One of our nation’s most important challenges is growing our economy while creating equitable economic opportunities for every American.
Key to supporting this goal is the implementation of a sustainable budget that is fiscally sound, lifts up low- and middle-income households, and invests in our future. It is crucial that we support the programs on which Americans rely, invest in innovation and infrastructure, enhance education and workforce training, and prioritize environmental sustainability in the face of climate change. Each of these public investments are shown to help decrease costs for consumers, increase the number of jobs available, and boost incomes of the recipients of these investments. None of this can be done on the cheap, however, and Americans and their elected representatives in Congress need to have a realistic and honest conversation about all that we need and want our government to do, and how much it will cost.
The Importance of Increasing Revenues
Over the past nearly 20 years, we have indiscriminately cut taxes, particularly for the wealthiest individuals and biggest corporations, at a cost of trillions of dollars in lost revenue. Research done in the wake of the $1.5 trillion 2017 Republican tax bill has clearly demonstrated that cutting taxes—particularly on the wealthy and for large corporations—is only good at exploding deficits and growing the cumulative national debt. I am strongly in favor of increasing wealth taxes on the highest earning households, increasing the corporate tax rate, and investing in the Internal Revenue Service (IRS) to ensure wealthy households and large corporations are paying what they owe. These revenue raisers alone could fund a historic level of investment in policies and programs that will lift millions of households out of poverty and expand economic opportunities for all.
Increased Investments in Programs that Grow the Economy
The federal budget is a symbol of our values. I support heavily investing in pro-growth policies that will lower costs for families, create good-paying jobs, and cut taxes for hard-working Americans. A strong budget prioritizes significantly increased investments in green energy, education, health care, child care, sustainable infrastructure, and affordable housing. Investments in these areas are proven to lead to more equitable economic growth, particularly as we continue to grapple with and recover from the impacts of the COVID-19 pandemic. Increasing federal investments in these areas will help increase wages and benefits, spur the deployment of renewable energy and reduce greenhouse gas emissions, and ensure basic needs like health care, child care, and housing are better met. Through government spending and progressive policies, we can chip away at some of our nation’s greatest economic disparities, combat income inequality, reduce poverty, and expand economic opportunity.
For more information on this issue, sign up to receive Congressman Smith’s email updates.
More on Budget
|8/12/22||House Passes Inflation Reduction Act with Historic Investments to Address Climate Change|
|11/19/21||Rep. Smith Statement on the Passage of the Build Back Better Act|
|11/5/21||Rep. Smith Statement on the Passage of the Bipartisan Infrastructure Bill and the Build Back Better Act Rule|
|8/25/21||Rep. Smith Votes in Support of the Budget Resolution to Start Negotiations to Enact the Build Back Better Proposal|
|5/28/21||Rep. Smith Statement on the President’s Budget|
|4/30/21||Rep. Smith Submits Community Project Funding Request for Maritime High School|
|4/30/21||Rep. Smith Submits Community Project Funding Request for Wadajir Residences & Souq|