Senator David Perdue: Tax Plan An Investment That Will Help All Americans
“Many Democrats supported the changes we’re talking about in the tax code right up until President Trump took office.”
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) spoke on the Senate floor about the Senate’s tax plan and the positive impact a tax overhaul will have on our country.
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Why Tax Matters: “The corporate tax rate is the greatest burden the American worker has today. Why? Because it makes American corporations less competitive with the rest of the world. It also makes American corporations vulnerable to foreign acquisitions, and then moving those headquarters, factories, and jobs offshore. The number one thing we can do for the American worker is become competitive, from a tax standpoint, with the rest of the world. I lived in Asia and Europe. I know when this gets out of balance and it is out of balance today and we are penalizing the American worker because of it. It is no secret that a lower corporate tax rate will make us more competitive globally.”
2.4 Million Words: “We have an individual tax code that's 2.4 million words in length. Let me say that again: 2.4 million words in length. That’s ridiculous, and it’s entirely too complex. Our plan will fix this.”
Jobs & GDP Growth: “It’s estimated that this tax plan will create almost 1 million new jobs. It’s estimated that, in addition to that, the GDP growth will be more like 3.7% instead of the 1.9% we got used to over the last eight years.”
Not A Partisan Issue: “Many Democrats supported the changes that we’re talking about in the tax code right up until President Trump took office. In fact, over the last several decades, many Democrats agreed.”
- President Obama, 2011: “Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years.”
- Senate Minority Leader Chuck Schumer, 2015: “Today, 28 OECD countries and every other G-7 country has adopted some form of territorial system – and all of these countries have lower corporate tax rates than the United States. This means that no matter what jurisdiction a U.S. multinational company is competing in, they are competing at a disadvantage.”
- House Minority Leader Nancy Pelosi, 2016: “It is long past time for tax reform that would lower the corporate rate.”
- President Kennedy, 1962: “I repeat: our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy … or a temporary deficit of transition, resulting from a tax cut designed to boost the economy. … The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.”
Investment In The Future: “Our tax plan is an investment in our future. It’s an investment that will help all Americans. Equally important as getting it done to help all Americans, it’s a critical part of developing a long-term plan to solve our national debt crisis.”
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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