100 Economists: Pass tax reform and watch the economy roar

I have always said how important reforming our antiquated tax code is for American families, businesses, and our economy. This week, more than 100 economists wrote to Congress confirming the need for tax reform and relief.

The economists wrote, "when it comes to the tax reform package aimed at fixing our broken system, the undersigned have but one shared perspective: Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people. If, however, the bill fails, the United States risks continued economic underperformance.

In today’s globalized economy, capital is mobile in its pursuit of lower tax jurisdictions. Yet, in that worldwide race for job-creating investment, America is not economically competitive. Here’s why: Left virtually untouched for the last 31 years, our chart-topping corporate tax rate is the highest in the industrialized world and a full fifteen percentage points above the OECD average. As a result of forfeiting our competitive edge, we forfeited 4,700 companies from 2004 to 2016 to cheaper shores abroad. As a result of sitting idly by while the rest of the world took steps to lower their corporate rates, we lowered our own workers' wages by thousands of dollars a year.

Our colleagues from across the ideological spectrum — regardless of whether they ultimately support or oppose the current plan — recognize the record-setting rate at which the United States taxes job-creating businesses is, either significantly or entirely, a burden borne by the workers they employ. The question isn’t whether American workers are hurt by our country’s corporate tax rate — it’s how badly. As such, the question isn’t whether workers will be helped by a corporate tax rate reduction — it’s how much.

The enactment of a comprehensive overhaul — complete with a lower corporate tax rate — will ignite our economy with levels of growth not seen in generations. A twenty percent statutory rate on a permanent basis would, per the Council of Economic Advisers, help produce a GDP boost "by between 3 and 5 percent." As the debate delves into deficit implications, it is critical to consider that $1 trillion in new revenue for the federal government can be generated by four-tenths of a percentage in GDP growth.

Sophisticated economic models show the macroeconomic feedback generated by the TCJA will exceed that amount — more than enough to compensate for the static revenue loss. We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity — all of which will yield more jobs and higher wages. Your vote throughout the weeks ahead will therefore put more money in the pockets of more workers.

Supporting the Tax Cuts and Jobs Act will ensure that those workers — those beneficiaries — are American."

To read more and to see the letter, click here. It's past time to reform our burdensome tax code and we're going to get it done.

For more about the Tax Cuts and Jobs Act, which was recently passed in the House, click here.

From our Nation's Capitol CXLI

Monday, November 27, 2017: After a wonderful Thanksgiving spent with family and friends, I’m in Atlanta today as I am touring the Centers for Disease Control and Prevention (CDC) and meeting with the new Director, Dr. Brenda Fitzgerald. I have known and worked with Dr. Fitzgerald for many years while she served as the Commissioner of the Georgia Department of Public Health (DPH) and I am very happy to see her in this new role.

Congressman Carter at the Centers for Disease Control

A native Georgian, Dr. Fitzgerald is a graduate of Georgia State University as well as Emory University School of Medicine and served as a Major in the Air Force. My visit begins with an in-depth discussion with Dr. Fitzgerald and others about the opioid epidemic in our country and the work that is being done at the CDC to combat this national emergency. We also discuss the progress that has been made with the Zika virus and other diseases throughout the world. Next, I tour the Parasitic Diseases Lab & Insectary Lab followed by a tour of the High Containment Lab and finish with a tour of the Molecular Detection Lab. This amazing facility, located right in the heart of Atlanta, is the leading national public health institute of the United States and we are proud to now have a Georgian in charge. Afterwards, I head to the Shepherd Center, a private, not-for-profit hospital specializing in medical treatment, research and rehabilitation for people with spinal cord injury, brain injury, multiple sclerosis, spine and chronic pain, and other neuromuscular conditions. Ranked by U.S. News & World Report among the top 10 rehabilitation hospitals in the nation, I am met at the facility by James Shepherd and his mother, Alana Shepherd, who shares with me the origin of the facility and the amazing success it has had over the years. Afterwards, we are joined by CEO Sarah Morrison and CMO Dr. Michael Yochelson for a tour of this world class facility and witness first-hand the outstanding work of these professionals. Later in the afternoon, I have the opportunity to visit the Weather Channel television network headquarters in Atlanta to learn more about this impressive and vital news outlet. Launched in the early 1980’s, the Weather Channel has evolved into one of the most watched and dependable networks around. Whether it be hurricanes, tornadoes, floods or snowstorms, the Weather Channel is one of the most immediate and reliable modes of information available.

