[Congressional Record Volume 163, Number 186 (Tuesday, November 14, 2017)]
[Senate]
[Pages S7189-S7190]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Tax Reform

  Mr. RISCH. Mr. President, thank you. I rise to speak about the tax 
reform issue and the tax reform effort that is front and center for 
this Congress and for all Americans. Particularly, I want to point out 
the fact that Congress has not undertaken this difficult task for over 
30 years, and for anyone who has been involved in this, they now 
realize how difficult it really is.
  In the years since the last major overhaul, Congress has, by 
patchwork, added numerous carve-outs and special interests, passed 
short-term tax extenders, which have made planning for families and 
businesses very difficult, and has generally contributed to a tax code 
that today is extremely complex, burdensome, and unpredictable.
  My colleague from Idaho Senator Crapo has stated that we couldn't 
have done worse if we had set out intentionally to do worse. Many of my 
colleagues and I have heard story after story from our constituents who 
have said the same thing. The Tax Code makes it hard for families and 
businesses, especially small businesses, to comply and plan ahead, let 
alone grow and prosper. This conversation hasn't gone away, so clearly 
the system, as it stands, is not serving the American people as it 
should.
  It is imperative for the continued growth of the American economy 
that

[[Page S7190]]

we simplify the system, reduce complexity, and create certainty. Tax 
reform will bring relief to American families. Under the plan released 
by the Senate Finance Committee, middle-class Americans will see a 
benefit in the form of a lower tax bill, which means more money for 
households to bring home. In addition to keeping more money in the 
pockets of hard-working Americans, the Senate plan nearly doubles the 
standard deduction, increases the child tax credit to help families 
with the very real costs associated with raising a family, and 
preserves an existing tax credit to help care for elderly family 
members. This tax plan would also make it easier for individuals and 
families to avoid a time-consuming and expensive tax-filing nightmare 
by simplifying the Tax Code and eliminating deductions.
  The aim of this entire exercise is to make the Tax Code simpler, 
fairer, and easier to comply with, reducing the burden on taxpayers and 
creating an environment that enables families and businesses to thrive.
  Tax reform will help grow small businesses. As chairman of the Senate 
Small Business Committee, I have focused on highlighting small business 
issues in this tax reform process. The ranking member, Senator Shaheen, 
and I held a bipartisan hearing in June to talk about tax policies that 
would most benefit small businesses across the country. As a result, we 
sent a bipartisan letter to the Senate Finance Committee, which was 
drawing this bill, to outline the policies we determined were most 
important. The topline issue was the need to address the individual Tax 
Code along with the corporate Tax Code. Most of the Nation's small 
businesses are organized in a way that they pay taxes through the 
individual code. It is amazing they managed to create the majority of 
new jobs in America, despite facing this higher tax rate, with the 
added burden of spending time and money away from businesses to comply 
with this complex Tax Code. Thankfully, Ranking Member Shaheen and I 
are not the only ones who heard this message, and lower rates for small 
businesses is part of this conversation.
  Small businesses have identified tax policies that work for them, 
along with changes that could be made to help more of them across the 
country. Two of the examples are the cash method of accounting and 
section 179 expensing. Cash method accounting is a simpler way for 
small businesses to keep their books, and section 179 expensing allows 
small businesses to immediately deduct the cost of investing in their 
business up to a certain amount. Both of these commonsense policies 
will reach more business owners in tax reform.
  I am encouraged by the plan the Senate Finance Committee released 
last week and the process they are undertaking this week to move this 
bill forward. With tax reform, we have a real opportunity to make 
changes that will have a tangible, positive impact on the American 
people and create an environment for our Nation's job creators to 
prosper. I am excited to see the kind of job creation that will result 
from the changes we are considering, and I look forward to working with 
my colleagues to make this a reality.
  Thank you.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. MURPHY. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.