As we start the New Year, I wanted to look back on a big accomplishment of 2017 and cut through the media chatter and disinformation to tell you exactly what happened and how you will be helped.
First, I worked on and voted for a tax cut that will put $1.5 trillion more in the hands of taxpayers and away from government. This is a huge cut, and a fulfillment of the promise both President Donald Trump and I made throughout the last election.
The bill started out as “tax reform,” which was Washington-speak for “some of you will pay more, and some of you will pay less, and I hope you have a good lobbyist.” I adamantly opposed this and worked with President Donald Trump and congressional leaders to make sure it was a cut, not just reform.
I’m proud to say we accomplished that goal.
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I also refused to give my initial full support for the bill because it didn’t do enough for individuals. By standing on principle, our small group of conservatives were able to lower every bracket by another 2 to 4 percent, raise the level at which the brackets began, and keep in many deductions that had been eliminated — thus saving most taxpayers thousands of dollars in comparison to the original bill.
It took a lot of hard work and a lot of quiet negotiation, but it paid off.
There were parts big and small that were made better because people stood up and said: “Wait. We can do more. We can do better.”
On the business side, my idea for repatriation of overseas profits was modified and adopted — clearing the way for trillions of dollars now parked overseas to be brought back to the U.S.
The corporate rate was cut to 21 percent, which, along with other business tax reforms, should unleash a huge wave of jobs and economic growth in the coming years. Already businesses all over America are giving raises and bonuses and upping investment, all a direct result of this tax cut.
The media couldn’t lie enough about this bill. This was always about getting more money into taxpayers’ hands and getting more money into the hands of those who create jobs.
Our economy has been too stagnant for too long. Our only path to future prosperity is more growth and more jobs, and this tax cut is a huge step forward for both.
All the while during this bill, I stood up for taxpayers and job creators. Here’s another example: the original bill included a provision that could have devastated auto dealers across America, raising the prices of cars and costing thousands of jobs, but through my efforts, this was fixed and avoided.
The GOP tax cut was a team effort, from the president, to congressional leaders, to conversation leaders who stood up to make it better. The end result is a massive cut for nearly all Americans. Jobs and growth for our economy. A fairer, simpler system for all.
Let’s do it again next year.
U.S. Sen. Rand Paul represents Kentucky.