Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) appeared on FNC’s America’s Newsroom to discuss and preview the House vote on the Tax Cuts and Jobs Act this afternoon.
Excerpts of the interview are below, or watch online here.
On how this bill could impact the economy in early 2018:
“Come January they will see in their first paycheck, check your check, that you’ll be making more because the withholding will be less…. It has to pass and it has to go into effect. Think of this, for the average family of four the first $55,000 they make they’ll pay nothing in taxes. Think of the number of jobs that will come back to America.”
On how cutting taxes will benefit all Americans:
“Everybody starts getting a tax cut as you move forward. This tax bill is the ability to bring more jobs. Small business will have the lowest rate since before World War II. And think of this, we lowered it even further after it came through committee. They will only pay 9% on the first $75,000. So for everyone who has ever dreamed of being an entrepreneur—here’s your chance, here’s your opportunity.
“I’ll tell you this, for those who want to vote no and want to defend the status quo, who think the government should take more what you earn, who think the IRS can treat you the way they’re treated you—I don’t believe in that. I believe we’re better than this.”
On the long-term impact of tax reform:
“Tax reform is not easy; you have to explain the bill. When you sit back and look at it, we’re going to lower rates. eliminate the alternative minimum tax, close loopholes and put more money in individual pockets. You have to be strong enough to defend that…in the long run you win, America wins.”