Taxes, Spending, and Debt
For too long, our federal government has stood between Americans and the American Dream. But recent success in reforming our outdated and uncompetitive tax code and rolling back burdensome regulations have begun to get the federal government out of the way.
I am proud to have helped deliver the first major overhaul of our tax code in over 30 years. For families, the reform lowered rates and simplified the system. By doubling the standard deduction, 9 out of 10 taxpayers will no longer have to deal with the time and hassle of itemizing their returns. For businesses, the reform made America’s tax code competitive again. It dramatically lowered rates, gave needed relief to our small businesses, helped shield our farmers and ranchers from the unfair death tax, and created strong incentives for businesses to invest here at home. While it is early, we are already starting to see the effects of this reform in increased wages and investment.
I am also proud to have helped cut down on unneeded regulations that have crippled America’s economy. In 2017 alone, Congress used the Congressional Review Act to cut back more regulations than ever before. This has resulted in about $60 billion in regulatory relief and has saved more than 10.7 million hours of paperwork. Together with the Administration, we have rolled back more than 860 ineffective, duplicative, or obsolete regulations.
We have made good progress unshackling our economy, we still have a long way to go. Growing our economy both helps American families achieve financial success and is the surest way to bring our growing debt under control. I have long been concerned about our ballooning debt, and I remain so today. The tax reform will be a significant boost to the economy, but we will need both economic growth and fiscal discipline to bring debt down.
That’s why I support efforts to dial back government spending, reinstate congressional oversight of new federal regulations that burden American businesses, and eliminate duplicative and wasteful federal government programs.