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.

Congress must also be careful stewards of your tax dollars, focusing on lowering annual deficits and recovering from our $18 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. 

  • Cosponsored legislation making the state and local sales tax deduction a permanent part of the tax code (S.126; 114th Congress), enacted into law as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015 and provides Texans with over $1 billion in tax relief each year. 
  • 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.
  • Proposed the Tax Transparency Act of 2015 (S.252; 114th Congress), a federal proposal modeled after a rule in the Texas Legislature that requires revenue legislation to state upfront whether or not it raises taxes on Texans.
  • Cosponsored legislation that would permanently eliminate the Death Tax (S.205; 115th Congress).
  • Authored the Small Business Taxpayer Bill of Rights Act (S.949; 114th 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.  Provisions of this legislation became law as part of the Protecting Americans from Tax Hikes Act of 2015.
  • 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.
  • 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.  Senator Cornyn is a cosponsor of similar legislation, S.J. Res. 24, for the 115th Congress.
  • Saved more than $63 billion in tax dollars and 52 million hours of paperwork through the repeal of excessive Obama-era regulations using authority under the Congressional Review Act.
  • Voted to make the state and local sales tax deduction a permanent part of the tax code as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015.
  • Voted for a budget for Fiscal Year 2016 that balances within 10 years, produces a surplus of $32 billion in 2024, and a surplus of $24 billion in 2025.
  • Voted for an amendment to the 2016 Budget (S. Con. Res.11; 114th Congress) eliminating the Death Tax.
  • Voted for the Working Families Tax Relief Act of 2015 to protect families from a massive tax increase. Specifically, the bill extended the $1,000 child tax credit, the expanded 10% tax bracket, and relief from both the marriage tax penalty relief and the Alternative Minimum 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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