Ted Budd: “I thank my friend, the gentleman from Louisiana, for yielding. Madam Speaker, as my colleagues in this body know very…”

“I thank my friend, the gentleman from Louisiana, for yielding. Madam Speaker, as my colleagues in this body know very well, it has been many years since we have reformed our Tax Code. Over the last few decades, Congress has cut some taxes here and there, but we are overdue for meaningful tax reform. Hardworking taxpayers in North Carolina are right to ask why it has been so long since we have even reformed our Tax Code. The unfortunate truth is that, for many years, Congress has thrown up the white flag in defeat against K Street lobbyists, and they settled for preserving the status quo. However, tomorrow, we have a rare opportunity to finally deliver a tax bill that puts working families first. The Tax Cuts and Jobs Act would be the biggest overhaul to our Tax Code in 30 years. To quickly summarize, this bill would collapse our tax brackets from seven to four; it would double the standard deduction and get rid of many lobbyist loopholes; and it would slash the corporate tax rate to 20 percent, which would allow America to compete and to win.…”