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Joint Economic Committee Chairman Erik Paulsen, R-Minn., released the following statement regarding the Administration’s announcement imposing tariffs on imports of steel and aluminum on Canada, Mexico, and the European Union:

“These tariffs threaten American jobs, our manufacturers’ access to materials across the border, and will result in increased consumer prices. Our nation has prospered in large part because of free trade, and yet this action threatens our own economy and our greatest allies. I urge the Administration to avoid hurting our ability to manufacture and sell American goods and defend our workers."

“While China must address its failure to protect U.S. intellectual property, these tariffs are not an effective response because it will harm American jobs and consumers. Our economy is seeing measurable gains thanks to pro-growth policies like the Tax Cuts & Jobs Act. GDP has grown an average of 2.5% over the past five quarters, unemployment is at its lowest rate since December of 2000, and everywhere we are hearing positive stories from businesses large and small. Placing tariffs on medical devices and consumers electronics threaten these gains.”
Chairman Erik Paulsen delivered his opening statement for the Joint Economic Committee's hearing on "Breaking Through the Regulatory Barrier: What Red Tape Means for the Innovation Economy." In his remarks, Chairman Paulsen emphasized the importance of maintaining a dynamic approach to regulation that matches the dynamism of American innovators. The full text as prepared for delivery appears below.
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"Americans are better off today than they were 16 months ago: Business investment is strong, wages are growing, and disposable income is climbing thanks to tax reform and pro-growth policies."
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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.
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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:
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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 the United States.
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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, taxpayers with incomes over $1 million will pay 19.8 percent of all federal taxes, compared to 19.3 percent without TCJA. Conversely, under TCJA taxpayers with less than $50,000 in income will see their share of the federal tax burden fall from 4.4 percent to 4.1 percent.
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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 full $2,000 value.