[Congressional Record Volume 163, Number 185 (Monday, November 13, 2017)]
[Senate]
[Pages S7169-S7170]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. McCONNELL. Madam President, for too long many in America's 
middle-class families felt left behind by the Obama economy. Paychecks 
seemed to stagnate, good-paying jobs seemed harder to find, and 
opportunities seemed difficult to come by.
  Our country can do better for hard-working families, and that is 
exactly what we are working to deliver as we continue our efforts to 
pass tax reform. It is a once-in-a-generation opportunity, and it is 
the most important thing we can do today to get our economy really 
growing again and going again.
  Last week, the House Ways and Means Committee passed its proposal to 
lower taxes and to boost economic growth. I would like to commend 
Chairman Brady for his efforts to get the bill approved by the 
Committee and to the floor of the House.
  Here in the Senate, we also remain focused on tax reform this week. 
Today, the Finance Committee began its mark-up of the tax reform 
proposal released last week. Under the leadership of Chairman Hatch, 
the committee will consider this plan that really has been many years 
and dozens of hearings in the making.
  The Finance Committee's tax plan will help hard-working Americans 
keep more of their own money. It will help create more jobs here at 
home, and it will help increase opportunities for the middle class. 
Consider this from a recent news report titled: ``Middle class biggest 
winners in Senate tax plan, study says.''
  ``Moderate-income people would consistently see the largest 
percentage declines in their tax bills,'' the article says, ``according 
to an analysis released late Saturday by the official, nonpartisan 
Joint Committee on Taxation.''
  ``In 2019,'' the article continues, ``people in the middle of the 
income spectrum earning, between $50,000 and [$75,000], would see their 
taxes fall by 7.1 percent. Those earning between $20,000 and $30,000 
would see a 10.4 percent decline.''
  Here is another recent article, titled: ``Senate bill would cut taxes 
by $1.78 trillion, create [925,000] new jobs, study finds.''
  The article noted that the Finance Committee's bill ``would boost the 
economy, creating 925,000 new jobs and raising wages by 2.9 percent 
over 10 years, according to a new analysis released Thursday by the Tax 
Foundation.'' According to that study, families in my home State of 
Kentucky can see a boost to after-tax incomes for middle-income 
families,'' of nearly $2,000.
  Earlier today, I had an opportunity to meet with a number of Kentucky 
small business owners and workers to hear from them about the 
importance of tax reform. We discussed how this effort can help provide 
relief to small businesses and middle-class families by making taxes 
lower, simpler, and fairer. Tax reform can help provide real relief to 
families and small businesses that felt left behind by our economy.
  The proposal that the committee will take up today is the product of 
years of listening to people across the country who are calling out for 
relief. It is from careful study of our current Tax Code, understanding 
what it gets right and what it too often gets wrong.

[[Page S7170]]

  The Senate's Tax Cuts and Jobs Act represents the consensus views of 
the Finance Committee members and it reflects the values shared by the 
House, the Senate, and the Trump administration, put forward in our 
unified framework earlier this year. Chairman Hatch has shown 
impressive leadership to craft this proposal, and I look forward to his 
continued guidance of the committee under regular order.
  Today, members will have the opportunity to give opening statements 
and provide their insights on the proposal. During this process, the 
committee will consider amendments from both sides. As of this morning, 
more than 300 amendments have been filed by both Republican and 
Democrat members. Additionally, all Senators will have the chance to 
share their opinions here on the Senate floor. This is an open process.
  It is time to reform our Tax Code and provide much needed relief to 
the hard-working men and women of this country. The Finance Committee's 
proposal would do just that.
  In a related action this week, the Senate Energy and Natural 
Resources Committee, under the leadership of Chairman Murkowski, will 
begin to mark up legislation supporting our Nation's energy security. 
Further developing Alaska's oil and gas potential in an environmentally 
responsible way is an important effort to help create new jobs, 
generate new wealth, and provide for our energy future and energy 
security.
  These committee markups are positive steps toward growing our economy 
and helping the middle class.

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