Tax Reform Means Growth for Main Street
'We’re grabbing every tool we can find to make life a little easier for the middle-class families who were neglected by the previous administration’s policies. One prime example is our colleague Senator Scott’s provision in last year’s historic tax reform. His legislation lets economically-distressed communities across the country be designated as ‘opportunity zones,’ eaning special tax treatment to make investment and job creation more attractive.’
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 across the country continue to see from tax reform:
“Something exciting is starting to happen all across the country. In America’s small towns and suburbs, Main Street businesses are dusting off ‘Help Wanted’ signs. In our small cities, American manufacturers are expanding facilities and creating new products. In rural America, family farmers are investing in new equipment and looking forward to increased prosperity.
“For years, all of these parts of our great nation were more or less forgotten. Millions and millions of Americans were left behind. Whether by accident or by design, the Obama administration’s economic policies brought some prosperity to America’s biggest and richest urban centers. But our small towns, our suburbs, our smaller cities, our rural areas and farming communities? Year after year, they saw next to no progress. This is the disparity that President Trump and this Republican Congress were elected to change.
“Our Democratic friends say they are proud of a record in which urban centers like New York and San Francisco thrived, but most other areas slipped behind. I wouldn’t be proud of that record. Republicans wouldn’t settle for that kind of outcome. That’s why, as soon as this president and this Congress took office, we began implementing an inclusive, pro-growth agenda to reignite prosperity in every corner of our nation.
“We cut taxes for middle-class families and small businesses. We repealed one burdensome, job-killing regulation after another. We’re grabbing every tool we can find to make life a little easier for the middle-class families who were neglected by the previous administration’s policies.
“One prime example is our colleague Senator Scott’s provision in last year’s historic tax reform. His legislation lets economically-distressed communities across the country be designated as ‘opportunity zones,’ earning special tax treatment to make investment and job creation more attractive. In effect, this piece of tax reform will help struggling American communities set up big neon signs saying ‘We’re open for business.’ Just yesterday, in my home state of Kentucky, Governor Bevin announced the certification of 144 opportunity zones.
“My friends and colleagues on the state and local level are excited and optimistic again. This creative policy, along with the rest of tax reform, has the Kentuckians I serve looking forward to a brighter future. More states are following suit.
“And so, from the West End in Louisville and distressed areas in Eastern Kentucky to Stockton, California, and everywhere in between, this Congress will have helped deliver new opportunity and new hope to many of the most vulnerable communities in our country. All this progress – all because Republicans overcame lock-step partisan opposition and passed this historic tax reform law.”
Related Issues: Tax Reform, Taxes, Economy, Middle Class