Solutions to growing the economy are actually quite simple. They are just not easy. This is so because to make essential changes, the status quo often must be challenged. President' Trump's economic policies are a great demonstration of this fact. For years we heard how corporations cheat America, avoiding taxes by relocating in foreign countries. But corporations left because America had some of the highest corporate tax rates in the world. Driving these companies overseas not only reduced U.S. employment, it also reduced tax receipts.
President Trump's tax cuts have, for the first time, encouraged manufacturers to return to America. Unemployment, especially for minorities and women, is at all time lows, and tax revenues have actually increased. Meanwhile our industrial base is being rebuilt. As long as these policies remain in place, our nation will reap the benefits.
In addition, the Trump administration has slashed burdensome regulations, saving businesses billions in compliance costs. Because the administration removed regulatory roadblocks, America has become a net energy exporter, freeing us from the grips of OPEC and fickle Middle East governments.
It has brought unprecedented prosperity to Americans across the board. The unemployment rates among blacks, both men and women, have been at the lowest levels since recordkeeping began in 1972 (averaging 5.7% since August). The same is true for Hispanics (4.2%). In fact, overall unemployment numbers for all races are the lowest since the 1960s. Real, inflation adjusted wages have also been growing steadily since President Trump took office. During most of the prior eight years, wages were flat. But beginning in late 2014, wages began to grow and have steadily grown, increasing almost 8 percent over the period.
To keep these policies in place, we must remove economic illiterates like Dutch Ruppersberger from office
And while the rest of the country thrives, Maryland citizens, especially seniors, are abandoning the state in droves to avoid Maryland's high taxes. The estimated annual loss of revenue to the state is $330 million. Meanwhile, the state legislature continues to propose increasing those taxes even more. Democrats also seem intent on driving more businesses out of Maryland.
The $15 minimum wage will force many businesses employing low-wage workers to shut their doors or move, depriving families of much-needed supplemental income, and depriving new entrants to the labor force the early employment that teaches crucial job skills and enables young employees to build a track record for future employment. That is the greatest harm the minimum wage inflicts. The $15 minimum wage essentially ends opportunities for new workers to be apprenticed, because most of the small businesses that provide these opportunities cannot afford to pay such high wages to unskilled labor. New entrants to the labor force trade higher wages to gain the skills needed to advance.
I strongly oppose the $15 minimum wage.
Governor Hogan has proposed a number of measures to reverse the drain of retirees. He has proposed the Retirement Tax Reduction Act of 2020, offering over $1 billion in tax relief over five years. Retirees earning less than $100,000 will realize tax reductions of 50 percent or more.
As your congressman, I would support such initiatives and push to make the Trump personal tax cuts permanent. They are currently set to expire in 2025 thanks to Not Much Dutch, Nancy Pelosi and the other Democrats, who blocked efforts to make them permanent.
In order to make these cuts permanent we must take back the House of Representatives and keep the Senate.
I will continue to promote lower taxes and fewer regulations to return our economy to a solid footing for the long term. I would also advocate aggressive use of Opportunity Zones both to bring more industry back to Maryland and to expand access to high paying jobs for minorities.
Not Much Dutch and his fellow Democrats inexplicably oppose such policies. The result is decades of inner city economic stagnation and decay. Truly the definition of insanity. One is tempted to think they do this deliberately. They couldn't possibly be so ignorant as to persist in these policies without knowing the outcome. Could they? Either way, it is time for a change. I will have your back. Dutch, on the other hand, will stab you in the back.