Protect Trump-Era Tax Cuts!

I won’t be wishing anyone a “Happy Tax Day” in this column because let’s face it – there’s nothing happy about Tax Day. Yes, some will be getting a refund, but most understand it’s a refund of YOUR money – money you overpaid to the government that they’re now returning with no interest attached. It’s frustrating to say the least.

While we hear from many Mississippians during this time of year, the State Treasury doesn’t actually have anything to do with taxes (in Mississippi, it’s the Department of Revenue that is responsible for tax collection)! Once those tax revenues are delivered to the state’s coffers, that’s when my team moves into action, managing the state’s cashflow and investments.

I’m pleased to report that our work has helped do more good with every tax dollar the Revenue Department collects. In fact, a series of debt refinancing deals have saved taxpayers about $100 million during my tenure! Smart financial strategies, like this, are needed now more than ever. Mississippi (like many other states) is running hard into a strong headwind. “Bidenomics” has driven up interest rates – driven up the cost of gas – driven up almost everyone’s grocery bills. “Bidenomics” is failing the American people and making household budgets more difficult to manage, and as a result, making state cash flows more difficult to manage as well.

The truth is that many of the President’s economic policies are rooted in taking heavily from hardworking taxpayers and redistributing those funds according to their own woke agenda. Consider their student debt forgiveness schemes. The administration is asking taxpayers (many of whom never received a college degree) to pay off someone else’s college education!

In sharp contrast to President Biden’s policies, Trump-era tax cuts delivered financial relief – and an economic stimulus – to individuals, families, and businesses. In turn, we saw increased investments, more jobs, and lower inflation, so I urge Congress to make sure these tax cuts don’t expire in the years to come and force tax hikes upon American families and job creators.

In short, I don’t think Washington has a revenue problem as much as it has a spending problem. That’s why I won’t be convinced that tax hikes of any kind are the answer. Instead, we need to get inflation under control, grow our economy, and improve the buying power of every American.

Here in Mississippi, we do a lot right financially. We pay our bills on time. We have a healthy rainy-day fund, and we balance our budget. Washington, D.C., should take note.