Fostering Economic Growth

The role of the government is not to create wealth, but to foster an environment where America's entrepreneurial spirit can thrive and achieve great things. We must help the economy grow, encourage the creation of jobs and opportunities, and help Americans keep more of their hard-earned money to save and spend as they see fit.

Senator John Cornyn

Senator Cornyn believes that the goal of our economic policies should be to create an environment that fosters economic production, job growth, and an increase in real wages.

The key to a prosperous economy is reducing the high level of taxation on Americans and businesses that has stunted their economic growth. Tax relief will allow American businesses to innovate and create jobs, and allow American families to keep more of what they earn. In 2017, the Senate passed the most comprehensive tax reform in the last three decades, and you can learn about this historic legislation here.

Congress must also be careful stewards of your tax dollars, focusing on lowering annual deficits and recovering from our $22 trillion debt so future generations can enjoy the same opportunities available today. By eliminating excessive spending and increasing economic activity over time, we can reduce the current budget deficit. 

 

Floor Speeches and Videos

  • Supported the establishment and extension of the Paycheck Protection Program (PPP), federally-guaranteed loans to help small businesses to maintain their payroll, through which Texans have received more than $40.5 billion across more than 372,000 individual PPP loans.
  • Expedited access to billions of dollars in capital by allowing small businesses who had applied for Economic Injury Disaster Loans (EIDL) to request an emergency advance of up to $10,000 within three days to pay employees’ sick leave or maintain payroll.
  • Authored the bipartisan Save Our Stages Act to provide relief to entertainment venues forced to shut down during the pandemic to preserve a critical cultural and economic industry employing thousands of Texans.
  • Introduced the SAFE TO WORK Act to temporarily limit liability for COVID-19 exposure claims for frontline workers like nurses, doctors, teachers, and small business owners as long as they are following public health guidelines and are not grossly negligent.
  • Supported the bipartisan RESTART Act to provide the hardest-hit businesses and nonprofits with new loans to cover another six months of operating costs beyond the Paycheck Protection Program, with part of the loans forgiven and ample time and flexibility to repay the rest of the loans.
  • Supported direct relief for adversely impacted industries in Texas, such as hospitality, energy, and the commercial airline industry.
  • Voted for the Tax Cuts and Jobs Act providing small businesses and working families with tax relief by doubling the child tax credit to $2,000, reducing marginal tax rate, and improving incentives for U.S. competitiveness.
  • Sponsored the ITIN Reform Act (S. 1397; 114th Congress), to enact safeguards against tax fraud committed by illegal immigrants and eliminate billions in wasteful spending. A modified version of this proposal became law as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015.
  • Cosponsored legislation that would permanently eliminate the Death Tax (S.215; 116th Congress).
  • Authored the Small Business Taxpayer Bill of Rights Act (S. 2689, 115th Congress), which lowers compliance burdens for taxpayers, strengthens taxpayer protections, compensates taxpayers for IRS abuses, and improves taxpayer access to the U.S. Tax Court System. 
  • Cosponsored the Financial Institutions Examination Fairness and Reform Act (S.774; 114th Congress) to provide regulatory and economic relief to America’s community banks and credit unions that lend to local businesses.
  • Authored the Wounded Warrior Tax Equity Act (S.907; 114th Congress), a bill extending the same level of protection from unnecessary extensions of IRS collection activity that is currently provided to civilians to hospitalized soldiers. This proposal became law as part of the Protecting Americans from Tax Hikes Act of 2015.
  • Authored taxpayer relief provision that waived installment agreement fees for taxpayers.  Enacted as part of the 2015 Bipartisan Budget Act
  • Sponsored proposal that provides taxpayers with more time to collect proceeds from the sale of property that has been wrongfully levied upon and to bring a civil action against the IRS for a wrongful levy.  Enacted as part of the Tax Cuts & Jobs Act.
  • Cosponsored the Federal Funding Accountability and Transparency Act (P.L.109-282), which passed both houses and was signed into law, requiring the federal government to publish an easy-to-read online database of all federal spending so taxpayers know exactly how their tax dollars are being spent. 
  • Authored a balanced budget amendment to the U.S. Constitution (S.J.Res 7; 113th Congress), which would cap federal spending and require a supermajority vote in Congress to raise taxes on the American people. 
  • Reduced regulatory costs on American businesses and workers by over $50 billion, in part through the repeal of excessive Obama-era regulations using authority under the Congressional Review Act.
  • Voted for the Tax Cuts and Jobs Act, providing tax relief to working families and small businesses.
  • Voted for the Economic Growth, Regulatory Relief and Consumer Protection Act, which reduced unnecessary red-tape for community lenders, helping to spur small business job creation.
  • Voted for an amendment to the 2016 Budget (S. Con. Res.11; 114th Congress) eliminating the Death Tax.
  • Voted for the Jobs and Growth Tax Relief Reconciliation Act, providing tax relief to millions of Texans by creating a new, low 10% income tax bracket, doubling the child tax credit to $1,000, and reducing capital gains and dividend taxes on small investors.

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