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, thanks to the TCJA, the typical family of four received a total tax cut of roughly $2,000, while the tax cut for unmarried single filer averaged out to about $1,000 this year. TCJA lowered individual tax rates for all Americans, led to the lowest poverty rate in a half century, and brought unemployment down to its lowest in 50 years.
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. Thom continues his work to rein in the Biden Administration by supporting several CRA resolutions, including one that would prohibit Biden’s Department of Labor from pushing ESG investing standard.
Instead of adding more red tape and bureaucratic regulations, we need fewer regulations and lower taxes to unleash our economy's full potential.
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.
Countering Communist China
Thom has supported initiatives to stand up to China’s deceptive trade and economic practices, and their theft of America’s intellectual property. Thom is focused on ending America’s economic reliance on Communist China and moving jobs back to America. He helped pass the CHIPS Act, designed to boost American innovation, research, and national security by boosting American manufacturing of semiconductors.
Thom has worked to protect American workers and jobs, and supported the Trump Administration’s tough but fair-trade policies that held Communist China accountable for the first time ever. Thom introduced the bipartisan Fighting Trade Cheats Act, which would strengthen U.S. trade law enforcement and give American manufacturers the opportunity to act against bad actors that engage in customs fraud. Protecting America’s competitive edge is a commonsense way to grow the economy and increase Americans’ paychecks.
