John Cornyn: “I was here in 2017, when we passed the original Tax Cuts and Jobs Act, and what ensued was, perhaps, the greatest amount…”

“I was here in 2017, when we passed the original Tax Cuts and Jobs Act, and what ensued was, perhaps, the greatest amount of economic growth and the greatest reduction of unemployment among all sorts of folks who historically have suffered high unemployment rates. In short, our economy was booming. Originally, we had some debates about whether or not this would have a static effect. In other words, when you start adding the numbers up, do you account for economic growth and the stimulative effect of the bill? As it turns out, the $1.5 trillion deficit in the original bill was met by economic growth because we brought back money that had been invested abroad, because of high tax rates here, and a variety of other measures which made our economy boom again. One point that I want to make sure to make is that this is more than just about the numbers on a page. This is a cumulative effect of not only lowering taxes but of downsizing regulation, encouraging domestic energy production, and doing all of those things which will cause our economy to grow again. If we can get our economy growing at a better rate--let's say 3 percent of our GDP--that will add trillions of dollars to the Federal Treasury and more than make up for any money that we end up providing in terms of tax relief. So I am very excited about this particular legislation, what has now come to be known as the One Big Beautiful Bill.”