It’s Time For Tax Reform
‘This is our chance to deliver relief to hardworking American families and help the middle class get ahead. It’s our opportunity to overhaul our complex tax code and shift our economy into high gear. We can pass many of the ideas we’ve discussed and supported for years, and I urge all of my colleagues to work together to get this done.’
WASHINGTON, D.C. – Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding the need for tax reform:
“From across my home state of Kentucky, I’ve heard the calls for tax reform. For too long, hardworking men and women have been held back by an economy that has failed to live up to its potential. They’re ready for us to get the economy going again. For example, the East Kentucky Power Cooperative, which serves more than 500,000 families and businesses in my state, recently wrote to my office in support of tax reform.
“The cooperative encouraged us ‘to put more disposable income into the hands of hard-working citizens and encourage investment and long-term economic growth.’ In addition, the Kentucky Chamber of Commerce, which represents thousands of businesses across the Commonwealth, recently wrote a letter encouraging us to consider relieving ‘the tax burden of small businesses by simplifying the code and reducing costs.’ It concluded the letter by asking for the Senate to ‘support federal tax reform to achieve the economic growth that has been Kentucky’s potential for so long.’
“And this morning, a group of small businessmen and women from Kentucky join Senators here on the Hill with Small Business Administrator Linda McMahon to discuss the urgent need for tax reform. I would like to thank Senator Blunt for hosting this event to hear from these job creators and to reiterate that they are at the forefront of our tax reform efforts. The people of Kentucky have struggled under our outdated and complex federal tax code. It’s time to overhaul it and deliver real relief to middle-class families and small businesses.
“For a number of years, our friends across the aisle – including the Ranking Member of the Finance Committee and the Democratic Leader – have vocally called for tax reform. They claimed that they supported efforts to close loopholes and help American businesses become more competitive here at home. They claimed that they supported policies to help prevent more jobs from moving overseas. The good news is, that’s exactly what our tax reform legislation does. So passing this bill to help keep jobs and investments in the United States should be something on which we can all agree.
“A group of economists from around the country recently penned a letter expressing the need for tax reform. After examining the proposals put forward, these economists agreed that the House and Senate plans have the ability to grow the economy and increase the income of American families. In particular, they wrote that tax reform can reduce the incentives for companies to move investments overseas. That means the bill we are considering would discourage corporations from moving jobs and investments abroad.
“For working families who have endured a decade of lost jobs and opportunities, this is welcome relief. So, why would our Democrat friends support this idea in theory, but then oppose legislation once they finally have the chance to put the plan into action? What changed? Not the ideas. Not the need for tax reform. The only change has been the president in the Oval Office.
“This is our once-in-a-generation opportunity to take more money out of Washington’s pocket and put more money into the pockets of hardworking families. We can’t let partisanship distract us from delivering real relief to the middle class. And we won’t.
“Under Chairman Hatch’s leadership, the Senate Finance Committee passed this legislation that is the product of years of hard work, dozens of hearings, and an open amendment process. I would like to once again thank Chairman Hatch for his efforts to get us to this pivotal point where we can consider a proposal to truly help our constituents.
“First and foremost, the tax-reform proposal before us today is good for families. To a middle-class family of four in Kentucky who earns the median income, a nearly $2,200 tax cut could make a real difference.
“Second, the plan is good for small businesses and job creators. It’s earned the support of the National Federation of Independent Business because it will help small businesses grow, invest, and hire right here in the United States. As I said before, it will also make it easier for other businesses to bring jobs and investments home.
“And third, this legislation helps low- and middle-income families by repealing Obamacare’s burdensome individual mandate tax. This is a good bill. And by overhauling our tax code, we can provide much-needed support to the men and women who sent us here.
“Yesterday, the Senate took a crucial step toward relief. Every Senator who voted to proceed to this important debate has already begun to answer those calling out for tax reform. Now, the Senate will work through an open amendment process here on the floor where members from both parties will have the opportunity to offer their ideas. And tonight, I expect that Senators will have the opportunity to vote on many of these amendments.
“This is our chance to deliver relief to hardworking American families and help the middle class get ahead. It’s our opportunity to overhaul our complex tax code and shift our economy into high gear. We can pass many of the ideas we’ve discussed and supported for years, and I urge all of my colleagues to work together to get this done.”
Related Issues: Tax Reform, Economy, Taxes