Senate Tax Bill Repeals Obamacare’s Individual Mandate Tax To Provide More Middle Class Relief
‘[L]ast evening, the Committee released a modified chairman’s mark that — among other important elements— will effectively repeal Obamacare’s individual mandate tax so that we can provide even more tax relief to low- and middle-income families. In short, the goal is to repeal an unpopular tax from an unworkable law in order to provide more tax relief to middle-class families.’
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:
“The need for tax reform has been obvious for a long time now. Many Republicans have said it. Many Democrats have said it. We certainly hope Democrats will continue to stand by their strong statements in support of tax reform today, because while the occupant of the Oval Office may have changed the need for tax reform certainly hasn’t.
“Indeed, after many long years of an Obama economy that so often failed the middle class, its effects continue to be felt across the country for many. For single parents who still struggle to make ends meet. For moms and dads who still struggle to find a way to send their kids to college, make a car payment, or save for retirement. For small business owners who still find themselves frustrated when they try to hire more employees, reinvest in their business, or pursue their dreams. There are many obstacles to tackle. An out-of-control regulatory state, for one. We’ve taken significant action to tame that already — and we’ll continue to do so.
“Another huge factor is our seriously outdated tax code. Filled with complicated schedules, worksheets, deductions, and loopholes, the code is easy for the wealthy and well-connected to game — and almost impossible for almost anyone else to understand. If you’re wealthy, you can hire accountants and lawyers to navigate a complicated process. But the young small business owner starting out can’t afford a team to do her taxes and bring on a new employee or raise wages.
“Moreover, the tax code actively punishes both small businesses and the middle class with rates that are too high, provisions that are clearly outdated, and incentives that are just plain ridiculous — like the fact that it actually encourages the shipping of American jobs and businesses overseas. That’s why this Congress, in conjunction with the White House, is working so hard to pass tax reform.
“Today, the Senate Finance Committee will continue to examine its tax-reform proposal. Under Chairman Hatch’s leadership, members are continuing to discuss the best path forward to deliver relief to the men and women we represent. This week’s hearings are just the latest in a years-long process to write a tax code that supports the middle class.
“In fact, since Chairman Hatch has been the top Republican on the Finance Committee, it has hosted 70 hearings in the last six years. Each one of those hearings considered how to improve the tax code to make it work better for all Americans. The committee has made numerous serious efforts to engage across the aisle to get this done. Members on both sides agree that a pro-growth tax plan will move our economy forward, help create more jobs, and help families keep more of their hard-earned paychecks — or at least our Democratic friends used to, seemingly until President Trump came along.
“The plan before the committee fulfills important goals that all of us should share. It aims to make taxes for families lower, simpler, and fairer. And, according to the nonpartisan Joint Committee on Taxation and recent news reports, the ‘Middle Class [are the] biggest winners in [the] Senate tax plan….’ It also aims to make it easier for small businesses to grow, invest, and hire. For Kentucky’s small businesses and for those across the country, this proposal will help do just that by creating incentives to bring investment and jobs home and keep them here.
“The plan before the Finance Committee fulfills our main goal for tax reform: taking more money out of Washington’s pockets and putting more into the pockets of the middle class. And last evening, the Committee released a modified chairman’s mark that — among other important elements— will effectively repeal Obamacare’s individual mandate tax so that we can provide even more tax relief to low- and middle-income families.
“In short, the goal is to repeal an unpopular tax from an unworkable law in order to provide more tax relief to middle-class families. And now, as the committee continues its legislative markup through an open process, it will explore further ways to improve this good legislation. Both Republicans and Democrats have offered hundreds of amendments. Chairman Hatch is setting aside full days for the committee to consider them. Once the Finance Committee completes its work and reports its proposal to the Senate floor, all members will have the chance to offer their amendments under regular order.
“Another Senate committee is having an important markup today as well. The Senate Energy and Natural Resources Committee is beginning its consideration of an important proposal to support good jobs, our energy future, and our national security. I would like to once again commend Chairman Murkowski and the members of the committee for their work on this proposal to further develop Alaska’s oil and natural gas potential in an environmentally responsible way. More American jobs. More American energy. More energy security and independence. I look forward to the Energy Committee reporting its legislation today.”
Related Issues: Taxes, Middle Class, Tax Reform, Economy