Monday Congressman Mike Rogers, R-Saks, praised the benefits that Alabamians are seeing from the Republican tax cuts.
“Last year, Congress took up the daunting task of overhauling our tax system and introduced H.R. 1, the Tax Cuts and Jobs Act,” Rep. Rogers said. “This landmark piece of legislation was signed into law by President Trump at the end of 2017 and is the first law of its kind since the 1980s. Only a month after enactment, Americans are already seeing the benefits.”
“Throughout this year, the average family of four will see nearly a $2,000 reduction in taxes and single filers could see up to $1,000 back in their paychecks,” Rep. Rogers said. “Companies are taking full advantage of recent tax cuts as well by hiring more employees and offering raises to their employees. Alabamians are seeing those benefits directly through companies like Southwire who have invested $9 million in their full-time and part-time employees through bonuses, expanded parental leave and strengthening STEM programs in the workplace. I support our local businesses giving back to the employees that drive our economy.”
Speaker of the House Paul Ryan recently addressed Southwest Airlines about the reasons for the tax cuts. Speaker Ryan talked about why it was so important to tackle tax reform at this moment:
“What we saw was a U.S. economy that was really lagging our peers and other countries. What we saw are U.S. companies, just to stay competitive, moving overseas and becoming foreign companies because of our tax laws. What we also saw are U.S. companies put at a huge competitive disadvantage with other businesses, sectors and other countries. We wanted to fix that to put a strong foundation on the U.S. economy. A strong foundation means more jobs, higher wages, more competitive, resilient businesses that don’t go through boom-and-bust cycles.”
Critics have suggested that cutting taxes without cutting government spending will only lead to larger deficits and most debt. Republicans are hoping that the growing economy will lead to more economic growth, more profits, and higher tax collections eventually – supply-side economics.
Rogers represents Alabama’s 3rd Congressional District.