Six Months Since Passage of Historic Tax Reform
‘Today marks six months since the Tax Cuts and Jobs Act passed Congress. On Friday, it will be six months since the president signed it into law. What a six months it’s been. Already, Americans have seen their paychecks grow as the IRS withholds less of what they earn. Already, families are reaping the fruits of a new business tax code that gives American employers more ability to increase pay and create jobs.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans have seen across the country in the past six months thanks to the Tax Cuts and Jobs Act:
“Today marks six months since the Tax Cuts and Jobs Act passed Congress. On Friday, it will be six months since the president signed it into law. What a six months it’s been. Already, Americans have seen their paychecks grow as the IRS withholds less of what they earn. Already, families are reaping the fruits of a new business tax code that gives American employers more ability to increase pay and create jobs.
“Six months in, these tax cuts have already led employers to issue ‘tax reform bonuses,’ raises, and new benefits to four million workers and counting. That’s welcome relief for middle-class families. But what about the long term? Republicans know that enduring prosperity needs thriving businesses competing to hire American workers. So we designed tax reform to flip the Obama-era script and make America a more attractive place to invest, expand, and create jobs.
“For large companies, capital investment might mean breaking ground on new locations or purchasing state-of-the-art technology. If you’re a mid-sized employer, it might mean filling your factory floor with new equipment. If you’re a Main Street family business, it could mean expanding into the vacant storefront next door, or buying new tools that will transform your day-to-day operations.
“In every case, you’re placing a bet on your community and your country. You’re betting on American land, American equipment, and most importantly, the future of the American workforce. You’re putting down roots here instead of shipping jobs overseas. This is precisely what we’ve seen in the past six months.
“Early this year, Apple announced plans to make $30 billion in capital investments over the next five years – new facilities, new data centers, and more than 20,000 new jobs. Chipotle Mexican Grill announced a $50 million investment in upgrading and refurbishing their restaurants.
“Carpenter Technology is using tax reform to speed up a new $100 million facility in Reading, Pennsylvania. Their new state-of-the-art mill will allow them to compete in precision electronics manufacturing. New equipment can’t be easily outsourced. Neither can the jobs it’ll create. And sure enough, Carpenter is partnering with a local community college to train a 21st-century workforce. And remember, these businesses aren’t just creating new opportunities themselves. These projects also mean prosperity for American contractors and construction crews.
“It’s not just the big guys. In West Palm Beach, Florida, tax reform means new kitchen appliances for Don Ramon Restaurant. In my home state of Kentucky, at Glier’s Meats, tax reform meant a new quarter-million-dollar machine to speed up production of their famous sausages. For a small business with fewer than 30 employees, that’s a noteworthy opportunity. Everywhere you turn, businesses large and small are going ‘all-in’ on the future of the United States.
“There’s one more interesting thing the last six months have revealed: Just how impossible it is for our Democratic colleagues to set aside their outdated, tax-and-spend ideology. Every Democrat in the House and in the Senate voted on party lines to block tax reform. They insisted the law wouldn’t help American workers one bit. They said it would be a disaster. Of course, the facts have debunked those predictions. But are our Democratic friends admitting they were wrong? No. They’re doubling down on the silliness.
“By now, we’re all familiar with the House Democratic Leader’s comments from January. She laughed at the four-figure bonuses that working families were celebrating, and called them ‘crumbs.’ Earlier this month, she doubled down. Quote: ‘Hip-hip hooray, unemployment is down. But what does that mean for me?’ My Democrat friends seem hopeful they can convince Americans that tax cuts, bonuses, and a stellar job market are nothing to celebrate. Talk about a tall order. But while those rhetorical gymnastics keep them busy, Republicans will keep up the fight for middle-class families.”
Related Issues: Small Business, Taxes, Economy, Tax Reform, Jobs, Middle Class