WASHINGTON, D.C. – On Monday, U.S. Sen. Ted Cruz (R-Texas) addressed the Texas Farm Bureau, where he discussed the Senate’s tax reform bill provisions including repealing Obamacare’s individual mandate, expanding 529s to cover K-12 expenses, and mitigating the effect of eliminating the State and Local Tax (SALT) property tax deduction by allowing taxpayers to deduct up to $10,000 in property taxes. He also discussed expanding trade in NAFTA renegotiations, and its importance to Texas agriculture and Texas’ economy.
Several media outlets covered Sen. Cruz’s address. Selected news coverage is below:
“Cruz was speaking at the Texas Farm Bureau’s annual meeting this year in Frisco. The House passed a tax cut bill earlier, the Senate last week. Both sides now working out the differences between the two bills with the goal of Congress sending it to President Donald Trump before Christmas. Cruz called the Senate version historic. ‘This tax bill takes the highest corporate tax rate in the developed world it and cuts it down to 20% – designed to bring those jobs back to America. To bring those companies back to America. To bring those headquarters back to America. And combine with it moves to what’s called a territorial system which means that taxes aren’t double taxed. U.S. corporations have roughly $2.9 trillion in capital overseas that they won’t bring back because it’s subject to double taxation. This tax bill changes that.’ Mr. Cruz says the tax bill will bring those corporate dollars back from overseas and that it means new jobs and new opportunities here at home.”
“Senator Ted Cruz calls tax reform a victory for Texas individuals, families, and businesses. Cruz spoke this morning before the annual meeting of the Texas Farm Bureau, being held in Frisco this year. The senator said he is confident that Congress will pass joint legislation and have President Trump sign it by the end of the year. Under the Senate bill everyone’s tax rates either remain the same, or are lowered. The standard deduction nearly doubles, as does the deduction for child care, but property tax deductions are limited to $10,000. Cruz says he fought to expand college savings plans, called 529s, to also include private and religious schools and homeschooling educational expenses. For farmers and other businesses, Senator Cruz said the bill will help, because it will allow them to immediately write off capital expenditures. ‘Every time the federal government has cut taxes and reduced regulations, over and over and over again, it is a consistent engine for economic growth,’ Sen. Cruz said.”
“Senator Ted Cruz applauded the Senate GOP plan during an appearance this morning at the Texas Farm Bureau conference in Frisco. Cruz is confident the plan will bring corporate dollars back from overseas. He told reporters that deep tax cuts are a strong engine for economic growth. ‘And that, I believe is exactly what’s going to happen with this historic tax cut,’ Sen. Cruz said. ‘That is we reduce the burdens – you want more jobs, you want small businesses to flourish. Two-thirds of all new jobs come from small businesses. This is a tax cut designed to create jobs because my number one priority in the Senate from day one has been jobs, jobs, jobs. And last week I believe was a major victory for jobs in Texas and all across the country.’”
“Texas Senator Ted Cruz says NAFTA is one of the biggest legs of the Texas economy. It’ll take more than just that one free trade agreement to keep the economy growing. More than 2.2 million jobs in our state that depend on international trade. President Trump is threatening to withdraw from the trade agreement, unless it can be reworked in favor of the U.S. According to a report issued by the bank of Montreal, terminating NAFTA would harm the U.S. and Canadian economies and reduce their competitiveness with Asian and European countries. Senator Cruz says access to more markets then what NAFTA provides is the best way to keep Texas competitive. In an address to the Texas Farm Bureau, Cruz says, ‘Our farmers, our ranchers, our small businesses, our manufactures, we compete and consistently win on the global markets. And so, my focus is on substance and results. If we can further open up foreign markets, that benefits the state of Texas.’”