Tax Reform Will Deliver Relief To Small Businesses And The Middle Class
‘For small business owners in Kentucky - and throughout the country - we want to make it easier to grow, invest, and hire. For families everywhere, we want to make taxes lower, simpler, and fairer. In short, we want to take more money out of Washington’s pockets and put more in the pockets of the middle class. That’s why we’re pursuing tax reform.’
WASHINGTON, D.C. – Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding Congressional tax reform efforts:
“Tax reform represents our best chance today to get the economy living up to its true potential – and it’s a once-in-a-generation opportunity. The last time major tax reform happened was more than 30 years ago. In the years since, our country, our economy, and the global marketplace have changed in profound ways.
“Moreover, the lingering economic challenges of the last decade only compound the urgency to get this done. Jobs went overseas. Wages didn’t grow like they should have. Hardworking families worried if they’d be able to send their kids to college, or save for retirement.
“It’s clear that families and small businesses had a rough go of it during the Obama economy. They deserve relief. They deserve the chance for something better. Tax reform is an important way to help get the economy, jobs, and opportunity moving again in a serious way.
“Listen to this small business owner and franchisee from Lexington, Kentucky. She recently wrote to my office expressing the need for tax reform.
“‘With the rising cost of doing business,’ she wrote, ‘and the [g]overnment regulations that have been imposed on small businesses over the past several years, we desperately need tax relief and competitive rates.’
“‘The current high tax rate that I pay,’ she continued, ‘reduces the amount of earnings I can reinvest into my businesses, [into my] employees, and [into my] community.’
“For small business owners in Kentucky – and throughout the country – we want to make it easier to grow, invest, and hire. For families everywhere, we want to make taxes lower, simpler, and fairer. In short, we want to take more money out of Washington’s pockets and put more in the pockets of the middle class. That’s why we’re pursuing tax reform.
“Yesterday, the Senate Finance Committee began to mark up its tax-reform legislation. The meetings this week represent the next step in a years-long campaign, which included dozens of hearings and significant input from both sides. Chairman Hatch said yesterday that, ‘First and foremost, this legislation will provide much-needed tax relief to American workers and families. It reduces rates across the board, particularly for those in the middle class who have struggled to get through the past eight years of economic stagnation.’
“And indeed, under the Finance Committee’s proposal, the typical American family of four earning the median income could see a tax cut of nearly $1,500. As these hearings continue, I would like to once again commend Chairman Hatch for his leadership of the committee and his commitment to regular order. As the tax proposal advances through an open process, members of the Finance Committee will consider many of the hundreds of amendments that have already been filed on the bill. Once the committee completes its work, the bill will come before the full Senate.
“Along with our colleagues in the House, as well as President Trump and his team, we will continue to push for tax reform to fulfill important shared goals for our country. We have a lot of work ahead of us. But we are committed to getting this done for the American people. I hope that our Democratic friends join us.
“As I’ve said before, until very recently, our friends on the other side of the aisle used to support many of the ideas included in this bill. The underlying ideas haven’t changed. The urgent need for tax reform hasn’t changed. The only thing that’s really changed is the occupant of the White House. So I hope that Senate Democrats can put aside partisanship and work with us in a serious way to deliver this much-needed relief to small businesses and the middle class.”
Related Issues: Tax Reform, Taxes, Economy