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How the Innovation Economy Leads to Growth
The Joint Economic Committee, led by Chairman Erik Paulsen, R-Minn., held a hearing this week on “How the Innovation Economy Leads to Growth," examining how to sustain the newfound growth in the American economy by encouraging innovation.
Chairman Paulsen Opening Statement: Our Age of Invention Relies on Engines of Innovation
Chairman Erik Paulsen, R-Minn., opened today's Joint Economic Committee hearing on "How the Innovation Economy Leads to Growth" with an opening statement citing America's long tradition of pioneering cutting edge new solutions to old problems. His statement as prepared for delivery appears below:
Countdown to Tax Day #1: Higher Wages, More U.S. Jobs & Investment
TCJA lowered our corporate tax rate—which was the highest in the developed world—from 35 percent to 21 percent. TCJA also changed our outdated, uncompetitive worldwide tax system that encouraged American companies to shift or leave funds offshore to a territorial system that encourages investment in...
Countdown to Tax Day #2: Fairer Taxes
TCJA lowered taxes across the board but shifted a larger share of the tax burden to millionaires. While the individual tax relief remains in effect, millionaires will pay a larger share of federal taxes than they would without TCJA. The Joint Committee on Taxation (JCT) estimates that in 2019, taxpa...
Countdown to Tax Day #3: More Family Friendly
When taxpayers file taxes next year, they will see a child tax credit that has doubled from $1,000 to $2,000 per child. Up to $1,400 of each credit will be refundable, allowing those without tax liability to still claim the credit. The refundable portion will grow with inflation each year up to the ...
Unleashing America’s Economic Potential
Chairman Erik Paulsen, R-Minn., presided over the Joint Economic Committee’s hearing, “Unleashing America’s Economic Potential,” on Wednesday. The hearing was an opportunity for the Committee to hear from economic experts about how recent reform efforts by Congress and the Administration have begun ...
Chairman Paulsen: "Are you better off today than you were 15 months ago?"
Speaking at an event on Capitol Hill sponsored by Americans for Tax Reform, Joint Economic Committee Chairman Erik Paulsen, R-Minn., highlighted the increasing growth and opportunity resulting from regulatory reform and the Tax Cuts and Jobs Act. The remarks, as prepared, appear below.
Countdown to Tax Day #4: A Simple, Super-sized Standard Deduction
Taxpayers have the option of taking a simple standard deduction or itemizing a series of more complex deductions. By nearly doubling the standard deduction, TCJA effectively offers taxpayers a zero tax rate on more of their income. As a result, more than nine out of 10 tax filers will choose this si...
Chairman Erik Paulsen Delivers Opening Statement on "Unleashing America's Economic Potential"
WASHINGTON--Chairman Erik Paulsen, R-Minn., delivered his opening statement for the Joint Economic Committee's hearing on "Unleashing America's Economic Potential," in which he highlighted the economic growth that's transpired over the last 15 months and its relationship to the reduction of regulato...
Countdown to Tax Day #5: Lower Tax Rates Will Make Tax Day Less Taxing Next Year
TCJA lowered individual tax rates and applied the lower rates to broader swaths of income beginning in 2018. Additionally, taxpayers in the 10 percent bracket will have an effective tax rate of zero percent under TCJA due to a much higher standard deduction. Workers began seeing this tax relief in F...
