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In 1981, America’s future as the leader of the free world was in doubt. Record inflation plagued the United States and Cold War tensions with the communist Soviet Union intensified. Seeking a new change in direction, Ronald Reagan was elected as our 40th President. While at that time I was a young man steeped in my studies, I sensed the meaning of real leadership in Washington.

President Reagan, by adhering to the principles of lower taxes, fewer regulations, and restrained spending, delivered a historic economic comeback that restored prosperity in America and global respect in our strength. By the time Reagan concluded his second term, inflation and unemployment plummeted and America was back on track.

Sadly, over 40 years later, the United States is in a similar position. Our global dominance is being challenged, and we are in desperate need of an economic boom that uplifts all Americans. The country delivered a mandate, with the reelection of President Trump, that they want a powerful economy and reinvigoration of the American Dream.

I serve on the House Ways and Means Committee, the tax writing committee in Congress. We recently held a hearing to listen to individual Americans and business owners on the importance of extending the Tax Cuts and Jobs Act (TCJA). Before the COVID-19 pandemic, the TCJA, signed into law by President Trump in 2017, enabled family incomes to grow at unprecedented levels, drove unemployment to a 50-year low, and helped lift millions of Americans out of poverty. Unfortunately, most of these game-changing tax cuts for families are set to expire at the end of the year without congressional action.

During this hearing, I raised two important issues facing Congress as we chart a path forward. First, we must protect the estate tax exemption as written. If allowed to expire, it would have a devastating impact on our farmers and generational businesses in Eastern North Carolina. No family should be forced to “sell the farm” due to the financial burden of estate taxes after a loved one’s passing. And second, our soaring deficits that continue to grow due to runaway spending. Interest on our debt, driven up by Biden’s reckless spending, has the world bond market seriously questioning whether America has the fortitude to get our nation’s finances under control. As rates rise, so does our debt. Further, this inflationary spending has shown to be the greatest regressive tax on Americans, and a silent and deadly killer of wage growth.

Despite a slim majority in the House of Representatives with its own challenges, we must ensure our tax code protects hard-working Americans while also ensuring that we have the appropriate amount of revenue coming in to meet our nation’s obligations. We have a mandate to restore common sense in DC by reversing the course of our growing debt crisis. This undertaking is critical to this nation’s short- and long-term survival. I look forward to ambitiously tackling this challenge head-on and encourage you to pay close attention to Washington as we do.

Rep. Greg Murphy serves North Carolina’s third congressional district.