Billy Long: I will fight the Democrats and their socialist proposals

(From Seventh District Congressman Billy Long)

It’s everyone’s favorite time of year again: tax season. This year, however, Americans don’t have to dread it nearly as much.

Thanks to the Tax Cuts and Jobs Act (TCJA), Americans have been able to keep more of their paycheck and spend less time and money filing their taxes. 

And it’s not just individuals who are benefiting from the new tax reform law. A number of companies throughout the country, including many in Missouri, have used the extra money to invest in their businesses and give their employees raises.

As much as Democrats try and say the TCJA is doing more harm than good, the results tell a different story. Since its historic passage, millions of jobs have been added to the economy, the unemployment rate remains at close to historic lows at 3.8 percent and wages continue to rise. In fact, the median household income is more than $61,000, which is the highest it’s been in 20 years. Not only that, but Americans’ financial optimism is at an all-time high all thanks to the TCJA. 

While my Republican colleagues and I in Washington have been working hard to cut taxes at the federal level, Missouri has also reformed its outdated tax codes since the passage of the TCJA. 

Just seven months after the TCJA was signed into law, Missouri’s Governor Mike Parson signed two bills that reduced Missouri’s income tax rate from 5.9 percent to 5.4 percent, and even less if certain revenue targets are met. He also cut the corporate income tax rate from 6.25 percent to 4 percent.

You would think Democrats would be happy with all these successes, but sadly that’s not the case. Democrats like Rep. Alexandria Ocasio-Cortez have proposed plans that would increase the federal income tax rate as high as 70 percent for some folks, which is more than double what it is now. 

Along with increasing the federal income tax, other Democrats have proposed a 5 percent surtax on individuals making more than $500,000 a year as well as an Obamacare payroll tax increase to 4 percent from the current 0.6 percent.

These radical policy proposals cost jobs and money, which millions of hardworking Americans can’t afford to lose. While Democrats continue to try and push through their socialist proposals, I will continue to push back. I refuse to let them undo all the progress we’ve made over the past few years.