Democrats Call for Economic Growth for All, Not Just Wealthy

Apr 27, 2017
Washington DC- At a House Small Business Committee hearing today, Democrats pushed back against President Trump’s economic agenda, calling instead for smart investments to spur growth.  Democratic Members of the Subcommittee on Economic Growth, Tax, and Capital Access argued that a true “pro-small business” policy requires thoughtful, strategic use of government resources to foster entrepreneurship. 
 
“In order to grow our economy, we need to invest in our nation’s infrastructure, our human capital, and our small businesses,” said Subcommittee Ranking Member Rep. Dwight Evans (PA-02). “Small businesses have been called the backbone of the American economy. As we evaluate tax policies and the effectiveness of regulations, we must ensure that small firms have a seat at the table. By supporting small businesses and entrepreneurs, we will spur job creation and economic growth.”
 
Instead of cutting taxes in favor of breaks for the wealthy, Democrats shared a vision of well-thought out plans to invest taxpayer money in programs that would fuel job creation, entrepreneurship, and rebuilding of infrastructure. 
 
“In broad strokes, well-designed tax reform could spur growth by eliminating or scaling back inefficient tax subsidies and raising additional revenues to invest in national priorities and reduce deficits. At a minimum, it must not lose revenues,” said Chad Stone, Chief Economist at the Center on Budget and Policy Priorities. 
 
This marks a sharp departure from President Trump’s newly released tax plan, designed to give significant tax breaks to the wealthy. Throughout the hearing, Democrats spoke of how in the past, history has shown that poorly designed tax cuts can actually undermine the economy, small business, and everyday Americans. 
 
“History shows that tax cuts for the rich are far from a surefire way to boost growth — and that higher taxes don’t preclude robust economic and job growth,” said Stone.
 
“The Administration has offered proposals that rely on failed economic theories that will help the wealthy at the expense of the middle class,” said Congressman Evans. 
 
When it comes to growing the economy, Ranking Member Evans singled out the importance of investing in all Americans—not just those in the upper class. 
 
“As we develop policies to spur economic growth, we must ensure that all Americans can benefit from it. That means ensuring economic opportunity for all individuals. Barriers to economic opportunity can include a lack of access to quality education, health care, employment, housing, and equal pay.  All of these issues directly impact our economy and our small businesses and their workforce. We must examine policies that directly address these barriers to not only create a more equal society, but a stronger one,” said Evans. 
 
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