Cut Taxes and Spending

As Alfredo Ortiz explains in the Daily Caller, Republicans shouldn’t just extend the Tax Cuts and Jobs Act [TCJA] but should look to expand on it. They should raise the existing 20% small business tax deduction to 25%, expand this deduction to more small businesses, and ensure small businesses receive 100% immediate expensing every year.

But what about deficit concerns?

The deficit driver is not tax cuts; it’s reckless spending. Inflation-adjusted federal tax revenues have significantly increased since the TCJA was passed in 2017. Meanwhile, the spending baseline ballooned from $4 trillion to more than $6 trillion over that timeframe.

The only way to fix the nation’s fiscal problem is through spending cuts and strong economic growth. Extending and expanding the tax cuts will return the nation to the 3% growth needed to turbocharge the economy and increase tax revenues.