Tapping Into Tax Reform Savings
‘[T]he new 21st-century tax code included a provision known as the Craft Beverage Modernization and Tax Reform Act, spearheaded by Senator Portman and Senator Blunt. Among other achievements, that piece of tax reform significantly cut the excise taxes the federal government imposes on beer, wine, and spirits…Because it’s proving to be good news for a host of American small businesses -- including the fine distilleries that contribute thousands of jobs and tourism in my state of Kentucky.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the regarding the benefits Americans across the country continue to see from tax reform:
“Just two months in, the effects of tax reform are percolating through every corner of our economy. It’s made bonuses, raises, and benefits for working families daily news in communities across America.
“Thanks to tax reform, automakers are planting deeper roots in America. Innovators like Apple are bringing billions back to invest here at home. Retailers, from corner stores to national chains, are rewarding their hardworking teams. And there’s another sector in which the benefits of tax reform are flowing freely – America’s growing craft beverage industry.
“That’s because the new 21st-century tax code included a provision known as the Craft Beverage Modernization and Tax Reform Act, spearheaded by Senator Portman and Senator Blunt. Among other achievements, that piece of tax reform significantly cut the excise taxes the federal government imposes on beer, wine, and spirits.
“This was originally a bipartisan bill, with early support from my friend the senior senator from Oregon. It’s too bad he, and every other Democrat in Congress, voted against the historic tax reform that included it.
“Because it’s proving to be good news for a host of American small businesses -- including the fine distilleries that contribute thousands of jobs and tourism in my state of Kentucky. One recent wave of headlines has detailed how tax reform is helping entrepreneurs in the craft brewing industry.
“Across the country, job creators in this popular and growing line of business are making big plans for their savings under this new 21st-century tax code. Matt Matthiesen, a brewery owner in West Okoboji, Iowa, said, quote, ‘I am very excited. … As a small local business, those breaks help us tremendously.’
“Donn Martens, who owns another brewery just down the road, says, quote, ‘We hope to expand with this money. We would like to double our production.’ Remember Matt and Donn when my colleagues across the aisle tell you tax reform is only helping the big guys. Together, their two businesses employ fifteen people. They expect tax reform will save them around $15,000 this year.
“Just try telling any small business owner that’s no big deal. Larry Horwitz owns Four String Brewing Company in Columbus, Ohio. He expects tax reform will save his business $40,000 this year. ‘We invest where we live and work,’ he said. ‘We are the blue collar workers in the neighborhood.’
“In Kentucky, tax reform has a number of craft breweries excited about the year ahead. At Country Boy Brewing in Georgetown, production manager Daniel Sinkhorn says that the new law is helping them plan a new canning line, which will ‘add jobs, add equipment...and keep Country Boy growing.’
“It’s being reported that later today, my friends across the aisle will unveil a trillion-dollar spending plan and propose repealing tax reform to pay for it. Repeal all these bonuses, pay raises, new jobs, and new investments? Talk about a non-starter.
“At the same time, Vice President Pence will be in Central Kentucky today to hear from small business owners and community leaders about how tax reform is helping them. Daniel Harrison, the co-founder of Country Boy Brewing, will be on hand to meet with the Vice President. I’m glad he’ll be able to share how his business, like so many around the country, is tapping into tax reform savings.”
Related Issues: Small Business, Economy, Taxes, Tax Reform