Shenango Valley News

U.S. Rep. Mike Kelly (R-PA) praised the successes of the 2017 Republican tax reform law during a hearing of the Ways and Means Subcommittee on Tax, as reported on April 12, 2024. Kelly highlighted the positive outcomes of the Tax Cuts & Jobs Act (TCJA), which included a significant reduction in the corporate tax rate and notable economic growth.

"The Tax Cuts and Jobs Act put America back in the driver's seat in the global economy," stated Rep. Kelly, emphasizing the impact of the legislation on the nation's economic performance. He urged his Democratic colleagues to support the renewal of the pro-growth policies established in the 2017 tax law, which he credited with fostering one of the strongest economies in the country's history.

During the hearing, economist and former Texas Senator Phil Gramm expressed his concerns about the Biden Administration's negotiation of a Global Minimum Corporate Income Tax. Gramm criticized the move, stating, "This is the greatest abuse of the Constitution of the United States in my lifetime was President Biden going to Europe and negotiating a minimum corporate income tax."

The hearing also delved into the potential expiration of various provisions of the TCJA in 2025. Rep. Kelly highlighted the impact of Opportunity Zones, a key component of the tax reform law, on communities like Erie, Pennsylvania. He underscored the success of bipartisan legislation he leads, the "Opportunity Zones Transparency, Extension, and Improvement Act," which aims to further enhance investment in economically disadvantaged areas.

Rep. Kelly showcased the tangible results of the TCJA, pointing to the transformation of Erie, Pennsylvania, where Opportunity Zones spurred over $100 million in economic development. These zones have attracted significant investments, totaling $48 billion, and have positively impacted thousands of communities across the country.

In conclusion, the Ways and Means hearing led by Rep. Kelly shed light on the lasting effects of the 2017 tax reform law and the ongoing discussions surrounding its future. As policymakers navigate the intricacies of tax policy, the focus remains on sustaining economic growth and fostering investment in underserved areas.