"Mike Johnson" by Gage Skidmore is licensed under CC BY-SA 2.0 DEED. https://flic.kr/p/2pd6hma
Speaker Mike Johnson delivered remarks at the New York Stock Exchange (NYSE) this week outlining House Republicans’ economic vision and called for “extending and building upon the Trump tax cuts” during the first 100 days under a Republican administration.
In his remarks, Johnson called for “restoring immediate expensing for Research and Development costs,” and “restoring the 100% expensing provision.” Johnson also highlighted House Republicans’ commitment to “reinstate the double guaranteed deduction” for households and support for a “strong child tax credit,” that “respects the dignity of work, and it doesn’t pay people more for staying out of the workforce.”
Grover Norquist, President of Americans for Tax Reform, delivered the following statement praising Speaker Johnson’s remarks:
“Speaker Johnson made it clear that Republicans in Congress stand with President Trump in making permanent the 2017 Republican tax cuts that delivered economic growth, boosted workers’ wages, incentivized manufacturing and increased jobs. Republicans were united in passing this historic tax cut that provided tax relief across all income groups, and are united now in preventing them from expiring next year. Speaker Johnson is leading from the front by outlining an agenda that further builds upon the success of the Trump tax cuts to create more growth.”
Speaker Johnson’s calls for “extending and building upon the Trump Tax Cuts.”
Below is a portion of Speaker Johnson’s remarks, his full remarks can be viewed here.
“We’ll promote investment and opportunity, and we’ll do it by extending and building upon the Trump’s tax cuts. In 2017, we reduced the IRS’ invasion into everyday lives of Americans, and we let them keep more of their hard-earned money. Businesses, large and small, began new projects, opened new centers, hired new workers, and provided better wages. We will reinstitute a broad-based tax policy that unleashes the American entrepreneurial spirit and encourages research development, and manufacturing. We want to ensure the U.S. remains the preeminent location for investment in innovation and technology.
We do this by restoring immediate expensing for Research and Development cost, ensuring a strong FDII incentive to encourage us ownership and intellectual property, and restoring the 100% expensing provision. And as we support job creation and spur economic growth, we will reinstate the double guaranteed deduction and a strong child tax credit, but unlike other proposals, we will ensure that our tax policy respects the dignity of work, and it doesn’t pay people more for staying out of the workforce.”