Moore Advocates for Tax Cuts and Economic Growth
During a visit to Nucor, a prominent steel and recycling manufacturing plant in Plymouth, Utah, Rep. Blake Moore was briefed on the positive effects of the Trump-era Tax Cuts and Jobs Act of 2017. The act, which provided tax cuts across various income brackets, was particularly beneficial to Nucor, enabling them to increase real wages and invest in community projects like purchasing ambulances for Box Elder County.
Moore, who was not in Congress when the tax reform was passed, is now looking forward to participating in discussions as many of the act’s provisions are set to expire in 2025. He emphasized the need to evaluate what aspects of the tax legislation should be preserved or adjusted to avoid potential tax increases for most Americans and companies.
At a Ways and Means Committee hearing, Moore highlighted the importance of low corporate taxes, citing the reduction from 35% to a flat 21% as a catalyst for wage growth and competitiveness. While acknowledging that some corporations had previously avoided higher rates, he expressed concern that raising taxes could drive businesses to relocate to countries with more favorable tax environments.
Moore also addressed the criticism that tax cuts have led to massive deficits. He countered by suggesting that tax cuts have spurred economic growth by encouraging companies to maintain and reinvest in their U.S. operations. Despite the nation’s debt issues, which he admits have not been adequately addressed by either party, Moore remains critical of proposals to increase corporate taxes, arguing that such measures could disproportionately harm brick-and-mortar businesses.
Supporting Small Business Growth
The congressman has also been active in supporting small businesses through legislative efforts. He proposed the Small Business Growth Act to raise the cap on Section 179 deductions, allowing businesses to write off more of their investments. While larger corporations like Husco International may not directly benefit from this provision, it is seen as a lifeline for smaller manufacturers in the supply chain.
Entrepreneurs like Michael Ervin of Coal River Coffee Company have voiced support for increased deductions, noting how essential it is for expanding operations and creating jobs. The ability to write off significant purchases like espresso machines can directly impact a small business’s capacity to grow and raise wages.
The Future of Tax Legislation
As the political landscape evolves with upcoming elections, the fate of the 2017 tax provisions remains uncertain. Moore believes that if Republicans gain control of the government, they will introduce a strong pro-growth tax package. However, he also speculates that Democrats may not let the provisions sunset, citing a tacit acknowledgment from the Biden administration of their benefits.
Despite his support for tax reform as a driver of economic growth, Moore acknowledges the challenges posed by government spending, inflation, and national debt. He stresses that addressing these issues requires a balanced approach beyond tax policy alone.
