.Dear Friend,
Earlier this month I traveled to Atlanta, Georgia, with one of the ten new Ways and Means tax teams.
The tax teams were established to study the impacts of the 2017 Tax Cuts and Jobs Act and ensure that it is extended and improved to lower all Americans’ taxes. President Biden and Vice President Harris have committed to letting them expire. Here in the 4th District of Kansas, taxes would increase by an average of $1,930 per household, according to the Tax Foundation. Additionally, it would slow job growth and make America less competitive.
The Global Competitiveness Tax Team discussed the importance of pro-growth tax policies that encourage U.S. job growth and ensure America can compete against foreign countries like China and others. Right now, our tax code puts us right in the middle of other developed nations – it allows us to be competitive and discourages U.S. companies from seeking to move ownership to another country. Yet the Biden-Harris administration has been negotiating with the Organization for Economic Co-operation and Development (OECD) to raise taxes on U.S. job creators that would hurt our economy and reduce revenues to the U.S. treasury.
In addition to my membership in the Global Competitiveness Tax Team, I also chair the U.S. Innovation Tax Team. In August I visited CNH in Wichita while the Association of Equipment Manufacturers (AEM) traveled through the state on their Manufacturing Express Bus Tour. AEM highlighted the critical role of manufacturing, and I was pleased to talk with the hardworking men and women at CNH about the importance of American manufacturing and how research and development fosters job growth and innovation in our country.
I also talked with New York Life agents and leadership in Wichita about the upcoming tax code expirations in 2025, and I again emphasized the importance of extending and improving TCJA. That includes keeping the lower rates that Republicans implemented for families and small businesses, as well as keeping the doubled Child Tax Credit that helps parents keep more of their hard-earned money.
I’m committed to a tax code that benefits everyday Kansans and encourages economic growth.