U.S. Senator Bill Cassidy, M.D. (R-LA), a member of the Senate Finance Committee, spoke during today’s committee markup of the Tax Cuts and Jobs Act, legislation that would cut taxes for working families in Louisiana.
A full transcript of Cassidy’s remarks is below. Broadcast quality video for TV stations can be downloaded here.
CASSIDY: First point to make about this bill is it will be a tax cut for working families in Louisiana. For the last decade, those working families had real challenges. Since 2008, we’ve had the slowest economic recovery in U.S. history. Folks back home saw jobs leave and health care costs skyrocket. Paychecks stayed flat, even as the cost of living has increased.
It’s been harder and harder to work hard, play by the rules and still get ahead. Americans expect and deserve better.
Several more points to make. Tax reform will put the American Dream within reach again by letting people earn more money and keep their money.
The bill, again, cuts taxes across the board, almost doubling the standard deduction so that a family’s first $24,000 in income is tax-free.
It expands the child tax credit to $1,650 per child.
According to the Tax Foundation’s analysis, the bill will boost take home pay for Louisiana families by approximately $1,900 a year. More money for groceries, education, retirement, and for raising kids.
Imagine what that would mean to families from Monroe to Lake Charles, Shreveport to New Orleans—it will mean a big difference in their life.
Another point, tax reform helps create better-paying jobs and increase opportunity for everyone.
Now, the current tax code encourages American companies to move overseas, and/or for a foreign company to buy the American company. This bill changes that, and instead encourages companies to invest in the United States. Investment creates jobs.
Again, according to the Tax Foundation’s analysis, this bill would create more than 12,600 new jobs in Louisiana alone—nationwide, creating nearly a million new jobs.
And when there’s competition for workers, companies bid up worker’s wages and they give better benefits—all in an attempt to recruit those workers.
Next point, for Louisiana particularly, this bill will encourage energy producers to make investments in the Gulf Coast and provide good-paying jobs to those workers.
This will reinforce America’s status as the world’s energy superpower, with all the economic, national security, and geopolitical benefits that come along.
Outside of energy, the inclusion of provisions like the Historic Tax Credit is very positive for my state. That single provision has supported more than 38,000 jobs and $2 billion in development in Louisiana since 2002.
Last point, tax reform is a key priority for President Trump, for Republicans in the House, and for us in the Senate.
We are united in our goal to reform the tax code, cutting taxes for working families.
I’m proud of the work we’ve done here Mr. Chairman, congratulations. I look forward to working with everyone to make it even better.
We’re going to keep working until we can get the job done and provide Louisiana families and workers with the support they need and deserve.