House Passes Budget That Achieves Balance, Increases GDP Growth, and Reforms Tax Code

'It paves the way for historic tax reform'

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October 5, 2017

Today, the House of Representatives passed the Building A Better America 2018 budget in a 219 to 206 vote.

Speaker Paul Ryan (R., Wis.) said today that the budget will rein in our national debt, strengthen our national defense, help grow the economy, and pave the way for tax reform.

"It paves the way for historic tax reform," Ryan said. "It unlocks the reconciliation process. We need to pass this budget so that we can deliver real relief for middle income families across this country."

"We haven't reformed this tax system since 1986," the speaker said. "We need to pass this budget so we can help bring more jobs, fairer taxes, and bigger paychecks for people across this country."

In 10 years, the budget produces a $9 billion surplus and increases GDP growth to 2.6 percent. It achieves this growth by reforming the tax code, reducing government regulations, using taxpayer dollars efficiently, and reforming government programs.

The budget simplifies the tax code, making it fairer by lowering tax rates on individuals and businesses as well as the corporate tax rate.

"We estimate that the pro-growth policies of health care reform, tax reform, welfare reform, and deficit reduction assumed in our budget will yield economic growth of 2.6 percent on average over the 10-year budget window, resulting in $1.5 trillion in deficit reduction," the House Budget Committee said.