Entrepreneurs and Employees Continue to Benefit from New Tax Code
‘Later today, I’ll be meeting with members of an industry with deep roots in my home state of Kentucky -- our bourbon and spirits distillers. Judging by recent headlines, we’ll have plenty of good news to discuss. After eight years of Democrats’ policies enriching big cities but leaving small businesses behind, Republican policies are helping workers and job creators thrive all over the country.’
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 continue to see from the Republican pro-opportunity, pro-worker agenda:
“Later today, I’ll be meeting with members of an industry with deep roots in my home state of Kentucky -- our bourbon and spirits distillers. Judging by recent headlines, we’ll have plenty of good news to discuss. After eight years of Democrats’ policies enriching big cities but leaving small businesses behind, Republican policies are helping workers and job creators thrive all over the country.
“From Louisville to Kansas City to Portland, our growing craft distilling industry is a perfect example. They’re enjoying a pro-growth provision in the historic tax reform Republicans passed last year, which lowered excise taxes on beer, wine, and spirits and modernized the regulatory policy affecting each.
“Interestingly enough, the Craft Beverage Modernization and Tax Reform Act even began as a bipartisan effort, with fifty-six cosponsors here in the Senate, led by Senators Blunt, Wyden, and Portman. Of course, not a single Democrat showed up when it was time to vote for tax reform. But Republicans got it done anyway. And now the New York Times can publish stories about how the measure is making a big difference for small craft distillers.
“As one such report puts it, distilling is a burgeoning source of jobs, tax revenue, and tourism dollars in every state. For example, the Kentucky Distillers’ Association reported that just last year, the bourbon industry accounted for 17,500 jobs and over a million visitors in my home state. That’s a big shift from the so-called Obama ‘recovery,’ when almost all the limited jobs and investment poured into the biggest cities. But it’s a new day.
“Now, FEW Spirits in Illinois has hired more workers and is replacing its overseas glassmaker with an American one. J. Rieger & Company in Missouri has found extra room in the budget to expand its sales team and begin selling its products further across the country. In the Democratic Leader’s own backyard of Brooklyn, the New York Distilling Company recently cut the wholesale case price on its signature gin by more than fifty percent. According to one of its co-founders, Allen Katz, quote, ‘the reaction from our industry peers has been jaw-dropping.’
“And in Kentucky, which is home to more than fifty distilleries, there are plenty of examples to choose from. Thanks to the lowered excise tax, Casey Jones Distillery, a small operation in Hopkinsville, is growing its team, increasing production, and planning to enhance its event space.
“Copper and Kings in Louisville has been able to hire more workers, and is preparing to expand its warehouse and add a new bar for guests. The Copper and Kings team recently shared with me that tax reform is, quote, ‘one of the most important initiatives [the Senate] could pursue to help create jobs for small businesses in Kentucky.’
“My Democratic colleagues failed to block tax reform last year, and now they want to just keep arguing about it. They even propose to repeal it and roll back Americans’ tax cuts. But entrepreneurs across the country are loving our new 21st-century tax code. They’re using it to expand operations and create jobs. It’s hard to argue with results. Not that that’s stopped our Democratic friends from trying. And I’m sure they’ll continue to try. But Republicans will stay focused on taking steps like these, and raising a glass to America’s small businesses.”
Related Issues: Taxes, Small Business, Economy