Congressman Bill Flores spoke to business leaders and elected officials about issues the federal government is addressing in the State of the Nation luncheon on Monday.
Dozens of business leaders and elected officials attended Greater Waco Chamber of Commerce event, which featured the Republican member of the U.S. House of Representatives as the keynote speaker. During a question and answer session, he explained the advantages of cutting $1.5 trillion in taxes for business and individuals. Under the proposal, corporate taxes will be reduced to 20 percent.
The House passed a bill in November and last weekend the Senate passed its own version of it. Flores explains the three main differences between them include: taxation of tuition waivers, the start date of corporate tax and expiration date of individual tax cuts.
Both parties must agree on the content of the bill, which he expects to pass before the holidays.
"Economic growth creates more income, more paychecks that means more tax revenue for the federal government,” Rep. Flores said.
In addition, he said median income families will pay less in taxes under the proposal.
"This is a huge win: families win, businesses win, paychecks go up, unemployment goes down. It is a huge benefit for the economy and the deficits come down,” Flores said.
President of Texas First State Bank Rodney Kroll whose company sponsored the luncheon said he is in favor of a tax reform.
"If my customers do well, I do well. If they don't do well, I don't do well. I'm very hopeful that we can do something to improve the living conditions and economic conditions of the average American,” Kroll said.
An independent analysis of the Senate bill indicated the plan would grow the economy but it would still add $1 trillion dollars to the deficit.
Other topics discussed during the event, included defense spending and an infrastructure bill that will be introduced next year.
Flores said it is expected to help with projects in McLennan County, including the expansion of interstate 35 inside of the loop, safety improvements to Lake Shore Drive and improvements to the water system in Eastern McLennan County.
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