[Congressional Record Volume 163, Number 208 (Wednesday, December 20, 2017)]
[Extensions of Remarks]
[Pages E1733-E1734]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           CONFERENCE REPORT ON H.R. 1, TAX CUTS AND JOBS ACT

                                 ______
                                 

                               speech of

                            HON. KEVIN BRADY

                                of texas

                    in the house of representatives

                       Tuesday, December 19, 2017

  Mr. BRADY of Texas.  Mr. Speaker, I include in the Record letters 
from the Retail Industry Leaders Association, Dow Chemical Company, 
Semiconductor Industry Association, Information Technology Industry 
Council, Coalition for American Insurance, AT&T, and the National 
Roofing Contractors Association:

                          Retail Industry Leaders Association.

       To Members of the United States Congress: The Retail 
     Industry Leaders Association (RILA) urges Congress to pass 
     the conference report to H.R. 1, the ``Tax Cuts and Jobs 
     Act,'' which is scheduled for floor consideration this week. 
     The bill provides for comprehensive tax reform, which is 
     critical to growing the economy and improving U.S. 
     international competitiveness. It accomplishes these goals by 
     doing, among other things: immediately reducing the corporate 
     tax rate from 35 to 21 percent; replacing our current 
     worldwide tax system with a territorial tax system; and 
     modifying individual tax rates, with a focus on providing a 
     tax cut for middle income taxpayers.
       RILA is the trade association of the world's largest and 
     most innovative retail companies. RILA members include more 
     than 200 retailers, product manufacturers, and service 
     suppliers, which together account for more than $1.5 trillion 
     in annual sales, millions of American jobs, and more than 
     100,000 stores, manufacturing facilities, and distribution 
     centers located both domestically and abroad.
       Over 42 million jobs in the United States are either in 
     retail or supported by retail, making retail America's 
     largest private sector employer. With more than $3.8 trillion 
     in sales and hundreds of billions paid in wages, retail is 
     one of America's most powerful economic engines. In fact, 
     consumer spending represents two-thirds of U.S. gross 
     domestic product (GDP).
       Despite the retail industry's prominent place in the 
     economy, retailers pay among the highest effective tax rates 
     among U.S. industries. In 2016, retailers paid an average 
     domestic effective tax rate of 34.6 percent. As a result, 
     retailers paid $32.5 billion in federal taxes, representing 
     11 percent of the total federal corporate income tax paid by 
     all corporate taxpayers. This tax treatment for the retail 
     sector stifles job creation, investment, and consumer savings 
     for a sector so important to our nation's economy.
       It has been 31 years since the tax code has been 
     fundamentally reformed. RILA and its member companies urge 
     passage of the conference report to H.R. 1, ``Tax Cuts and 
     Jobs Act'' to finalize this once in a generation opportunity 
     to reform the tax code to benefit the economy and America's 
     workers, consumers, and businesses.
                                  ____



                                         Dow Chemical Company.

       Dear Representative Brady: On behalf of The Dow Chemical 
     Company, I write to urge you to vote in favor of the Tax Cuts 
     and Jobs Act. This bill represents a hard-won compromise 
     based on constructive dialogue among many stakeholders, and 
     it deserves to become law.
       Tax reform is critical for American manufacturers and our 
     ability to thrive at home and compete globally. The 
     legislation before you achieves a lower corporate rate and a 
     shift to a territorial system--the key components of a pro-
     growth policy that will help U.S. manufacturers succeed in an 
     increasingly competitive global environment.
       Over the past 10 years, Dow has invested more than $8 
     billion in the U.S. and Dow is prepared to invest an 
     additional $4 billion in American manufacturing factories and 
     infrastructure. This bill, with a focus on U.S. growth and 
     competitiveness, will drive further investments such as ours, 
     resulting in more jobs and strengthening the U.S. 
     manufacturing sector, along with the many industries it 
     supports.
       Passing this bill and enacting the first major overhaul of 
     our tax code in a generation will be a significant 
     accomplishment for this Congress. Most importantly, tax 
     reform will bolster American businesses of all sizes, their 
     employees and the communities they call home.
                                  ____



                           Semiconductor Industry Association,

                                Washington, DC, December 18, 2017.
     Re Semiconductor Industry backs Corporate Tax Reform 
         Conference Report.

       The Semiconductor Industry Association (SIA), representing 
     U.S. leadership in semiconductor manufacturing, design, and 
     research, today announced its support for the conference 
     report on H.R. 1, the Tax Cuts and Jobs Act. The conference 
     report reconciles differences between tax reform bills passed 
     by the House and Senate in recent weeks. Votes on the 
     conference report are expected this week in both chambers.
       ``America's economic strength and global technology 
     leadership depend heavily on corporate tax policy that 
     promotes growth and encourages innovation,'' said John 
     Neuffer, president & CEO, Semiconductor Industry Association. 
     ``We support the conference report because it includes 
     several important provisions that will make U.S. 
     semiconductor companies more globally competitive. SIA is 
     particularly pleased that conferees largely retained the 
     balanced international approach of the Senate bill.''
       The conference report includes several measures the U.S. 
     semiconductor has long supported. These include lowering the 
     corporate rate to a globally competitive level of 21 percent, 
     modernizing our international tax structure, and creating an 
     incentive for foreign income from intellectual property (IP) 
     held in the U.S. Repeal of the corporate Alternative Minimum 
     Tax (AMT) also protects the utility of the R&D tax credit, 
     which helps ensure our industry can stay at the tip of the 
     technology leadership spear.
       ``Semiconductors are one of America's top exports and a key 
     driver of U.S. economic strength, national security, and 
     technology leadership,'' said Neuffer. ``This legislation 
     modernizes the U.S. tax code and makes the United States a 
     more competitive location for semiconductor research, design, 
     and manufacturing. We urge the Senate and House to pass it 
     and the President to sign it into law in short order.''
                                  ____

                                            Information Technology


                                             Industry Council.

