“Nor does H.R. 9 do much to promote economic growth because it does little to reward new productivity at the margin,” he added. “At best it produces a one-year ‘sugar high’ until the bills come due.”
{mosads}Several Democrats made the same point during debate on the bill, H.R. 9, by noting that it would add $46 billion to the budget deficit in just one year. House Majority Leader Eric Cantor (R-Va.) said he would prefer comprehensive tax reform, but said a temporary tax cut is at least some short-term help to companies.
McClintock disagreed.
“Tax cuts without either spending reductions or real economic growth are an illusion,” he said. “Real tax reform would permanently reduce the marginal tax rate for all businesses and cut government spending concurrently. This would encourage and reward growth, shift investment decisions from politicians to entrepreneurs, and not rob our economy of its future.”
Other Republicans voting against the tax cut were Reps. Justin Amash (Mich.), Paul Broun (Ga.), Jeff Fortenberry (Neb.), Raúl Labrador (Idaho), Steven LaTourette (Ohio), Cynthia Lummis (Wyo.), Mick Mulvaney (S.C.), Reid Ribble (Wis.) and Rob Woodall (Ga.). Rep. Frank Wolf (R-Va.) voted “present.”