2017-12-27 / Other News

Perdue tackles false claims about tax plan

U.S. Senator David Perdue (R-GA) took to the Senate floor this week to correct the false claims being made about the positive impact the Republican tax cut plan will have on American families, workers, and businesses.

Fiction: Big government works best for the American people.

FACT: “Over 40 years, I have watched U.S. competitiveness decline and decline. Why? Because of two reasons. Our federal government grew out of proportion. In 2000, the size of our government was $2.4 trillion. Last year, it was $4 trillion. We poured regulation on top of regulation. We liberalized all our social programs to the point we cannot afford it. Second, we lost our competitiveness with the rest of the world. The rest of the world lowered their tax rates while we increased ours.”

Fiction: This plan is only going to help the wealthy.

FACT: “A family of four who makes the median income of $73,000 a year is going to get a 60% reduction in their federal taxes. A single working mother, who has to find child care and find her way to work, is going to get a 75% tax cut.”

Fiction: This tax plan was pushed through in the dead of night.

FACT: “In the last few years, there have been over 70 public hearings in the Senate committees about tax reform. This particular bill has been in full regular order. Yes it was done in reconciliation, but that is regular order.”

Fiction: This tax plan won’t generate economic growth.

FACT: “Most of the people who say that have never written their signature on the front of the check. They just simply haven’t been in business. These are newfound experts who think we need bigger government to grow the economy. Bigger government does not correlate with a better growing, competitive economy. It’s been estimated that hundreds of thousands of new jobs will be created because of this plan. It’s estimated that annual incomes of working Americans will go up between $4,000-9,000. GDP will grow somewhere between 3-5% over the next decade. I actually believe it could be more than that.”

Fiction: This tax plan will add $1 trillion to the debt.

FACT: “This is from the side of the aisle that doubled our debt in the last decade. There is no bigger debt hawk in the U.S. Senate than me, and I can tell you this is what brought me into the political arena. To solve this debt crisis, we have to grow the economy. Growing the economy alone won’t solve the debt crisis, but we will not solve the debt crisis until we grow the economy. We’re told by the Joint Committee on Taxation and the Congressional Budget Office, both modeling groups I have personal problems with, but even in their worst case scenarios you only have to grow the economy .2% per year to pay for these changes.”

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