U.S. Rep. Diane Black (R-TN-6), who is running for Tennessee governor, is supporting President Trump’s plan to fix the tax code, which was last updated by President Ronald Reagan in 1986.
Black was recently endorsed in her gubernatorial bid by Reagan adviser Art Laffer. Laffer, who lives in Nashville, will serve as Black’s economic adviser for her gubernatorial campaign.
In a statement last week, Black said:
This is a truly historic opportunity for our country. The current tax system – last updated 30 years ago – forces taxpayers to pay astronomical rates and fill out complicated, unnecessary forms. Americans deserve better. Our goal from the beginning was to create a simpler, fairer and flatter system, and I believe we have done just that. This framework lowers taxes so Americans can keep more of their paychecks and families can spend less time filing papers. It will allow our own families in Tennessee to plan for the future with certainty that their hard-earned money will stay in their pockets.
As a unified government, we worked with President Trump and the Senate to craft a framework benefitting every income level, especially the middle class. Our reform also delivers the lowest tax rates in modern history for businesses so job creators can provide bigger paychecks to their employees and incentivize hard work. By simplifying the system and getting the government out of the way of our free-market economy, America is made more competitive on an international scale and the potential for unprecedented job creation is unleashed. We believe this will be a catalyst for more jobs, bigger paychecks and fairer taxes – this framework is pro-America. Plain and simple.
U.S. Sen. Bob Corker (R-TN) said in an interview on NBC’s “Meet the Press” that aired Sunday that he will not support the tax reform plan if it adds to the deficit. Corker announced last week that he will not seek re-election next year.