America Seeing More Long-Term Investments, Business Expansions, Favorable Economic Climate
‘Week after week, the evidence continues to mount that tax reform and the rest of Republicans’ pro-growth, pro-family agenda is helping reinvigorate our economy and set the stage for long term job and wage growth. Just today, CNBC is reporting that the percentage of Americans who say the economy is good or excellent is the highest they’ve ever recorded in the survey’s 10-year history.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans have seen across the country in the past six months thanks to the Tax Cuts and Jobs Act:
“Week after week, the evidence continues to mount that tax reform and the rest of Republicans’ pro-growth, pro-family agenda is helping reinvigorate our economy and set the stage for long term job and wage growth. Just today, CNBC is reporting that the percentage of Americans who say the economy is good or excellent is the highest they’ve ever recorded in the survey’s 10-year history.
“But amidst all the headlines of long-term investments, business expansions, and this favorable economic climate, it’s important to also remember all the immediate ways the tax cuts themselves have already meant direct relief for middle-class American families.
“Our historic tax reform -- which every single Democratic senator opposed -- lowered income tax rates. It doubled the standard deduction and increased the child tax credit. It’s given employers the flexibility to immediately pass savings along to their employees, in the form of ‘tax reform’ bonuses, pay raises, and new benefits.
“It’s allowed major utility companies to forego planned rate hikes and, in cases, actually cut the energy prices customers pay. Every one of these provisions equals real money that will remain in the hands of middle-class families instead of being shipped off to the IRS. Every one of these, and all the other components of tax reform, are major improvements that every single Democrat in the House and in the Senate voted against.
“And now, if Democratic leaders are serious about wanting to repeal tax reform, the tax cuts that are making it all possible would be right back on the chopping block. Tax cuts used to be a bipartisan affair. Not these days. But Republicans will continue to stand up for the American people and help them keep more of their hard-earned money.”
Related Issues: Tax Reform, Taxes, Economy
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