Growing Our Economy
Thom knows what it is like to live paycheck to paycheck having grown up in a working class family and then raising his young family while working and attending school at night, struggling to make ends meet. That is why Thom has championed commonsense solutions to build a healthy economy and ensure all hardworking North Carolinians have ample opportunities to get good jobs, pursue careers, and secure the futures they deserve.
Tax Cuts For NC Families
You work hard to earn your income and Thom has in turn worked hard to make sure you get to keep more of it. Thom voted in favor of the Tax Cuts and Jobs Act, which made significant reforms to both the individual and business income taxes. North Carolina families and businesses are already beginning to see the positive effects.
In North Carolina, the typical family of four will receive a total tax cut of roughly $2,000 this year, while the tax cut for unmarried single filer would average out to about $1,000 this year.
This is real money going back into the pockets of hardworking Americans like yourself, many of whom have been living paycheck to paycheck. You are the best judge of what to do with the money you’ve earned. Thanks to tax reform, we won’t be surprised when you start to see more of your money back in your paycheck. You shouldn’t be either.
Making America’s Job Creators More Competitive
American job creators that make American products should be on a level playing field with their international competitors. That will mean more jobs in America and higher wages for American workers. Our small businesses and other corporations have already begun to see the impact of the Tax Cut and Jobs Act, which among other things:
Cutting Red Tape
Thom has been an advocate for cutting red tape and ending government waste and excess, focusing on removing arbitrary and counterproductive roadblocks harming North Carolina employers and job creators. Thom assisted efforts to rollback harmful Obama-era regulations a record 16 times using the Congressional Review Act.
These resolutions to repeal or block Obama-era regulations account for an estimated $36 billion of savings to the US economy. The Trump administration’s actions have saved an additional $8 billion in 2017 and $6 billion in 2018. The administration’s proposed future deregulatory actions could save more than $175 billion.
Rolling back these…rules alone will save our economy billions of dollars and millions of hours in compliance costs over time. That is real money back in the pockets of hard working Americans without reforming a single provision in the tax code or cutting a single program in the budget.
Supporting More Financial Independence for North Carolinians
From buying a new car, to owning a home, many North Carolinians rely on the services banks provide to finance their goals and dreams. That is why Thom has worked hard to enact policies that will lead to more options and greater financial independence for all Americans.
Passed into law with bipartisan support, Thom was an original cosponsor of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which tailors regulations for financial institutions to better reflect their business models. The legislation provides regulatory relief to smaller financial institutions, many of whom provide critical services in rural and under-served areas and have struggled to cope with the burdensome standards of the post-Dodd-Frank regulatory landscape. It also improves consumer access to mortgage credit, while providing specific protections for veterans, consumers, and homeowners.
Fostering Innovation and Competition by Cutting Red-Tape
Thom introduced the bipartisan Fostering Innovation Act to provide commonsense regulatory relief for many innovative companies in the scientific and medical research fields. North Carolina has a rich and diverse biotech landscape and is the home of many companies that are on the cutting edge of scientific and medical research. Unfortunately, some of the expiring JOBS Act exemptions are going to harm the ability of some companies to access capital and continue to grow by diverting critical investments away from science towards compliance. Thom’s bipartisan legislation provides a fix, ensuring that North Carolina continues to innovate and remains competitive.