       Dear Leaders McConnell and Schumer, Speaker Ryan and Leader 
     Pelosi: On behalf of the over 60 members of the Information 
     Technology Industry Council (ITI), I write to express our 
     strong support of the conference report to the H.R. 1, the 
     Tax Cuts and Jobs Act. Given the importance of these 
     provisions to the high-tech community, we will consider 
     scoring votes in support of final passage of the tax reform 
     legislation in our 115th Congressional Voting Guide.
       ITI has long advocated for tax reform that builds a more 
     competitive economy and incentivizes innovation. We are 
     pleased to see that this critical legislation includes a 
     permanent, competitive corporate rate, moves to a territorial 
     system and creates powerful incentives for innovation 
     including a permanent Research and Development Credit, and a 
     tax incentive for income made abroad on intellectual property 
     held in the United States.
       Updating the over 30-year-old U.S. tax code is an essential 
     step towards a more rational system for the nation. Adopting 
     a territorial tax system where profits are taxed where they 
     occur is essential to aligning the US system with the rest of 
     the world. Similarly lowering the corporate rate, from one 
     the highest statutory rates in the developed world, will make 
     the United States more competitive in the global arena. 
     Critically for our sector, the law will help ensure the 
     United States remains the global leader in innovative 
     technologies by providing incentives for the development and 
     retention of intellectual property.
       On behalf of ITI's member companies, we urge members of the 
     House and Senate to support the final conference report to 
     the Tax Cuts and Jobs Act.
                                  ____



                             Coalition for American Insurance,

                                Washington, DC, December 18, 2017.
     Re we support the Tax Cut and Jobs Act.


  Legislation Establishes Level Playing Field for All Insurers in U.S.

       The Coalition for American Insurance strongly supports the 
     final version of the Tax Cuts and Jobs Act. The historic 
     legislation includes a significant reform that will ensure 
     more equal tax treatment for U.S. based insurers and 
     consumers by addressing a longstanding loophole that allowed 
     foreign insurance companies to move their U.S.-generated 
     insurance profits abroad to avoid tax.
       ``With this agreement, Congress has made good on its 
     promise to create U.S. jobs and to keep American companies 
     competitive in the global marketplace. Importantly, the Tax 
     Cuts and Jobs Act helps to close the tax haven loophole in 
     the current tax code that unfairly rewarded the transfer of 
     profits and jobs overseas. Now, with the inclusion of the 
     Base Erosion and Anti-Abuse Tax (BEAT) to impede the 
     offshoring of profits by foreign companies to tax havens, all 
     insurers operating in the U.S. market will do so on the most 
     level playing field in decades.
       ``The BEAT is not discriminatory. Instead, it ensures that 
     all companies doing business in the United States will pay 
     U.S. taxes on that business. This is an important reform that 
     will help maintain a thriving American-based insurance 
     industry and enhance choices for all consumers.
       ``We strongly urge members of the House and Senate to 
     approve the Tax Cuts and Jobs Act so that this bill can be 
     signed into law this year.''
                                  ____



                                                         AT&T.

       AT&T remains committed to invest an additional $1 billion 
     in the United States in 2018 if the bill proposed by the 
     House and Senate conference committee is passed into law.
                                  ____

                                                  National Roofing


                                      Contractors Association.

       The National Roofing Contractors Association (NRCA) 
     supports the conference report

[[Page E1734]]

     for the Tax Cuts and Jobs Act (H.R. 1). NRCA has long 
     supported pro-growth tax reform that lowers rates for all 
     types of employers and better enables roofing industry 
     entrepreneurs to grow their businesses and create more high 
     paying, family-sustaining jobs. We believe the final version 
     of H.R. 1 will increase incentives for productive investment 
     in our industry and ultimately expand economic growth in the 
     U.S.
       Established in 1886, NRCA is one of the nation's oldest 
     trade associations and the voice of professional roofing 
     contractors worldwide. NRCA's 3,600 member companies 
     represent all segments of the roofing industry, including 
     contractors, manufacturers, distributors, consultants and 
     other industry employers in all 50 states. NRCA members are 
     typically small, privately held companies, but our membership 
     includes businesses of all sizes. During peak season, the 
     average member employs 45 people.
       NRCA applauds your leadership in advancing tax reform 
     through the House and Senate. We are pleased to see that the 
     final bill provides lower tax rates for both corporations and 
     businesses structured as passthrough entities; expands 
     expensing capabilities for qualifying property, including 
     commercial roofs; doubles the death tax exemption; and 
     improves accounting methods for small businesses, among other 
     provisions. We are especially pleased to see progress made on 
     improving the new tax credit for passthrough employers and 
     ensuring that family-owned businesses that utilize trusts are 
     not excluded from benefiting from tax reform.
       Again, NRCA supports the conference report on H.R. 1 and 
     commends you for your leadership in advancing tax reform that 
     will strengthen the roofing industry. We urge members of the 
     House and Senate to approve this legislation so it may be 
     signed into law by the president. Thank you for your 
     consideration of NRCA's view on this crucial legislation.

                          ____________________