Senator David Perdue: Tax Changes Are A Win For Americans
“We need to keep this tax rate competitive and get it as low as possible”
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) spoke on the Senate floor about the positive impact the Republican tax cut plan will have on American families, workers, and businesses.
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What This Means For Individuals: “These changes to the tax code are a win for American families, American workers, and American businesses. A family of four making the median income of $73,000 a year will see their tax bill go down by $2,200 a month. That's a 60% reduction in their federal income tax. A single parent with one child making the median income will get a 75% tax cut. The individual mandate that was unleashed on the American people by Obamacare is eliminated.”
Impact Of Corporate Tax Cut: “When it comes to the corporate rate, I've seen how important it is for Americans to compete with their counterparts around the world. The most stimulative part of the tax bill is this corporate tax cut because of the impact it will have on our businesses and workers, and because it creates a level playing field with the rest of the world.”
No Corporate Changes In Conference: “Both the House and the Senate agreed on a 20% corporate rate. Now there’s some talk about changing it in conference. The purpose of this conference is to work out the differences and mold those into a final bill that both the House and Senate can vote on. My question for this body and this conference is what’s the difference between 20% and 20%? I don’t quite understand this.”
Level The Playing Field: “The best thing we can do for people in the United States who work with their hands and punch a timecard every day—just like did I when I was working my way through college—is to create a level playing field with the rest of the world and lower this corporate tax rate. The current rate sends jobs overseas and keeps our workers from competing on a level playing field. We have the best workforce in the history of the world, and yet we have hamstrung them to the point where other companies can come to the United States and buy our companies and take those jobs overseas. We need to keep this tax rate competitive and get it as low as possible, otherwise other countries will immediately lower their rate and we'll still be at a significant disadvantage.”
Keep Rates Competitive: “If we don't take bold action right now, we may not get the chance to do so again for another 30 years. We need to make sure we don't get outpaced by other countries, even after we make these tax changes. Let me just describe why this is so important. Today, while the U.S. has a corporate tax rate of 35%, Asia averages 18% and Europe about 20%. If we go to 20%, the rest of the world is going to move. We already know that the United Kingdom is moving to 15%, and others are talking about it as well.”
Subject to Acquisitions: “Today, we have a 50% differential in our tax rate and that difference allows companies in other countries to come to this country, buy our companies, and use that tax differential to pay for part of the acquisition cost. That takes jobs overseas and thwarts our ability to compete. Today, there are twice as many foreign companies buying U.S. companies, both "C" Corporations and pass-throughs.”
This Should Be Bipartisan: “Members of both sides of the aisle have previously supported many of these changes to the tax code. There was no reason to vote no on this bill. There is no reason not to support it now.”
Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.
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