WASHINGTON, D.C. — Today, the Republican Study Committee (RSC) released its Fiscal Year 2024 budget, led by Chairman Rep. Kevin Hern (R-OK). The budget eliminates $16 trillion in wasteful spending, balances the federal budget in seven years, and reduces taxes and regulatory burdens.
Patrice Onwuka, senior policy analyst at Independent Women’s Voice, issued the following statement:
“IWV applauds the Republican Study Committee for proposing a budget that reduces reckless spending born by future generations, balances the federal budget as a measure of good stewardship, keeps lowered taxes for families in place amid high inflation, creates tax certainty for businesses to plan for the future, and implements pro-growth policies that will lead our economy to flourish. This should be a no-brainer.
“This budget includes key provisions to ease the financial strain families face today. It makes permanent the individual tax provisions of the 2017 Tax Cuts and Jobs Act, thereby preventing individuals and families from a significant tax increase over the next two years. It creates universal savings accounts encouraging taxpayers to save through flexible tax-advantaged accounts, shields the middle class from capital gains taxes, eliminates the death tax, and promotes charitable giving tools such as donor-advised funds, which have democratized charitable giving in recent years. Businesses will benefit from a bevy of tax policies and a deregulation agenda that will encourage them to build, grow, and hire.
“This budget also sends important signals about the federal government’s role in knocking down barriers to opportunity, by encouraging work for public assistance, and reforming our social safety net to better uplift individuals truly in need of help while eliminating duplication, waste, and preventing fraud. With millions of available positions but a declining labor force participation rate, finding ways to ensure that public assistance and unemployment benefits do not discourage work can help alleviate the workforce shortages that drive costs higher and make it difficult for small businesses to succeed.
“For decades, irresponsible spending has driven us down an unsustainable path. Congress now has a blueprint for financial sanity, they should adopt it.”