McConnell On Tax Reform: This Is Our Chance To Set A New Course
‘I look forward to the Finance Committee completing its work on this crucial legislation soon. As it does, our colleagues in the House will continue working on their own tax-reform legislation. I commend Chairman Brady and the members of the Ways and Means Committee for their efforts, and I look forward to the full House passing their bill. Once both chambers pass their tax-reform bills, we will keep working together to get a bill to President Trump’s desk for his signature.’
WASHINGTON, D.C. – Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding tax legislation being considered by the Senate Finance Committee:
“During the past decade, many in the middle class struggled to make ends meet. The economy was sluggish. Paychecks were often stagnant. And jobs, for many, were too hard to find; perhaps not on the coasts, where the well-to-do were able to flourish under the Obama economy — but in Middle America, in states like Kentucky, the pain was real. Hardworking families across the country deserved better; they continue to deserve an economy that reaches for its true potential – one in which more Americans can find a good job to support their families and achieve the American Dream.
“So now, this is our chance to set a new course. This is our opportunity to jumpstart the economy and boost job growth. Passing tax reform is the single most important thing we can do right now to support those left behind by the Obama economy. Though obvious, it’s worth repeating: our nation’s tax code is broken. First, the rates are too high — and Americans are sending too much of their hard-earned money to Uncle Sam. Second, the structure is too complicated for most Americans to understand – and it’s too easy for the wealthy and the well-connected to exploit. Third, the incentives are often outdated or simply make no sense — like those that actually encourage American jobs and companies to move overseas. That’s bad for our country. It’s bad for the middle class. It’s bad for small business.
“In my home state of Kentucky, a small business CEO wrote a column in a local publication about her experiences with our broken tax system, calling for tax reform to fix it. ‘The federal government takes too much,’ she wrote. ‘Our small businesses – which according to the U.S. Small Business Administration total 96.5 percent of Kentucky’s employers – often face the greatest tax burden.’ This Kentuckian continued, ‘If we want better lives for the nearly 700,000 employees across the [C]ommonwealth who work for small enterprises, we must lift this weight off their backs.’
“Small businesses deserve a tax code that works for them. Middle-class families and individuals deserve the same. That’s why we’re working so hard to enact tax reform. Over in the Senate Finance Committee, Chairman Hatch has laid down a tax-reform proposal that is premised on a simple idea: that we should take more money out of Washington’s pockets, and put more money in the pockets of the middle class. It cuts taxes for middle-class families. It doubles the child tax credit.
“This plan does a lot of things, including providing relief to businesses so they can create more jobs in America — and then keep them here. The nation’s leading small business advocacy organization endorsed this legislation, saying that it, ‘will provide much needed tax relief to enable small businesses to grow and create jobs.’ There’s another important provision of the Finance Committee’s tax-reform proposal too. It will deliver relief to low- and moderate-income families by repealing Obamacare’s individual mandate tax. In other words: we can deliver even more relief to the middle class by repealing an unpopular tax from an unworkable law. It just makes sense.
“I would like to once again thank Chairman Hatch for his commitment to an open process and regular order. The Finance Committee will report a bill soon. Before it does, however, it will continue to consider a number of amendments from both sides of the aisle. In fact, the Chairman’s modified mark already incorporated amendments from both Republican and Democrat Committee members. I look forward to the Finance Committee completing its work on this crucial legislation soon.
“As it does, our colleagues in the House will continue working on their own tax-reform legislation. I commend Chairman Brady and the members of the Ways and Means Committee for their efforts, and I look forward to the full House passing their bill. Once both chambers pass their tax-reform bills, we will keep working together to get a bill to President Trump’s desk for his signature.
“I am also grateful to Chairman Murkowski and the members of the Senate Energy and Natural Resources Committee for reporting bipartisan legislation yesterday to secure our nation’s energy future. By further exploring the responsible development of Alaska’s resources, this bill can help grow our economy, support high-paying jobs, and strengthen our national security. I look forward to promoting American energy independence through this legislation.”
Related Issues: Middle Class, Economy, Tax Reform, Taxes