Tags: kevin mccarthy | broadcom | proof | tax reform | working

Kevin McCarthy: Broadcom Return Proof Tax Reform Is Working

(Fox News' "Fox & Friends")

By    |   Friday, 03 November 2017 01:16 PM

The proposed House tax bill will not raise tax rates, but instead will lower them, and his plan is already working to better the economy by attracting Broadcom to return to the United States from Singapore, House Majority Leader Kevin McCarthy said Friday.

"We're cutting taxes; we're not raising rates," the California Republican told Fox News' "Fox & Friends" program. "Think about this — We treat every American fairly, right? So if you're a single American today in the old system, you can only make the first of $6,000 tax free. We double that to $12,000."

"But what's most important here, look what we do for small business," McCarthy added. "You know small business creates more jobs than anything else. We lower the rate to 25 percent, the lowest it has been in 40 years. So, to me, the name of the bill is tax cuts and jobs. And the biggest way to see whether this will really work."

McCarthy said that while he was sitting in the Oval Office on Thursday, he listened to Broadcom CEO Hock Tan speak of forming his semiconductor company in the United States, but moving it to Singapore because of the high tax bills it had faced at home. Tan announced on Thursday the multi-billion company is returning to the United States.

"That's $20 billion a year," said McCarthy. "They invest $9 billion a year in manufacturing and R&D. That is really the place that you should look. Will it work? It's already working."

He also commented that Americans should consider the tax reform celebrations to be different than the one that was held months ago when the House voted to repeal and replace Obamacare, only to see the effort fail when it reached the Senate.

"We tried to take lessons from healthcare," McCarthy said. "We tried to watch the roll out from tax. We did achieve what we said we would in the House; it was just the Senate. Remember, our terms are two years. We're not done with our job yet, and I believe we will finish that."

In addition, the House has worked with the Senate and White House on the tax reform bill, and as a result, the Senate's bill will look "very similar" to ours.

"There will be some changes in there, but I firmly believe if you look at the momentum what's happening, the talk that I've had over in the Senate, I do not see those Republican senators coming on your show and criticizing this bill."

However, some Republicans from states with high local and state income taxes have complained as the proposed House bill takes away deductions for those expenses, but McCarthy said overall, "everybody's taxes are going to go down."

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The proposed House tax bill will not raise tax rates, but instead will lower them, and his plan is already working to better the economy by attracting Broadcom to return to the United States from Singapore, House Majority Leader Kevin McCarthy said Friday.
kevin mccarthy, broadcom, proof, tax reform, working
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2017-16-03
Friday, 03 November 2017 01:16 PM
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