Tax policy should encourage investment in American families and businesses. I believe this is most effectively accomplished through a fair and simple system with low, competitive tax rates. Fair and simple means higher-income individuals should have a higher tax rate relative to lower-income individuals, and a system without loopholes that is easy for everyone to understand.
Low, competitive rates also require Congress to limit government spending and stick to a budget. During my first year in the Senate, I fought against tax cuts which would have primarily benefited the wealthy and pushed legislation to improve budgetary restraint.
I support the Tax Cuts and Jobs Act, which was signed into law in 2017. Although I am pleased that eighty percent of tax-filers received individual income tax cuts as a result, I believe the package should have been revenue neutral, rather than adding to the deficit. The corporate tax cut will encourage real wage growth; the only way to raise real wages is for businesses to grow, compete with other businesses for employees, and raise the wages they offer to recruit. The tax cut will thus not only let people keep more of their wages, it will help raise their wages.