October 30, 2017

Trump and the GOP are ready to put millennials to work, thanks to tax reform

The millennial generation plays a unique and growing role in the economy. Millennials, commonly defined as those between the ages of 18 and 34, are launching more companies, and starting them earlier in life, than the preceding Baby Boomer generation. They are taxpayers, entrepreneurs, and investors, representing current and future generations of job creators.

Millennials will make up an estimated three-quarters of the U.S. and global workforce in less than a decade. In light of that trend, we need a stronger economy that allows us to work, live, invest, and save. Shouldn’t our tax code make it easier for us to make these contributions?

President Trump and Republicans in Congress are working to do just that. They have proposed a comprehensive plan to reform our nation’s burdensome tax code for the first time in more than three decades.

The plan will cut taxes for all Americans, letting them keep more of what they earn. Many of us have struggled to make ends meet at some point in our lives, and many more still do. Imagine what we could accomplish with several extra thousand dollars back in our wallets every year.

The Republican proposal will empower businesses to invest in American jobs by significantly slashing the corporate tax rate. A lower rate encourages businesses to pay their workers higher wages, bring their profits back into the United States, and create more jobs. Young entrepreneurs deserve this kind of pro-business economy.

The number of tax brackets will be lowered from seven down to three and simplify how we file our annual taxes; a recent survey found that the vast majority of millennials fear making costly mistakes in this process. Tax season need not be met with dread if we can file on a single piece of paper.

Workers, businesses, and our nation’s economy would see major boosts, all at once. Polling shows the public strongly support such reforms, leaving Congress no excuse to deny us the relief we deserve.

Congress has passed a budget resolution that set the stage for tax cuts. Trump is now working with Congress to move on to the next step: a tax reform bill. Voters stand ready to hold our representatives accountable for their action on tax cuts. Their votes in Congress will have a direct impact on the way each of us makes and keeps, a living.

In the meantime, the administration is reaching out to families across the country, listening to their needs. Vice President Mike Pence met with members of a New York community last week. This group of small business owners shared with him their concerns about providing for their families, doing more for their companies and employees, and developing new goals for their future.

These people from all walks of life sent a clear message to Washington: We need tax cuts. President Trump is ready to give Americans exactly that – and Americans are ready for Congress to get to work.

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