Extend Trump tax cuts to rebuild economy

Before the coronavirus pandemic, the American economy was healthy and growing. Today, the outlook is much different — reckless Washington spending and heavy-handed unilateral shutdowns have resulted in historic inflation and economic hardships not seen in four decades.

People are finding it more difficult to put food on their tables. Grocery prices increased nearly 12% from May 2021 to May 2022 — the largest 12-month increase since 1979, according to the US Labor Department’s Consumer Price Index. The cost of meat, poultry and fish increased 14.2%, dairy products rose by 11.8% and the price of eggs jumped 32.2%.

Household budgets are also being squeezed at the gas pump, where prices reach record heights on a near daily basis. According to AAA, the average per gallon price for regular gasoline in Michigan was $5.22 on June 11 and the average diesel price on June 22 was $5.96.

Both prices are the highest recorded average prices in state history.

This disastrous course must be reversed. That is why I recently introduced Senate Resolution 154 to urge Congress to permanently extend the Tax Cuts and Jobs Act of 2017. This necessary action will avert crippling tax increases and work to help taxpayers recover from current economic hardships.

The 2017 tax cuts reduced federal tax rates for households across every income level. Before the TCJA, the top corporate income tax rate in the US was 35%, one of the highest among all nations in the Organization for Economic Cooperation and Development; the law reduced the business tax rate to 21%, bringing the US back into among member nations, and enhancing the average American competitiveness.

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