[Congressional Record Volume 163, Number 208 (Wednesday, December 20, 2017)]
[Extensions of Remarks]
[Pages E1738-E1739]
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 U.S. Chamber of Commerce, Business Roundtable, National Association
of Manufacturers, National Federation of Independent Business, and the
Alliance for Competitive Taxation:
U.S. Chambers of Commerce.
To The Members of the United States Congress: The U.S.
Chamber of Commerce urges Congress to complete its final step
to enact comprehensive, pro-growth tax reform legislation and
pass the conference report to accompany H.R. 1, the Tax Cuts
and Jobs Act. The Chamber will include votes related to this
legislation in our How They Voted scorecard. By passing the
conference report, Congress would unleash resources for
businesses large and small to hire new workers, expand
facilities, and purchase new equipment. Bringing about tax
reform would help ensure that these investments are made here
in the United States, and these investments would lead to
higher wages and catalyze broad economic growth.
Moreover, H.R. 1 would provide additional growth by
allowing for environmentally-sensitive oil and gas production
in an area in northern Alaska set aside by Congress for
energy exploration in 1980.
The Chamber applauds the work of the conferees for
reporting a strong pro-growth tax reform bill. The members of
the Finance and Ways and Means Committees from this and
previous congresses also deserve much credit for their work
during this multi-year effort.
Tax reform is a big engine that will power a growing
economy for years to come. Only one step remains for Congress
to keep its commitment to approving pro-growth, comprehensive
tax reform legislation.
[[Page E1739]]
____
Business Roundtable.
Business Roundtable Statement in Support of the Conference Report on
Pro-Growth Tax Reform
Washington, DC.--Business Roundtable today issued the
following statement in support of the conference report on
H.R. 1, the Tax Cuts and Jobs Act of 2017:
``This bill represents a remarkable, once-in-a-generation
achievement by the House and Senate. Business leaders applaud
the conference committee for coming to an agreement that will
promote U.S. competitiveness and spur economic growth. This
agreement results from years of serious policy work and
debate that produced legislation the President can now sign
into law. Business Roundtable strongly endorses this
conference report and urges both chambers to pass it without
delay.''
____
National Association of
Manufacturers.
Letter No. 1
NAM on Tax Cuts and Jobs Act: Historic Progress for Manufacturers
Timmons: ``Manufacturers Will Invest in Their Companies and Workers.''
Washington, DC.--National Association of Manufacturers
(NAM) President and CEO Jay Timmons released the following
statement on the Tax Cuts and Jobs Act conference report:
``America will be better off than we are today once this
tax reform bill becomes law. This legislation represents
historic progress for manufacturers and for all Americans. As
manufacturers across our country have said many times, tax
reform done right will empower us to create more well-paying
jobs and invest and build more right here in America.
According to the NAM's latest Manufacturers' Outlook Survey,
a pro-growth tax code will encourage manufacturers to
increase capital spending, expand their businesses and hire
more workers--and nearly half will increase employee wages
and benefits.
``While this bill is good news, we can never quit looking
at what other countries are doing every single day to take
away our mantle of economic leadership. The NAM has fought
for years--decades, really--for even lower rates than
provided in this legislation for manufacturers of all sizes,
especially small manufacturers organized as pass-through
entities. We will not let up. We will work to ensure this
legislation functions as intended.
``We will continue our fight and will rally manufacturing
workers and their families to encourage more progress in the
years ahead. Today, we're calling for our government to
produce a comprehensive study every three years to compare
how the U.S. tax code stacks up with our competitors around
the world. The last time true tax reform was enacted was in
1986, 31 years ago. If we wait until 2048 to revisit the tax
code, we will no doubt discover that we have fallen
significantly behind once again. For the future of every
manufacturing worker in America, our elected leaders must
constantly strive to ensure our country's business climate is
far better than merely average. Manufacturers and the NAM
will never stop leading that fight.''
Letter No. 2
The National Association of Manufacturers (NAM), the
largest manufacturing association in the United States,
representing manufacturers in every industrial sector and in
all 50 states, urges you to support the Conference Report to
H.R. 1, the Tax Cuts and Jobs Act.
