Building American Prosperity
by Kevin Brady on January 30, 2018 at 2:00 PM
President Trump will deliver his first State of the Union Speech tonight. My guest is Jim “Mac” McInvale, a successful businessman, founder of Gallery Furniture and world-class philanthropist who embodies the American Dream.
President Trump’s first year has energized the sluggish U.S. economy he inherited by balancing regulation and enacting the first tax reform bill in 31 years—which I’m proud to have authored.
In just one month since the tax cuts were signed into law, more than 250 American businesses have announced pay raises, bonuses, expanded maternity and paternity leave, and increased 401(k) contributions. Some have already announced major new investments here in the U.S. exceeding 30,000 new jobs, and others have reversed their decision to move their company overseas—now they are staying here in America.
These daily reports underscore the steady progress our economy is making under President Trump’s leadership and the Republican-led Congress. With a new tax code built for growth, I’m confident our economy will continue to improve. In fact, the next boost is just around the corner.
* * *
In the coming days, Texans and all American workers will begin to receive their first paycheck since the Tax Cut and Jobs Act went into effect. Under the new law—which lowers rates for Americans at all income levels and nearly doubles the standard deduction—the federal government will take less of your paycheck for income taxes. For a family of 4 living in Conroe or The Woodlands making $92,113 that could be as much as $2,632 in 2018—that’s a big deal!
Letting hard-working taxpayers keep more of their income is just one of the many ways the new tax cuts bill is improving lives in our nation—and it’s only the beginning. As each new part of the tax law takes effect, families will see more of the benefits. That means a stronger economy with more jobs, fairer taxes, and bigger paychecks for Texans and taxpayers nationwide.
* * *
I’m relieved Senator Schumer and Congressional Democrats reversed course and joined Republicans to reopen the government. What a needless shutdown—and for what? An unrelated agreement on immigration with a deadline weeks from now?
The shutdown hurt our troops, delayed crucial Harvey disaster aid, and risked children’s health insurance for more than 400,000 Texas children and pregnant mothers. With tens of thousands of Texas victims of Hurricane Harvey waiting for assistance, Senate Democrats, led by Schumer, are still refusing to approve the $81 billion disaster relief bill passed by the GOP House last year.
Regardless of where you stand on illegal immigration and DACA—is it reasonable to shut down the government over it or hold crucial Harvey disaster aid hostage?
Regrettably, too many Democrats in Congress have their priorities wrong. Instead, they should be working with Republicans and the President in a bi-partisan way to find common solutions.
* * *
After reading the classified memo on the political abuse of the Foreign Intelligence Surveillance Act I am calling for its release to the public. The memo is disturbing and raises serious concerns. A full, thorough investigation into possible privacy, procedural and criminal violations is needed. This is not how FISA should work.