Tax Reform: A Simple Idea With An Extraordinary Impact
‘It’s not complicated. The bill passed by Republicans in Congress last year was designed with a very simple philosophy in mind. That when we put more of Americans’ hard-earned money back in their own hands, they’ll know best what to do with it. When we level the playing field and take weight off the shoulders of small businesses, they’ll help their communities thrive. And when we welcome investment from entrepreneurs and job creators, instead of discouraging it, the economy will respond in kind.
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:
“It’s been just 73 days since President Trump signed historic tax reform into law. It feels like it’s been longer than that, because practically every day, another major national employer announces a new commitment to invest in American workers because of tax reform. Every day, we hear about more local businesses realizing new savings and putting it toward equipment, expansion, and employees. Every day, we hear about how bonuses, rising wages, expanded benefits and lower taxes are giving middle-class families a whole lot more breathing room.
“But every day, we’re reminded that some of our friends across the aisle are still desperately trying to minimize this good news. Democratic leaders have tried to say these new jobs, raises, bonuses, and business expansions amount to no more than, quote, ‘crumbs.’ I’ll leave the final verdict to hardworking families across the country, including the many Kentuckians I hear from.
“In the meantime, the economic data are painting quite an optimistic picture. Last week, the Labor Department announced that weekly jobless claims had reached a 48-year low. Let me repeat that: Fewer Americans are filing for unemployment today than at any time since 1969. The labor market is tightening. Employers are competing for talent. And workers and their families are coming out on top.
“In January, Americans’ real disposable income rose more quickly than it had since April 2015. That’s the biggest jump in spending money available to American families, accounting for tax rates and inflation, in nearly three years. That’s more money to save for a home purchase or a college fund. It’s more to save for retirement or spend on a family vacation. U.S. consumer confidence is higher today than it’s been since 2000. And last week, news broke that U.S. manufacturing is expanding at its fastest pace since 2004.
“It’s not complicated. The bill passed by Republicans in Congress last year was designed with a very simple philosophy in mind. That when we put more of Americans’ hard-earned money back in their own hands, they’ll know best what to do with it. When we level the playing field and take weight off the shoulders of small businesses, they’ll help their communities thrive. And when we welcome investment from entrepreneurs and job creators, instead of discouraging it, the economy will respond in kind.
“The idea was simple enough. But as we’re already seeing, because Republicans in Congress and the president were able to overcome lock-step partisan opposition on the other side and get tax reform across the finish line, that simple idea is having an extraordinary impact.”
Related Issues: Tax Reform, Taxes, Economy
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