Congressman Carter honors Larry Hanson on the House Floor

Tuesday, November 28, 2017: After traveling back to Washington this morning, I meet with staff for our weekly briefing to review last week and prepare for the upcoming week. Afterwards, I have a phone interview with Jacob Barid, a seventh grade student at Savannah Country Day School, who interviews me and asks questions for a history project he is doing at school. Next, I head to a meeting of the Messaging Advisory Group with House Republican Chair Cathy McMorris Rogers (R-WA) before heading to our weekly Whip Team meeting where we discuss the legislative agenda for the upcoming week. Afterwards, I head to the House Chamber for our first vote series of the week and following votes give a one minute tribute from the House floor in honor of longtime Valdosta, GA, City Manager Larry Hanson. A link to my tribute can be found here.

Wednesday, November 29, 2017: Our weekly Majority Conference meeting is this morning and, as to be expected, there is plenty to talk about.

Congressman Carter meeting with the National Kidney Foundation

The main priority at this time is, of course, tax reform and where we are in the legislative process. Having passed the bill out of the House before we left for Thanksgiving, it is now over in the Senate and, hopefully will be back to us late this week or early next week when both chambers will appoint conferees for a conference committee to work out our differences. We also discuss the upcoming deadline of December 8^th when we have to take action on a spending bill to avoid a government shutdown. Later, I head back to my office to meet with Dr. David Blumenthal with the Commonwealth Fund, a foundation with the mission of promoting a high-performing health care system. Next, I head to the House Chamber for our first vote series of the day and then return to my office for a meeting with representatives from the National Kidney Foundation followed by a meeting with a constituent from Pooler, Aaron Higgins, who is in town visiting. Afterwards, I head back to the House Chamber for our second and final vote series of the day.

Thursday, November 30, 2017: My day starts early as I join other health care legislators in a discussion led by the Alliance for Health Policy on the topic “Medicare Provider Payment- New Regulations and Changes Ahead.” Afterwards, I head to a meeting of the Georgia delegation with representatives from the Atlanta Regional Commission (ARC) for an update on the ongoing legal battle between Georgia, Alabama and Florida on the use of water from Lake Lanier. Next, I head to a meeting of the Energy and Commerce Health Subcommittee on implementation of the 21^st Century Cures Act.

Congressman Carter meeting with JCB

A link to my questions can be found here. Afterwards, I head to a meeting of the Energy and Commerce Oversight and Investigations Subcommittee on identity verification in a post-breach world. Next, I meet with representatives from the National Association of Insurance and Financial Advisors to discuss tax reform before heading to the House Chamber where I preside over the floor during our first vote series of the day. Later, I head back to my office to meet with Chris Giorgianni, Senior VP with JCB in Savannah to discuss appropriation requests followed by a meeting with representatives from KemPharm to discuss abuse-deterrent formulations. After heading back to the House Chamber for our second and final vote series of the day, I give a one minute tribute on the floor in honor of Dr. Gary Lewis, a beloved Jesup dentist who died recently. A link to my tribute can be found here.

Friday, December 1, 2017: We have one of the longest Majority Conference meetings ever this morning as we have lots to talk about including tax reform and the impending funding deadline of the budget on December 8th. After the two hour meeting, I head down to the House Chamber for our only vote series of the day and then head back to my office where I film a video. Before leaving my office and heading to the airport for home, I have the honor of getting my picture taken with Annie, our intern who has been assisting us on Fridays for the last few months and whose last day is today. Thanks for all your help, Annie. Be sure to come back and see us often.