More Money Out of Washington’s Pocket, More Money Into the Pockets of American Families
‘Working families and small businesses in our country deserve better than our outdated tax code. And that’s what we’re trying to deliver. Tax reform represents the single most important thing we can do right now to spur economic growth, help support good jobs, and boost the middle class. This is our once-in-a-generation opportunity, and we should meet the challenge.’
WASHINGTON, D.C. – Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding the need for tax reform:
“During the last decade, our complex tax code left hardworking families behind and allowed the wealthy and well-connected to get ahead. It’s so bad, that one small business owner in Paducah, Kentucky, recently wrote to my office asking for relief, because, as he says, ‘taxes are suffocating my company and me personally.’ This pain isn’t just being felt in Kentucky. It’s an urgent problem nationwide. Families and job creators are doing their best to get ahead, but too often our tax code keeps them from reaching for the American Dream.
“Working families and small businesses in our country deserve better than our outdated tax code. And that’s what we’re trying to deliver. Tax reform represents the single most important thing we can do right now to spur economic growth, help support good jobs, and boost the middle class. This is our once-in-a-generation opportunity, and we should meet the challenge.
“Overhauling our tax code can mean more money for small businesses to hire, to invest, and to expand. It can mean families keeping more of what they earn to save for a rainy day or an emergency. And this relief could even mean getting one step closer to sending a child to college, buying a new car, or saving more for retirement.
“This week, the Senate will continue our years-long effort toward tax reform. Under the leadership of Chairman Hatch, the Senate Finance Committee reported out legislation to replace our non-competitive, complex and outdated tax code. Through dozens of hearings, substantial hard work and an open amendment process, the committee has produced a bill that will prioritize the middle class and small businesses so they can keep more of their hard-earned money.
“Our plan doubles the child tax credit, preserves the adoption tax credit, and roughly doubles the standard deduction to reduce how much income is taxed in the first place. Put it all together, and a typical middle-class family of four making the median family income could see a tax break of around $2,200. As families sit around the table to balance their budgets and plan for their future, this money will make a significant impact.
“In addition, our tax-reform proposal will provide much-needed relief to low- and middle-income families by repealing Obamacare’s individual mandate tax. By ending an unpopular tax from an unworkable law, this plan can help those who need it most.
“The bottom line is this: we want to take more money out of Washington’s pocket and to put more money into the pockets of American families. To accomplish this goal, we will continue to consider the plan under regular order. Every member will have the chance to offer amendments here on the floor. And then we will vote. There are many places in this legislation where we should all – Republicans and Democrats – be able to agree. For instance, our Democratic colleagues have the opportunity to help us end tax incentives that contribute to American jobs being shipped overseas.
“That sounds like something that our friends across the aisle should support. In fact, many of them have identified those incentives as a fundamental problem with our current tax code. This is our chance to put an end to it. I hope they join us in our effort to help jobs and investments stay here at home. I am proud to continue working with my colleagues to get this legislation one step closer to the president’s desk. Let’s keep working together to deliver tax relief for the American people.”