Economic Policy
Our nation is threatened by a debt crisis that has been caused by unrestrained federal deficits that if unchecked, will threaten economic prosperity and job growth. This year, we are expected to spend more in interest on our national debt than we do to protect and defend our country. Our federal spending programs must be carefully examined so that wasteful and duplicative programs are eliminated in order to make government more efficient and accountable. President Trump followed actions taken in the House and issued an executive order to repeal two regulations for each regulation an agency creates. Reports show that the Trump Administration actually cut 22 regulations for each new one. Meetings with private sector and public utilities say these actions have been a boon to their ability to operate.
A Balanced Budget Amendment would restrain the unchecked growth in federal spending and force the American government to live within its means, just as families and businesses must do. Congressman Bilirakis has previously voted on a balanced budget Amendment on multiple occasions, but it has failed to get the 2/3 support required to advance. He is supportive of the new House Rules that require flat or reduced spending. We must continue to pass pro-growth legislation and reign in our spending—focusing on what is most essential and streamlining other areas.
If we do not take action now, then we risk becoming the first generation to leave our country worse off for our children and grandchildren. Congressman Bilirakis believes that we must implement serious spending reforms to restore the fiscal credibility of the United States at home and in the global market. During these difficult economic times, Americans have had to spend less, and the federal government should do likewise.
Economy/Jobs
Tax Reform
The economic success our country experienced just a few short years ago was triggered by historic tax reform signed into law in December of 2017. Before tax reform, individuals and businesses were spending 6.1 billion hours preparing their tax returns. Further, the tax code was often unfair with various tax loopholes and many households not paying federal income tax at all. Congressman Bilirakis is proud of his efforts to modernize the tax code, making the system simpler and providing immediate relief to Middle Class Americans and small businesses, including lowering federal tax rates seniors pay by an average of 3%.
The package doubled the standard deduction, lowered the tax rate for all tax brackets, preserved essential deductions, dramatically increased the child tax credit, and included pro-growth policies that will continue to strengthen our economy. Congressman Bilirakis understands that small businesses are the backbone of our economy. They are the innovators that employ most Americans.
The top tax rate on these businesses is 25%, a significant reduction from the previous 39.6% rate. Additionally, the corporate tax rate has been lowered to 21%. These combined measures have already helped to stimulate economic growth, create jobs, boost wages, and bring back businesses that fled overseas due to our disadvantageous tax system. In fact, tax reform contributed to an increase in GDP of 4.2% and 3.4% in the second and third quarters of 2018, respectively.
A great deal of misinformation circulated about tax reform. However, independent researchers at the Tax Foundation estimate that the bill provided an average middle income family in Florida with a gain of $2,252. Under the old scheme, the average senior was in a 15% tax bracket. Under the new reforms, the average senior falls into a 12% bracket, allowing seniors to keep more of their own money and improve their quality of life. The Tax Foundation found that the average middle income person in Congressman Bilirakis's Congressional District saw a tax cut of $1,395. Additionally, the non-partisan Congressional Budget Office (CBO) recently issued a report indicating that the tax reform bill paid for itself.