Rep. David Kustoff, R-Tenn., told Newsmax Tuesday that Congress must make some tax cuts permanent in order to save the economy.
“People are talking about how expensive it is to live right now,” the Tennessee Republican said during an appearance on Newsmax’s “American Agenda.” “Inflation, the economy, what they’re paying for gas, what they’re paying for groceries. They’re looking for relief, and they’re looking for answers from Washington, and they’re not getting it under one-party rule with Pelosi and Schumer and Biden.”
“That’s one reason I think we’ll have great success one week from tonight as Republicans take back the House of Representatives,” he added.
As he contended in an opinion piece published Monday in The Washington Times, Kustoff said that “the Tax Cuts and Jobs Act (TCJA) was a tremendous impetus for the great economy we had in 2017.”
“We lowered individual tax rates,” he said. “We made it where small- and medium-sized businesses could keep more money so that they can invest in their employees and in their businesses, and we reduced the estate taxes.”
“All of those provisions start to expire within the next couple of years, in the year 2025,” Kustoff continued. “The markets and people in businesses, they need that certainty so that the economy can once again grow, we can have a strong economy and make it where people can plan.”
The most sweeping update to the U.S. tax code in more than 30 years, the TCJA, lowered corporate and individual tax rates, doubled the standard deduction, expanded the child tax credit, and repealed the individual health care mandate, according to a 2017 Heritage Foundation analysis of the legislation.
“If those provisions, those taxes and those levels in the brackets, revert back to where they were in 2017, it’s going to hurt the economy,” the congressman said. “There’s no doubt about it.”
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