Finance Committee Republicans Applaud Senate Tax Relief Plan

CHAIRMAN HATCH: ‘We Have Been Laser Focused… On Reducing Taxes For The Middle Class’

SEN. ORRIN HATCH (R-UT): “[T]oday as Chairman of the Senate Finance Committee, I’m releasing a Chairman’s mark for the Senate version of the Tax Cuts and Jobs Act, legislation that is the culmination of years of effort to reform or nation's tax code. Now, we've been at this a long time and today’s mark marks a significant step forward in this effort.” (U.S. Senate Finance Committee, Press Release, 11/10/2017)

  • SEN. HATCH: “[W]e have been focused this year on providing middle class tax relief, reforming the business tax system, and fixing our obscenely outdated international tax regime.  The mark we’re releasing today will accomplish all of these goals, and more. It will reduce individual rates across the board and direct substantial relief to low- and middle-income families and workers. It will bring down corporate tax rates, a goal long shared by Republicans and Democrats, and provide businesses with new opportunities for growth and expansion.  And, it will modernize our international tax system, bringing to an end our worldwide tax regime, a relic that should have been retired many years ago.  But we have been laser-focused, Mr. President, on reducing taxes for the middle class. And that is exactly what this bill will do. Combined, these changes to our broken tax code in the Chairman’s mark will give hardworking taxpayers across the country bigger paychecks and more opportunities. They will grow our economy, raising wages and improving the standard of living for all Americans.” (U.S. Senate Finance Committee, Press Release, 11/10/2017)

SEN. CHUCK GRASSLEY (R-IA): “The centerpiece of the legislation is where it ought to be, in the center of our population, middle-class America, so it has middle-class tax cuts. The average middle-class family of four would see a tax cut of more than $1,400. An increase in the child tax credit of $650 above the $1,000 that's already there per child, which would mean real help for working parents. Nearly doubling the standard deduction means that many lower-income Americans will be removed from the tax rolls completely, and the tax filing season will be much simpler for millions more.” (Sen. Grassley, Congressional Record, S. 7141, 11/09/2017)

SEN. MIKE CRAPO (R-ID): “The Senate Finance Committee today released its legislative proposal toward Congress’ shared goal of delivering meaningful, pro-growth tax reform…. I remain focused on working with my colleagues to develop a comprehensive measure that results in a tax code that is more simple and fair, less costly to comply with, more competitive for American businesses and generates more job and economic opportunities for Idaho families.” (Sen. Crapo, @MikeCrapo, Twitter, 11/09/2017)

SEN. PAT ROBERTS (R-KS): “Tax reform in our country is long overdue. This bill will bring our tax code into the 21st century – providing middle-class Americans with the tax relief they need. Over fifty percent of Americans are living paycheck to paycheck, and this bill is a critical step toward creating more jobs, at higher wages, and allowing Americans to keep more money in their pockets.” (Sen. Roberts, Press Release, 11/09/2017)

  • SEN. ROBERTS: “There is widespread, bipartisan agreement on the need for tax reform and the fact that our tax code is burdensome, outdated, and confusing. Tax reform will close special interest loopholes and tax breaks, and provide greater fairness for all Americans. This bill will also keep jobs here at home, by leveling the playing field with other nations whose taxes codes are more favorable to business.” (Sen. Roberts, Press Release, 11/09/2017)

SEN. MIKE ENZI (R-WY): “A lot of things have changed since 1986, but unfortunately our tax code isn’t one of them…. That is why we need tax reform that will not only make the system simpler and fairer, but also put more money in people’s pockets. This will help grow the economy, create more jobs and raise wages. I look forward to working with my colleagues to help pass tax relief to not only benefit hardworking Americans, but make our economy and country stronger.” (Sen. Enzi, Press Release, 11/09/2017)

SEN. JOHN CORNYN (R-TX): “This is, indeed, a good day for the families who will benefit from this additional money in their paycheck, from the increased standard of living they will enjoy.  For those of us who want to see businesses come back home from abroad, they fled this country because we have the highest corporate tax rate in the world. When we say we want to reform that broken corporate tax rate and to bring those businesses and that money home, we join our colleagues--ranging from the Democratic leader, Senator Schumer, to Barack Obama in 2011, in a joint session of the U.S. Congress--in advocating for bringing that business rate down so that businesses will stay in America. They will hire Americans, and they will improve wages for all working families.” (Sen. Cornyn, Congressional Record, S. 7141, 11/09/2017)

SEN. JOHN THUNE (R-SD): “The whole point of this exercise is to give hope to future generations of Americans, to give them a better opportunity at a better life, to improve their standard of living and their quality of life. In order for that to happen, we need to be taking the steps here and putting policies in place that will create the conditions that are favorable to economic growth and to the creation of better paying jobs and higher wages.” (Sen. Thune, Congressional Record, S. 7142, 11/09/2017)

