State Senator Neal Tapio of Watertown issued high praise today for the Trump Tax Cuts and Jobs Plan, saying the plan is a Christmas gift to American working families, including significant tax cuts for the middle class that will mean an immediate jolt in economic activity and consumer confidence.
“I would like to congratulate President Donald Trump and Republican lawmakers for their work on this landmark revision to the tax code and what will undoubtedly result in a further acceleration of the economic recovery that is already surging under President Trump’s policies,” Tapio said.
Besides doubling the estate value threshold of the ‘Death Tax,’ to $22-mlllion and cutting the corporate income tax rate from 39% to 20%, President Trump’s tax plan results in a $1.5-trillion tax cut for taxpayers and will result in a 70% tax cut for average single mothers and a 60% cut for the average family of four.
“For pinched families who’ve waited for so long for some renewal of hope for their economic futures, this plan is a loud and clear signal that President Trump has heard their pleas for help and that he clearly understands that tax dollars don’t belong to the government, but to the people who pay them,” Tapio said.
“I am very thankful to have supported this President long before anyone took his run seriously, or believed that his was a winning vision for the American people. I’ve never wavered in that support and this tax plan only confirms that he’s a man committed to keeping the promises he made in the 2016 election.”
Changes to the corporate income tax rate are expected to have an immediate impact in convincing American companies who have outsourced their manufacturing facilities to offshore locations to return those facilities to American soil, bringing hundreds of thousands of jobs back home. American companies had previously been paying the highest tax rate in the world, leading many to move their operations to other nations where lower tax rates allowed larger margins of profitability and return on investment. President Trump talked frequently on the campaign trail about the resulting rush in outsourcing of the American manufacturing sector and the loss of more than ten million jobs in the past two decades.
Tapio predicts unprecedented growth for the economy, setting the stage for Congress to address the out of control spending issues leading to massive budget deficits and federal debt.
“The United States is open for business once again. There are still many dangers ahead in the economy, but this improved business climate and economy sets the stage for needed welfare and entitlement reforms in 2018. If you thought the political fights were difficult this year, wait until President Trump starts looking at the out-of-control spending in Washington. This will not be a time for weak political leadership,” Tapio said.
“As Thomas Paine so famously put it, ‘These are the times that try men’s souls.’” Tapio said.