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Sen. Mike Lee touts pro-growth tax agenda, stresses extending child tax credit and cutting international tax incentives
Summary
Sen. Mike Lee urged House Republicans to advance a reconciliation tax package he described as pro-family and pro-growth, defended 2017 tax changes and warned of rising federal spending as a share of GDP.
Sen. Mike Lee (United States Senate) said in the meeting transcript that Republicans are working to finalize a reconciliation tax package and urged extensions of tax provisions he called pro-family and pro-growth.
"We're trying to get this timeline, going as quickly as possible," Lee said. He said the package aims to secure the border, bolster the economy, support domestic energy production and preserve tax provisions enacted in 2017.
Lee defended the 2017 tax changes, saying they encouraged companies to repatriate operations and intellectual property and that such competition can raise revenue. "When you create a competitive environment, you're able to actually raise that revenue for The US," he said. He criticized international tax rules that encourage companies to locate intellectual property in Ireland and other countries, arguing that a more competitive U.S. tax environment would encourage investment at home.
Lee also emphasized family tax provisions. "Let's remember that the child tax credit was $1,000 pre 2017, and we doubled it," he said, and urged Congress to avoid letting that credit revert to $1,000 if the tax bill is not passed.
He described his role in shaping tax policy and said he sought committee assignments related to tax and budget work. Lee said, "I worked very hard to get spots on the ways and means and budget committees." (Note: the House Ways and Means Committee is the House committee with primary jurisdiction over many tax matters; the Senate's counterpart for tax jurisdiction is typically the Senate Finance Committee.)
On federal fiscal trends, Lee said a long-running pattern of revenues near 17 percent of gross domestic product has been overtaken by growing expenditures. "For several decades, our federal revenues have remained at approximately 17% of GDP. But over the last couple decades, our expenditures have skyrocketed to 26% of GDP," he said, concluding, "We have a spending problem." He argued the tax package would promote growth and avoid reversing tax provisions he credited with helping wage growth.
Lee framed the work as partisan but necessary to preserve what he described as gains from recent tax policy and to prevent expiration of family-focused provisions. He did not provide legislative text or a legislative schedule in the recorded remarks.
