At Americans for Tax Reform’s annual Tax Day Press Eve Conference last Thursday, Senator Ted Cruz (R-Texas) praised the middle class tax relief and economy growth resulting from the Tax Cuts and Jobs Act, highlighted the expansion of 529 education savings accounts and called on Democrats to make tax reform permanent.
On the success of tax reform:
“In the first year and a half of the new administration of Republican majorities in both houses, we’ve been able to deliver on a number of our most important promises to the voters. None is more important than the victory of tax reform…”
“We’re seeing the economic benefits of this tax cut even just a few months into it. As I talk to small business owners in Texas, there is an optimism that is incredible.
“You’re seeing small business owners who are investing capital, who are expanding operations, who are opening new facilities, who are hiring new employees, who are raising wages. The tax cut is a big, big, big part of that.”
On expanding 529s:
“Another tremendous victory in this tax bill is expanding College 529 Savings plans, what ended up being the most significant federal school choice legislation in history.
“ In the Senate, it was an amendment I introduced, to take these tax advantage plans, expand them so in addition to saving for college, now parents and grandparents can save for K-12 education, can save for public school, private school, parochial school, religious school, up to $10,000 per child per year.
“That passed the Senate 50/50 with the Vice President breaking the tie. As a result, we provided real relief and help to up to 50 million school kids across the country.”
On the need to make tax reform permanent:
“A tremendous victory in December 2017 is something to celebrate, but we should use that as encouragement.
“The weeks after the tax bill passed, Bernie Sanders was on one of the Sunday shows. Jake Tapper asked him, said, “Listen, virtually every middle class taxpayer in America is getting a tax cut as a result of this. Isn’t this a good thing?” Bernie said, “Yes, yes it’s a wonderful thing. But the problem is it isn’t permanent.” Well I saw that and promptly tweeted out a reply.
“Oddly enough, I haven’t heard back from Bernie. It’s been crickets chirping.
“But we ought to follow through to make the individual tax cuts permanent. We ought to follow through to make expensing permanent. We ought to follow through to make the small business tax cuts permanent. We ought to keep moving forward and prioritizing jobs, jobs, jobs because that’s the priority of the American people.”
Senator Cruz represents the state of Texas. ATR has compiled a list of Texas companies giving tax-cut bonuses and raises, available here. The national list of companies can be found here.
Sen. Cruz’s full remarks and the press conference in its entirety can be found below and here: