. Since passage of this bill, numerous companies across the country and in Louisiana have announced bonuses, pay raises, new hiring, and more investments in the American economy. The facts don’t lie, tax reform works.
The bill also included some big wins for Louisiana. Under the Tax Cuts and Jobs Act, revenue sharing for Gulf States would be increased by $300 million, and Louisiana should expect to receive at least $100 million of that funding to restore our coast and protect against future storms. This is a landmark victory for coastal restoration and puts down an important marker for future increases in Louisiana’s revenue sharing.
Additionally, the Tax Cuts and Jobs Act protected the Historic Tax Credit, which has been used across Louisiana to preserve of state’s unique architecture and history. The important benefits of the historic tax credit will help Louisiana continue to preserve and revitalize areas across our state.
This law also provided tax relief to victims of major floods across Louisiana during 2016. Tens of thousands of Louisianans were affected by flooding during 2016. This disaster tax relief will allow individuals and families to take a tax deduction for the property losses they suffered because of those storms, and it also eliminates IRS’s early withdrawal tax penalty for those who used their retirement funds to recover and rebuild.
Simply put: This reform puts more money into the pockets of hard-working families, creates more jobs at higher wages, and gets our economy growing again.
Congressman Scalise will continue to support and fight for legislation that lowers taxes, cuts wasteful government spending and strengthens our economy.
For more information concerning Congressman Scalise's work and views on Taxes and Economic issues, please contact his Washington, DC office.
More on Taxes and Economy
WASHINGTON, D.C. — House Republican Whip Steve Scalise (R-La.) visited MMI Culinary in Kenner yesterday to speak about the importance of fully reopening Louisiana businesses and restaurants. Whip Scalise praised the success of the Paycheck Protection Program in assisting local businesses and keeping them afloat during the pandemic. Whip Scalise also touted the progress of states that have eased COVID restrictions as opposed to the shortcomings of states that remain fully locked down.
WASHINGTON, D.C.—House Republican Whip Steve Scalise (R-La.) joined Fox Business Channel's Mornings with Maria to highlight the juxtaposition between Democrats' political obsession with impeaching President Trump, and President Trump's pro-growth leadership which has fueled the comeback of the American dream.
WASHINGTON, D.C.—As the House prepares to consider the United States-Mexico-Canada Agreement (USMCA), support for President Trump's hard-negotiated trade deal has been strong among a wide range of conservative voices, as well as business and industry groups. Passing the USMCA trade deal will be a major boost for our economy, and will provide more than 160,000 new jobs, which is a huge win for American workers.
WASHINGTON, D.C.— Republican Whip Steve Scalise (R-La.) released the following statement upon news of an official agreement on USMCA:
“Passing the United States–Mexico–Canada Agreement (USMCA) trade deal will be a major boost for our economy, and will provide more than 160,000 new jobs, which is a huge win for American workers. For months, House Republicans pushed vigorously for a final deal on USMCA while Speaker Pelosi wasted time and resources on her sham impeachment inquiry.
WASHINGTON, D.C.— House Republican Whip Steve Scalise (R-La.) took to the podium at the GOP Members Retreat in Baltimore, Maryland, to celebrate this historic economy, and discuss the Republican Party's future plans for sensible health care reform:
WASHINGTON, D.C.—More than 600 business and agricultural leaders from all 50 states plus D.C. and Puerto Rico are calling on their representatives to ratify the U.S.-Mexico-Canada Agreement (USMCA), so that Americans everywhere can begin to feel the benefits of this new trade agreement that puts American workers first. USMCA promises to strengthen America's economy, create new jobs, and improve trade between all three countries.
WASHINGTON, D.C.— Republican Whip Steve Scalise (R-La.) released the following statement after House passage of the $15 minimum wage bill:
WASHINGTON, D.C.—House Republican Whip Steve Scalise (R-La.) joined Fox News Channel's Outnumbered Overtime to discuss Speaker Nancy Pelosi's violation of the House rules yesterday and her caucus' decision not to enforce the rules on the Speaker, a clear statement that Democrats do not hold themselves to the same standard as all other members of the House.
WASHINGTON, D.C.—House Republican Whip Steve Scalise (R-La.) joined fellow Republican leaders to contrast the pro-growth Republican policies that have led to increased job openings and higher wages for working families versus Democrat proposals, like the $15 minimum wage hike, that would harm workers and eviscerate jobs. He called on Speaker Pelosi and House Democrats to work with Republicans to the benefit of the American people instead of making Presidential harassment their number one priority.
WASHINGTON, D.C.—House Republican Whip Steve Scalise (R-La.) joined fellow Republican leaders to call out Speaker Pelosi's partisan games that could put our nation's defense at risk. As the House prepares to consider the National Defense Authorization Act (NDAA), Whip Scalise compared the bipartisan nature of previous NDAAs to Speaker Pelosi's efforts this Congress to appease her radical base and put forward a partisan bill that will reduce the readiness of our nation's military.