Tax cuts 2.0: What the GOP can learn from Ohio
Rep. Jim Renacci (R-OH) says that the early actions of President Trump’s tax plan has helped Ohio’s economy and boosted businesses.
Rep. Jim Renacci said on Monday that the next round of tax cuts will play a key role in helping the Republican Party retain control of the House in the upcoming midterm elections.
“In Ohio, Tax 1.0 is working,” Renacci, R-Ohio, told FOX Business’ Dagen McDowell on “Mornings with Maria.”
According to Renacci, the tax overhaul has led to business expansion and bigger paychecks.
“Companies are now reinvesting. I had a company that went from 70 to 140 employees already. I have companies who are talking about expanding. They are also giving bonuses out to their employees [and] are raising wages,” he said. “So as I travel, Ohio people are very happy. Now if we can lock that in, which is important, because the only reason it’s not locked in is gimmicks in Washington.”
In addition, the Ohio congressman noted that certainty, predictability and savings are other issues the plan should address.
“A lot of people back in Ohio are now getting more money in their pocket,” he said. “We need to make sure they can save it and use it.”
Renacci also said the tax cut can help pay down debt.
“Eighty-five percent of our deficit are things unrelated to the tax cut,” he said. “And the tax cut, actually if it grows the economy, which it’s doing, and we get sustained growth over 3%, then it will pay for itself and it will grow the economy.”