American workers need bold tax reform to not just raise
their job prospects but to improve their lives. For years,
manufacturing workers have sought an updated tax code that
spurs economic growth and global competitiveness. Instead,
they have a system that holds our nation back due to high tax
rates on our small manufacturers, the backbone of our
economy, and hinders large manufacturing enterprises that
provide livelihoods for millions of families. Manufacturers
are saddled with arcane rules for taxing international income
and significant compliance burdens that exacerbate our
competitive disadvantage. We are counting on you to lift up
these hardworking men and women.
The Conference Report to H.R. 1 takes the important steps
toward addressing five key elements that NAM members believe
will set the stage for manufacturing growth: a lower
corporate rate, reduced burdens on business income earned by
pass-through entities, a territorial tax system, robust
incentives for capital equipment purchases and retention of
tax incentives for research and development. While this bill
could go even further to address these key areas that promote
added economic growth, it still provides the opportunity
to strengthen the manufacturing economy. With this vote,
you have the ability to improve manufacturers' global
competitiveness, grow the economy, spur investment and
create more well-paying manufacturing jobs. For every
$1.00 spent in manufacturing an additional $1.89 is added
to the economy. In 2015, the average manufacturing worker
earned nearly $82,000 per year in salary and benefits. In
short, passing historic tax reform will lead to better
jobs, better wages and better opportunities for more
people to achieve their American Dream. The NAM's Key Vote
Advisory Committee has indicated that votes on the
Conference Report to H.R. 1, including procedural motions,
may be considered for designation as Key Manufacturing
Votes in the 115th Congress. Thank you for your
consideration.
____
National Federation of
Independent Business.
Letter No. 1
National Federation of Independent Business says this is
the tax relief that small business needs, urges quick passage
The National Federation of Independent Business (NFIB)
issued the following statement today on behalf of President
and CEO Juanita Duggan on the Tax Cuts and Jobs Act, released
today by the conference committee:
``We are very pleased by the tax bill reported out of
conference today, and we are grateful to leaders in the House
and Senate for following through on their promise to cut
taxes on small businesses.
``Tax relief is the number-one priority for small
businesses, which represent half the economy and half the
GDP. This bill will allow millions of small business owners
to keep and reinvest more of their money, so they can grow
and create jobs. We urge both chambers to pass the bill
quickly, so it can be signed into law before the end of the
year.''
Letter No. 2
On behalf of the National Federation of Independent
Business (NFIB), the nation's leading small business advocacy
organization, I am writing in support of the Tax Cuts and
Jobs Act conference report. This legislation will provide
much needed tax relief to America's job-creating small
businesses. This will be considered an NFIB Key Vote for the
115th Congress.
Small business is the engine of the economy, and tax reform
should provide substantial relief to all small businesses so
they can reinvest their money, grow, and create jobs. Ninety-
nine percent of all American businesses are small businesses;
the average NFIB member has just 10 employees. Taken in sum,
however, small businesses create half of all private-sector
jobs in the U.S. and contribute half the nation's gross
domestic product.
Three-quarters of America's small employers are structured
as pass-through entities, meaning their owners are taxed at
the individual rate as opposed to the corporate rate.
Crucially, the conference report creates a new 20% deduction
for pass-through income of small businesses. Further, it
allows all types of small businesses--regardless of industry
segment--to benefit from this deduction.
NFIB supports passage of the Tax Cuts and Jobs Act
conference report and will consider it an NFIB Key Vote for
the 115th Congress.
Thank you for your consideration. We look forward to
working with you to protect small business.
____
Alliance for Competitive Taxation.
Alliance for Competitive Taxation Applauds Senate and House Leaders for
Advancing Tax Reform
Washington.--The Alliance for Competitive Taxation (ACT), a
coalition of leading American businesses that employ millions
of American workers, issued the following statement on the
Conference Report of the Tax Cuts and Jobs Act:
``We applaud leaders in the U.S. Senate and U.S. House for
reaching an agreement on the Tax Cuts and Jobs Act Conference
Report. This pro-growth tax reform bill is a major step in
leveling the playing field for American businesses competing
in world markets and will create opportunities for American
workers.
``We urge members of the Senate and House to swiftly pass
this historic legislation that will strengthen our economy,
promote investment in the U.S. and create American jobs.
``We are committed to working with Congress and the
Administration beyond final passage of this legislation to
ensure that tax reform achieves the desired goal of
benefiting American workers and promoting U.S.
competitiveness and economic growth.''
____________________