America’s Tax Code: Out With The Old, And In With The New
‘[T]his year, the grey clouds of ‘Tax Day’ have a silver lining. Today is the last time American families will have to file under the unfair, outdated tax code that Congress and the president got rid of a few months ago... Republicans’ historic overhaul cut taxes for families and small businesses. We doubled the standard deduction, expanded the child tax credit, and lowered rates. And we accomplished all this while preserving key middle-class provisions, like the mortgage interest deduction.’
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 across the country continue to see from tax reform:
“Today is ‘Tax Day,’ the deadline for most Americans to file their tax returns. For many middle-class households, that means sending too much of their own hard-earned money off to the IRS. Hardly cause for celebration. But this year, the grey clouds of ‘Tax Day’ have a silver lining. Today is the last time American families will have to file under the unfair, outdated tax code that Congress and the president got rid of a few months ago.
“‘Out with the old, and in with the new.’ Republicans’ historic overhaul cut taxes for families and small businesses. We doubled the standard deduction, expanded the child tax credit, and lowered rates. And we accomplished all this while preserving key middle-class provisions, like the mortgage interest deduction. The upshot of all this is simple: Major tax relief for middle-class families and a big shot in the arm for the U.S. economy, which will lead to more – and higher-paying – home-grown American jobs.
“Already, tax reform has given many American workers a raise, since less of each paycheck needs to be withheld for the IRS. When all is said and done, the Treasury Department estimates our tax cuts will leave ninety percent of wage-earners with more take-home pay. In addition, millions of Americans are receiving special bonuses, pay raises, or new benefits from their employers as a direct result of tax reform.
“Thousand-dollar bonuses for workers at Kansas City Southern Railway in Missouri. A higher starting wage at First Farmers Bank and Trust in Indiana. Higher wages -- and new job opportunities -- at CSS Distribution Group, a small business packaging and distribution company in Kentucky. Billion-dollar investments in pension plans for UPS and FedEx workers. The list goes on and on.
“My Democratic colleagues from New York and San Francisco scoff publicly at the idea that a $2,000 tax cut or a $1,000 bonus would make a difference for American families. They’ve called these things ‘crumbs.’ Something tells me they haven’t tried that talking point around many middle-class kitchen tables. I suspect they’d be laughed out of the room.
“And these are just the first fruits. Tax reform laid the foundation for a more prosperous future with more good-paying American jobs. That’s because we made sending jobs overseas less appealing. We created new incentives for businesses to invest, expand, build, and hire here at home. We gave overseas competitors something to worry about -- a healthy, competitive U.S. economy.
“Already, job creators of all shapes and sizes are investing more and expanding. A furniture store in Ohio is planning a 4,500 square-foot expansion. A craft brewery in Iowa is planning to open a new production line. And a deck and patio builder in Virginia is hiring ten new employees to meet rising demand. Just to name a few.
“Republicans designed every piece of tax reform to benefit middle-class families and small businesses, both right now and in the years and decades ahead. That used to be a bipartisan priority. But this time, Democrats chose to put political posturing ahead of Americans’ best interests.
“Every single Democrat in the House and the Senate voted to block tax reform – and by extension, every bit of this good news – from happening. Later today, in fact, some of our colleagues across the aisle will be demonstrating against the law, right here on the grounds of the Capitol. I wonder whether it’s all the new jobs they’re protesting. Or maybe the big family tax cuts. Or the bonuses and wage hikes. Or all the small business expansions.
“Their first mistake was voting to block all this in the first place. Now, even as the economy is starting to thrive, they want to repeal these historic tax cuts and claw back the money. But make no mistake -- Republicans will continue to stand and fight for the American people.”
Related Issues: Middle Class, Economy, Taxes, Tax Reform