Tax Reform Continues to Benefit Families, Businesses Across the Country
‘Unemployment at an 18-year low. More than two thirds of Americans saying it’s a good time to find a quality job -- the highest in 17 years. Here’s a remarkable fact: There are now more job openings all across this country than there are Americans looking for work. It’s the first time that’s ever happened since we started tracking the relevant data. And the optimism and prosperity unleashed by tax reform are part of the reason why.’
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:
“Yesterday marked six months since Congress passed our overhaul of America’s tax code. Tomorrow is six months since the president signed it into law. I remember debating the Tax Cuts and Jobs Act back in December. There were two different philosophies on display. Republicans believe working families should keep more of what they earn and send less to the IRS. We believe you don’t build a healthy society or a growing economy by piling up money and power here in Washington D.C. You need to leave more money and power in the hands of individuals, families, and small businesses.
“Democrats put forward a different view. They seem to think government knows best -- so higher taxes, more regulations, and more restrictions on free enterprise are the way to go. As a result, they stood in lock-step opposition to these historic tax cuts. And I mean opposition. The Democratic Leader in the House said it was -- this is a direct quote -- ‘the worst bill in the history of the United States Congress.’
“So Republican majorities in the House and the Senate passed the tax cuts with zero Democratic votes. Six months later -- who was right? What’s happened in America since this major policy shift began taking effect?
“Just ask the men and women this law is affecting. Mark Guilbeau in Louisiana says this of his tax cuts: ‘it’s bigger than crumbs like the politicians were saying. I plan to pay down some credit card debt.’ Or try Brett Lancy in Ohio. He’s got a one-year-old son, Grayson. Brett says, quote, ‘due to the extra take-home pay in my paycheck -- it’s about $125 a month -- we’ve been able to move him into one of the better daycares in our area. And it’s just fabulous.’
“In addition to the tax cuts themselves, the business side of tax reform has helped employers raise pay and benefits for employees. Chelsee Hatfield works at First Farmers Bank & Trust in Indiana. She’s been taking college courses online, and says the raise and bonus she received will help her pay tuition now and save for her kids to go to college. Quote, ‘these steps taken as a result of tax reform are specifically affecting me and small communities like my hometown.’ Bonnie Brazzeal from Missouri received a bonus, too. She works in the cafeteria at College of the Ozarks, and got to share the news with President Trump when he visited the state earlier this year. Quote, ‘I put mine in savings for my retirement.’
“Families are immediately benefiting from this law. But what about the long-term impact? We designed tax reform to lay the foundation for more investment, business growth, job creation, and higher wages for decades to come. It’s already doing just that. In my home state of Kentucky, Novelis is pushing ahead with a $300 million factory in Guthrie. They say their decision was caused by this, quote, ‘favorable economic environment,’ reinforced by ‘the significant positive impact of tax reform.’
“It’s a national trend. Just yesterday, the National Association of Manufacturers released data showing that optimism among American manufacturers is above 95% -- the highest level ever recorded. Small business owners agree. Industry surveys show that more of them are looking to hire than at any time since 2000.
“No wonder the job market is already better than it has been in years. Unemployment at an 18-year low. More than two thirds of Americans saying it’s a good time to find a quality job -- the highest in 17 years. Here’s a remarkable fact: There are now more job openings all across this country than there are Americans looking for work. It’s the first time that’s ever happened since we started tracking the relevant data. And the optimism and prosperity unleashed by tax reform are part of the reason why.
“The worst legislation in history? Armageddon? My friends across the aisle should get their crystal balls checked. Historically, tax reform had been a bipartisan priority. In 1986, the last major tax reform passed the House by more than a hundred-vote margin. It sailed through the Senate.
“Well, times have changed. This time, our historic proposal to let Americans keep more of their own money faced complete partisan opposition. Not one Democrat vote -- Republicans had to go it alone. But the people’s Republican Senate, Republican House, and Republican president got the job done for the families that were counting on us.”
Related Issues: Taxes, Middle Class, Economy, Small Business, Tax Reform