Increased Economic Optimism Thanks to Tax Reform
'Here’s one important headline from just a few days ago: “U.S. consumer confidence hits 14-year high.” That’s right. Tax reform is contributing to a dynamic, growing economy -- and Americans are taking notice. In fact, according to the Wall Street Journal, quote, “optimism improved markedly for households in the bottom third of [the] income distribution.” Remember that the next time my friends across the aisle claim that tax reform is only helping the big guys.'
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:
"The good news about tax reform keeps piling up. Here’s one important headline from just a few days ago: ‘U.S. consumer confidence hits 14-year high.’ That’s right. Tax reform is contributing to a dynamic, growing economy -- and Americans are taking notice.
“In fact, according to the Wall Street Journal, quote, ‘optimism improved markedly for households in the bottom third of [the] income distribution.’ Remember that the next time my friends across the aisle claim that tax reform is only helping the big guys. It’s just a political talking point. In the real world, businesses large and small are thriving.
“In my home state of Kentucky, Goodwood Brewing Company has crunched the numbers and expects a tax reform savings of $30,000. They’re planning to use it to purchase new equipment and hire more employees. According to the CEO, Ted Mitzlaff, tax reform’s offering, quote, ‘a significant benefit – hardly ”crumbs.”’
“Last Wednesday, President Trump visited a Boeing manufacturing facility in St. Louis to hear how tax reform is helping Americans. For Boeing’s workers, tax reform means a new 300-million-dollar investment in workforce development, training, philanthropy, and workplace improvements.
“But the president didn’t just hear from the hometown crowd. Bonnie Brazzeal works in the cafeteria at the College of the Ozarks. That’s in southwest Missouri, more than 250 miles away from St. Louis. Bonnie made the trip to tell President Trump: ‘I work in the cafeteria at College of the Ozarks alongside the hard-working students and I am very grateful for the bonus… I put mine in savings for my retirement.’
“Renee Crooker, also at College of the Ozarks, said ‘this bonus could not have come at a better time.’ Her daughter was gravely ill, but out of the country. Renee’s tax reform bonus enabled her to fly to her daughter’s bedside. Brandon Pister is a supervisor at Mid-Am Metal Forming. He received a tax reform bonus, too. It helped him afford the deductible when his two-year-old son needed surgery.
“These Americans’ tax reform stories are amazing. So is the fact that only one senator from Missouri voted to help all this good news happen. Their senior senator joined Democrats in a party-line vote to block tax reform and keep Washington’s foot on the brake of our economy. When Democratic leaders called these historic middle-class tax cuts, quote, ‘crumbs,’ the senior senator from Missouri followed suit and called them ‘scraps.’
“I’m proud that Republicans, including Missouri’s junior senator, looked past this partisan rhetoric and stood up for middle-class families who deserve to keep more of their own money. Because we did, Bonnie, and Renee, and Brandon, and millions more hard-working Americans are already reaping the benefits.”
Related Issues: Tax Reform, Taxes, Economy