Walorski: Tax Reform Will Boost Job Creation, Help Hoosier Families
Ways and Means Committee Holds Major Hearing on Economic Benefits of Pro-Growth Tax Reform
WASHINGTON – U.S. Rep. Jackie Walorski (R-Ind.) today in a House Ways and Means Committee hearing examined how pro-growth tax reform would strengthen the Indiana economy, boost job creation, and help Hoosier families keep more of their hard-earned money.
“I am grateful to represent Indiana’s 2nd District, one of the largest manufacturing districts in the country,” Congresswoman Walorski said. “We have a lot of manufacturers and farmers, a lot of moms and dads that are just trying to pay bills and get their kids through school and through college. But I’ve heard from so many CEOs in my district that the American economy has succeeded in spite of our tax code. It hasn’t helped it.”
Walorski pointed to the positive impact a simplified tax code and lower rates would have on northern Indiana businesses like Smoker Craft, a boat manufacturer in New Paris, Ind. She cited Peter Barrett, a senior vice president at Smoker Craft, who said tax reform would allow the company to grow and create jobs.
“He said that tax cuts will allow his company to hire more workers, raise wages for their 600 employees, create new training programs, expand their plant, and make new capital equipment purchases,” Walorski said.
A recent report by the nonpartisan Tax Foundation found the House Republican tax reform Blueprint would lead to the creation of nearly 1.7 million new jobs nationwide – including more than 36,000 in Indiana – and increase take-home pay for middle-income Hoosier households by more than $4,500 per year on average.
House Republicans in 2016 unveiled their Blueprint for simplifying the tax code, lowering rates on individuals and families at every income level, and delivering the lowest rates in modern history for job creators of all sizes. The House Ways and Means Committee now is working with the Trump administration and the Senate toward an agreement on tax reform legislation.
Today’s hearing, entitled “How Tax Reform Will Grow Our Economy and Create Jobs,” was a major step as the committee continues working toward permanent, comprehensive tax reform. Another hearing on tax reform has been announced for Tuesday, May 23. Since 2011, the committee has held more than 40 hearings on tax reform. Witnesses included:
- John J. Stephens, Senior Executive Vice President and Chief Financial Officer, AT&T Inc.
- Zachary Mottl, Chief Alignment Officer, Atlas Tool Works, Inc.
- David N. Farr, Chairman and Chief Executive Officer, Emerson Electric Co.
- Douglas L. Peterson, President and Chief Executive Officer, S&P Global Inc.
- Steven Rattner, Chairman, Willett Advisors LLC
Video of Walorski speaking at the hearing is available here. The text of her remarks are below.
I am grateful to represent Indiana’s 2nd District. We’re one of the largest manufacturing districts in the country. I’m very proud of the folks in our district. We have a lot of manufacturers and farmers, a lot of moms and dads that are just trying to pay bills and get their kids through school and through college.
I’ve heard from so many CEOs in my district that the American economy has succeeded in spite of our tax code. It hasn’t helped it. I wanted to be a part of this committee, and I’m grateful to be a part of the committee to actually be looking at this. And I wanted to just run a couple of quotes past you on what folks in my district have said.
Barry Baldwin is a tax preparer. He talks about why it’s important to lower the rates – and we’ve had this discussion for three hours on rates, and my question to you when I get there will be on rates and the issue of permanency and why it’s so important to you that we don’t do something that would damage your interests in tax reform by not making this permanent – but Baldwin the tax preparer says more money in people’s pockets leading to more spending, more spending creates more jobs, more jobs increase the tax base.
Gary Fox, he’s the Managing Partner for a tax services firm in my district called Crowe Horwath in South Bend, he said, “Small and middle market companies are unable to keep capital and invest in their business [with the] current tax rate environment.” He said lower rates will allow for better investment, capitalization, and increased full-time employment.
And then, since we’re a manufacturer, we manufacture nearly all the RVs in the country and worldwide, and we also manufacture boats. So Peter Barrett, a Senior VP at Smoker Craft, said that tax cuts will allow his company to hire more workers, raise wages for their 600 employees, create new training programs, expand their plant, and make new capital equipment purchases. None of those things, he said, happen in a vacuum.
So you’ve heard my district and I’ve heard from you. And you touched on this a little bit earlier, why lower rates are so important, but when we talk about the benefit of lower rates, and you touched a little bit on the issue of permanency, I just think it’s important that as we talk about this we talk about what the distractions can be if this isn’t permanent. And that’s how I’d like to hear your response to the issue of permanency and why it should be a top priority.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.