House Majority Leader Rep. Kevin McCarthy pitches the merits of the Republican tax reform proposal unveiled this week during an interview with 'Face the Nation' host John Dickerson.
REP. KEVIN MCCARTHY: No, and really, John, look at this, for decades the hard-working Americans have been ignored or forgotten from Washington, but not anymore. This Tax Cut and Jobs Act bill is going to be the start to changing that. Let me give you three points why.
First, it lets every American keep more of what they earned. If you're single, the first $12,000 is tax free. If you're a couple, 24. That means the average family is going to save almost $1,200 more in their pocket. So, the first $55,000 a family of four earns will not be taxed at all.
Second, what it does for small business. I created my first small business when I was 20. The lessons I learned, I was the first to work, I was the last to leave, and I was the last to be paid. They create more jobs than anything else. Lowering it to 25% is the lowest it's been since World War II.
And now to your question, I was in the Oval Office just this week. This is going to make America competitive again. Broadcom came in there based upon our tax bill. This is a company who'd left America because the taxes came too high. They announced, because of the tax bill, they are moving back to America. That's $20 billion in revenue a year, but you know what's even more important? They put $3 billion every year into R&D and $6 billion into manufacturing. That's jobs, good paying jobs for America.