  • SEN. THUNE: “Our bill is also going to reform the business side of the tax code to give Americans access to the jobs, the wages, and the opportunities that will set them up for a secure future. We're going to make it easier for small businesses to raise wages and to hire new workers. We're going to end the outdated tax framework that is driving American companies to keep jobs and profits overseas, and we’re going to make it easier for companies to invest in American jobs and American workers.” (Sen. Thune, Congressional Record, S. 7142, 11/09/2017)

SEN. RICHARD BURR (R-NC): “I’m very excited by this promising blueprint for reforming our broken tax code in the Senate. This bill will update and simplify our incredibly complex tax system so that every-day, middle-class Americans can keep more of their hard-earned dollars. For instance, the typical family of four making the median family income will save nearly $1,500. The standard deduction also nearly doubles for individuals and families, and the child tax credit is significantly expanded. By bringing money back from overseas and encouraging entrepreneurship and small business again, we will finally be able to unleash our economy and get the country back on track.” (Sen. Burr, Press Release, 11/09/2017)

SEN. JOHNNY ISAKSON (R-GA): “By taking these long-awaited and important steps to gut and rewrite our tax code, we are demonstrating that America is ready to compete again and our nation is open for business. We need a laser-focused approach in Washington to help our nation’s economy move well beyond the tepid growth we’ve seen for the last decade, drive employment gains and get money back into the pockets of Americans. This once-in-a-generation tax overhaul will bring a new era of job growth, wage increases and a higher standard of living for American workers and families.” (Sen. Isakson, Press Release, 11/09/2017)

SEN. ROB PORTMAN (R-OH): “Tax reform is the single most important thing we can do to grow our economy, and I’m excited about this opportunity to provide tax relief to the middle class, create more jobs, and increase wages for American workers.  Since I came to the Senate in 2011, we’ve had 70 hearings on tax reform in the Finance Committee. And [this] week, we will begin the process of considering this bill in committee, where every member will have the opportunity to have their voice heard and offer amendments to this proposal.” (Sen. Portman, Press Release, 11/09/2017)

  • SEN. PORTMAN: “It’s crazy that we have a tax code that encourages companies to send jobs and investment overseas, and it’s outrageous that Congress has allowed this to happen.  Our plan will fix this and help bring jobs and investment home.  We’ve listened to the American people, and now it’s time to deliver on our promise to reform this broken tax code.” (Sen. Portman, Press Release, 11/09/2017)

SEN. PAT TOOMEY (R-PA): “It's an objective fact that the Obama recovery was the weakest economic recovery in American history. It's an objective fact that we saw a collapse in productivity growth … Those were combined with the fact that while we did nothing over the last 30 years the rest of the industrialized world was improving their tax code, making it more competitive, lowering the rates on business, [and] moving to territorial systems. So our reforms are going to correct both of those huge flaws.” (Sen. Toomey, Press Release, 11/09/2017)

  • SEN. TOOMEY: “We're going to lower the cost of capital that is going to allow more investment in capital. Investment in capital means workers become more productive. More productive workers get higher wages and higher wages mean a better standard of living for the people I represent. By moving away from this terrible international system we have today, which creates perverse incentives for companies to leave the United States, to invert, to be acquired by foreign companies, all of those incentives go away when we adopt a territorial system, which our bill also does. So I am really, really excited about this. I am optimistic.” (Sen. Toomey, Press Release, 11/09/2017)

SEN. DEAN HELLER (R-NV): “I continue to hear that families in Nevada are struggling to cover their expenses…. Nevadans deserve a break, and that’s why I have been fighting to give middle-class families the biggest tax cut possible. This legislation is a positive step toward providing families with the tax relief that they desperately need and deserve, growing our economy, and making America competitive again.” (Sen. Heller, Press Release, 11/10/2017)

SEN. TIM SCOTT (R-SC): “So often when you hear us talk about tax reform, it sounds like a lot of numbers. I'm not sure how excited or enamored people get with numbers, but I’m the kind of guy that believes that tax reform is not about numbers. Tax reform is about everyday Americans being able to keep more of their hard-earned money. Tax reform is about families like the one I grew up in--single-parent households, working paycheck to paycheck, year in and year out, praying and hoping for something good to happen. Today is good news for those single moms and single dads out there. It's also good news for the working class families, dual-income, making around $75,000 a year, working every day, trying to make sure they have a little left over for dinner out. We want to say to those folks who haven't really had a raise in a decade, we hear you…. We want to deliver to our American family the opportunity to see more money in each paycheck.” (Sen. Scott, Congressional Record, S. 7141, 11/09/2017)

SEN. BILL CASSIDY (R-LA): “…the achievement of this tax proposal is not about anyone in this chamber. It is about the working families who for the last eight years have not done so well. They've either lost their jobs or their wages have been flat. Their benefits have not improved or indeed the cost of those benefits have risen dramatically. I can say with the Tax Cuts and Jobs Act that is being introduced today, they will increase their take-home pay, they'll have higher wages, they will have a better life.” (Sen. Cassidy, Press Release, 11/09/2017)




Related Issues: Middle Class, Taxes, Jobs, Tax Reform, Economy