President Trump’s tax cuts has contributed to an economic boom that has seen a record low unemployment rate and wage growth, according to North Carolina Congressman Patrick McHenry.
“You can look around and see the results of regulatory reform and tax reform and it's benefitting the American economy regardless of the party and regardless of where you fall in the economic system,” he said on FOX Business’ “Cavuto: Coast-to-Coast” Monday.
A recent WSJ/NBC News poll found 17 percent of respondents said they are paying less in taxes under the new law, while 28 percent say they're paying more. The remainder of the people polled say they either they are unaware or their taxes have barely changed.
This comes as Democrats point to the 2018 Tax Cuts & Jobs Act as the reason behind the 17 percent jump in the deficit.
“Over the next ten years, income to government will look similar to what it was like in the '50s, '60s, '70s, 80s and early '90s. So, all we have done is normalize revenue to government and, at the same time, given job creators and working families the benefits of tax cuts,” McHenry said.
House Financial Services Ranking Member said Congress needs to focus on growing the economy, growing wages, reforming the entitlement state, and paring down expenditures over the next decade.
“You gotta grow the economy, you gotta grow wages and that helps the income stream to government,” McHenry said.