Senate To Pass Historic Tax Reform This Week
‘The historic accomplishments in the Tax Cuts and Jobs Act will bring immediate relief to struggling families and set America on a trajectory towards greater strength and prosperity. I commend the conferees - especially Chairman Hatch, Chairman Murkowski, and Chairman Enzi - for their work to help finalize the conference report. I look forward to voting for its passage, and I urge all my colleagues to join me in voting to give American families the relief they need and richly deserve.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks on the Senate floor regarding the Tax Cuts and Jobs Act:
“The Senate has a number of important tasks to complete this week for the American people. On Friday, we took another significant step toward delivering major tax relief for middle-class families and small businesses when the House and Senate conference committee released the final text of the Tax Cuts and Jobs Act. We are closer than ever to seizing this once-in-a-generation opportunity to update our tax code, make America stronger, and help middle-class families keep more of their hard-earned money.
“The last decade has not been easy for middle-class Americans. Families – like the many I represent in Kentucky – were hit hard by the Great Recession. Many continue to feel its effects. But too often, instead of helping people get back on their feet, Washington has been an obstacle.
“Our broken and outdated tax code lets the government take too much money out of Americans’ paychecks. And the Obama Administration’s runaway regulations slowed job growth and destroyed opportunities just when people needed them most. But help is on the way. The Tax Cuts and Jobs Act is a major step towards a stronger, more prosperous America with higher wages, higher take-home pay, more jobs, and better opportunities for middle-class Americans.
“First and foremost, the bill provides immediate relief by letting Americans keep more of their paychecks. A typical family of four earning the median family income will get a tax cut of more than $2,000. We are taking that money out of Washington’s pocket and putting it right back into theirs.
“And by modernizing the way we tax businesses, we will make America a better place to invest, start small businesses, and create middle-class jobs. Our tax bill will make it less attractive for American businesses to send jobs and investment overseas, and more attractive to expand and invest here at home. That’s why American manufacturers say they’re excited about this bill and plan to hire new workers, while Chinese officials say it has them worried.
“The conference report will also repeal the punitive individual mandate tax at the heart of Obamacare. Under Obamacare, Americans must either buy the kind of health insurance that Washington thinks they should buy, or pay a heavy tax penalty. By repealing this unfair penalty, the Tax Cuts and Jobs Act will give low- and middle-class families even more tax relief — along with the flexibility to make their own health-care decisions.
“The bill will also strengthen America’s future by enhancing our energy independence. The Tax Cuts and Jobs Act provides for further responsible development of Alaska’s oil and gas potential. Unleashing more of our own natural resources will create good jobs and improve America’s energy security.
“The historic accomplishments in the Tax Cuts and Jobs Act will bring immediate relief to struggling families and set America on a trajectory towards greater strength and prosperity. I commend the conferees – especially Chairman Hatch, Chairman Murkowski, and Chairman Enzi – for their work to help finalize the conference report. I look forward to voting for its passage, and I urge all my colleagues to join me in voting to give American families the relief they need and richly deserve.”
Related Issues: Economy, Tax Reform, Taxes