Congressman Matt Gaetz Issues Statement on Tax Day
Washington, D.C. — Today, Congressman Matt Gaetz (R-FL) issued the following statement in honor of “Tax Day”:
“It’s the last year most people will have to suffer under the burden of our old, outdated tax code, which was greatly revised when Congress passed the landmark Tax Cuts and Jobs Act. This gigantic tax reform package—the first significant tax reform in over 35 years—is a huge victory for American families, and an engine of growth for the American economy. It lowers individual taxes, corporate taxes, and taxes on small businesses. Ninety percent of businesses are small businesses. They are truly the backbone of America’s economy.
Before passing tax reform, American business growth was stifled by our 35 percent corporate tax rate, which was the highest corporate tax rate in the developed world. It was hard for American companies to do business abroad, and it was hard for them to do business in America, knowing that so much of their profits—money that would be better reinvested into their employees and into business growth—was going to be frittered away on this hugely burdensome tax rate.
The new tax code closes a whole lot of loopholes, which makes it simpler and easier to file taxes. And instead of the endless debate over whether to itemize or not, it doubles the standard deduction, making the standard deduction—without itemization—a far more attractive choice for a vast majority of Americans. This will reduce paperwork, reduce time spent filing taxes, and reduce the need to bring in expensive “outside professionals” to help you with your taxes.
The Tax Cuts and Jobs Act is already paying off: Over 400 companies have expanded employee benefits, over 4 million Americans (and counting) have received bonuses, and over 80 million Americans have lower utility bills. Most importantly, 90 percent of American workers are getting bigger paychecks.
Finally, as you sort endless sheaves of paper for this year’s tax return, have faith—the Tax Cuts and Jobs Act makes filing taxes simpler and easier. Make sure to keep your tax return from this year. Compare it to your tax return next year. I know it’s still a long time off, but I bet you’ll be very pleasantly surprised” Rep. Gaetz said.
Earlier today, Rep. Gaetz penned an op-ed in honor of “Tax Day” featured in The Daily Signal. To view the op-ed, click HERE.