Speech text: Good, Congressman, thank you for that.

I’d also like to talk about what this bill will not do to the economy. Because what we saw in the tax bill under the Biden administration — which I believe was immoral — was rampant inflation.

And rampant inflation is the best way to steal from working Americans. The basket of goods and services that working families rely on had a much higher inflation rate than the 21% reported by the Bureau of Statistics.

In reality, more than 30% of purchasing power was stolen from working families.

In the summer of 2024, we saw a record amount of food bank usage in the U.S. — at the same time that the previous administration’s tax bill coincided with a record number of trips to Europe.

That is not the America we want. Record trips to Europe. Record food insecurity.

So anyone who voted for that tax bill — that was the outcome.

What we’re doing now is trying to get back, as you said, to President Trump’s private-sector job growth model. This tax bill will incentivize private-sector expansion.

Equally important, this administration’s economic plan has three main components: trade, taxes, and deregulation.

What we saw under the Biden administration was a massive spending surge while regulations increased dramatically — so a demand shock hit a supply bottleneck. That’s what created the great inflation.

What we are doing now, with the help of this committee and Congressmen like you, is creating a private-sector-driven demand shock that will be met with deregulatory release.

We aim to return to the kind of strong, non-inflationary growth we had in 2018 and 2019.