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December 1, 2017

Tax Reform: The Stakes Have Never Been Greater

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For a generation now, our national growth in incomes, workforce participation, and job creation have all lagged behind America’s potential.

Not since President Reagan signed into law a major overhaul in 1986 has Washington delivered a comprehensive reform package that simplifies our overly complex tax code and brings it up to date with the realities of our modern economy.

We’re past due for the improvements that American small businesses need to encourage new investment and job creation, and President Trump has put forward a bold tax reform plan to help lift our economy to new heights. Now, he needs the full support of Georgians to ensure that it becomes law.

During my first term as Georgia’s Lt. Governor, the global economy plunged into the Great Recession. Georgia suffered acutely as the collapse battered the banking and real estate industries – two pillars of our economy. Although we have made major strides forward, our nation as a whole has not yet fully recovered.

While we have seen steady economic recovery for years now, the pace of growth is not enough to make up for the decline we sustained during the recession. When comparing America’s current economy to pre-recession levels, we have experienced a staggering 25 percent decline in new businesses launched, with 800,000 fewer jobs being created each year.

Too many of our families continue to struggle to make ends meet – incomes must rise. A simplified tax code will help create hundreds of thousands of jobs, increase incomes, and provide economic opportunity to everyone who is willing to earn it.

I understand the challenges faced by so many families across our state and nation. Growing up in rural Georgia, my mom worked two jobs to provide a stable life for our family. And although I attended eight elementary schools, I received a public education that afforded me the tools to achieve early success as an entrepreneur. As a small business owner, I have experienced the same challenges faced by everyday middle class families and I recognize the value of what each dollar means to a family working to get ahead.

Georgia truly lives by a commitment to fiscal responsibility. We balance our state’s budget every year – without gimmicks. Because we live within our means, Georgia has built a sustainable foundation for economic growth, allowing our state to make strong investments in core priorities like education, transportation, and public safety – all while maintaining a AAA bond rating and keeping taxes low. It is no coincidence that Georgia has been ranked the nation’s #1 state in which to do business for five consecutive years.

The federal government should follow Georgia’s lead and act in the best interest of all Americans by balancing our nation’s budget and reducing taxes for our middle class families and small businesses.

To reach our nation’s potential we need a tax system that empowers entrepreneurs and businesses to invest in our workforce. Our leaders have an opportunity to set us on a path of economic growth, job creation, and prosperity to enable more of our families to climb up the economic ladder. I applaud the leadership of President Trump and our state’s congressional delegation for their support of the Tax Cuts and Jobs Act, delivering hardworking Georgians the tax relief they deserve. Americans have waited 31 years for meaningful tax reform, and the stakes have never been greater.”

 

This article oringally appeared on the Albany Herald website: http://www.albanyherald.com/opinion/casey-cagle-with-tax-reform-the-stakes-have-never-been/article_8210016c-8a8e-53c8-a27e-94e8fd8cbd8d.html