[Congressional Record Volume 163, Number 198 (Tuesday, December 5, 2017)]
[House]
[Pages H9628-H9629]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Kentucky (Mr. Barr) for 5 minutes.
  Mr. BARR. Mr. Speaker, I rise today in strong support of efforts to 
simplify our outdated and overly complex Tax Code in order to make our 
economy more competitive and to provide big tax cuts to hardworking 
American families.
  Last night, the House voted to go to conference with the Senate to 
work out differences between our two versions of the Tax Cuts and Jobs 
Act. I am confident the conference committee will report a reconciled 
bill capable of passing both Chambers, because the American people need 
and deserve tax relief.
  Make no mistake: no matter what the tired talking points are on the 
other side of the aisle, this legislation will be a tremendous benefit 
to middle- and lower-income Americans who have been hit hardest by the 
policies of the previous administration. This is a massive victory for 
low- and middle-income Americans.
  But don't just take it from me. Let's review the facts.
  The House bill takes the lowest 10 percent tax bracket to zero, and 
it doubles the standard deduction, meaning hardworking Americans can 
immediately take home more of their paychecks. Specifically, the first 
$24,000 of family income will be completely tax free under this plan.
  We are nearly doubling the child tax credit. The changes to all tax 
brackets means we are lowering taxes for low- and middle-income 
taxpayers even as we simplify the Tax Code and broaden the base.

                              {time}  1045

  A study by the nonpartisan Tax Foundation found that, in Kentucky, 
this legislation will create 11,782 new full-time jobs and will 
increase take-home pay by $1,724 by Kentucky households making the 
median income.
  Not only will middle-income families be able to keep more of their 
paychecks, their paychecks will grow.
  A letter signed by 137 economists last week, sent to all Members of 
the House and Senate, made the case that ``a competitive corporate rate 
is the key to an economic engine driven by greater investment, capital 
stock, business formation, and productivity--all of which will yield 
more jobs and higher wages.''
  That is why these economists are urging us to make the Tax Cuts and 
Jobs Act law. They note that our current corporate tax rate of 35 
percent, which is the highest in the industrialized world, has made 
America noncompetitive, resulting in the loss of 4,700 companies to 
overseas competitors since 2004, lost jobs, and lost wages.
  This analysis is confirmed by the Tax Foundation, which concludes 
that approximately 74 percent of corporate taxes are paid by workers in 
the form of lower wages. Let's give American workers a pay raise.
  Reducing the corporate tax rate will ignite economic growth, allow 
jobs to return from overseas, increase new private sector jobs through 
greater investment, and increase paychecks. A win-win-win-win for 
middle class workers and those looking to get ahead.
  Now, the ultimate irony is that if you actually wanted to help the 
wealthy and the well-connected, then you would vote against tax reform 
and you would keep the current Tax Code in place. It is a complicated 
mess of multiple brackets, high rates, and special interest loopholes. 
The Code is a haven for special interests, tax manipulators, and the 
well-connected. It is an impossible frustration for ordinary middle 
class Americans who need to comply with the Code to hire tax lawyers 
and accountants. So if you want to help the middle class, get rid of 
this complicated mess.
  Finally, Mr. Speaker, I would like to take a moment to respond to my 
friends on the other side of the aisle who after more than doubling the 
national debt during the Obama administration and who continue to push 
massive unpaid increases in spending, such as single-payer healthcare--
government-run healthcare--have suddenly become gravely concerned about 
our national deficit and debt.
  Now, let me be clear: I welcome this epiphany. I welcome their change 
of heart. I hope we can work together to actually address the true cost 
drivers of our deficit and debt. But last year, the Federal Government 
took in $3.3 trillion in revenue. Our deficits are not the result of 
too little revenue. They are the result of Members of Congress who are 
unwilling to force the government to live within its means. We will 
never balance the budget or even think about paying down our debt 
without robust economic growth.
  Those on the other side assume that a $1.5 trillion tax cut will 
increase the debt by $1.5 trillion. But that is based on the absurd 
assumption that nobody changes behavior when you get a tax

[[Page H9629]]

cut. It is based on the assumption that the economy is fixed. They are 
wrong because they don't account for the extra revenue that tax reform 
will generate by creating more taxpayers and higher paychecks.
  As was noted by an analysis by the American Enterprise Institute and 
U.S. Policy Metrics: ``If the economy grows an average of 2.6 percent, 
the Republican tax reform bill would not raise the deficit. If the 
economy grows faster than 2.6 percent, the deficit would actually 
fall.''
  It should be noted that in the last two consecutive quarters, the 
U.S. economy has grown at an annual rate of 3 percent or more. That is, 
in part, due to the increased confidence by businesses, consumers, 
investors, and entrepreneurs that we will indeed make good on our 
promise to complete tax reform this year.
  Mr. Speaker, I encourage all of my colleagues concerned about the 
deficit and the debt to join me in supporting the Tax Cuts and Jobs Act 
when this bill returns to the House floor so that we can ignite 
economic growth, create new jobs, and give American workers the pay 
increase that they deserve.
  Mr. Speaker, it is their money. Let's give it back to them.

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