[Congressional Record Volume 164, Number 5 (Tuesday, January 9, 2018)]
[Senate]
[Pages S81-S82]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. McCONNELL. Mr. President, yesterday, I mentioned that, already, 1 
million Americans and counting will receive raises or special bonuses, 
thanks to the incentives created by the historic tax reform law that 
Congress passed and the President signed just last month.
  For example, Darden Restaurants, Inc., which employs 175,000 people, 
announced it is preparing to invest $20 million in its most important 
asset--its employees. AT&T announced that 200,000 employees would 
receive $1,000 bonuses. In Kentucky, Turning Point Brands announced 
that their workers would also receive $1,000 bonuses. So far, more than 
100 companies have announced similar plans.
  Across the country and a variety of different industries, workers are 
receiving significant one-time bonuses, permanent pay raises, more 
generous retirement contributions, or other benefits. And their 
employers confirm that it was tax reform that made this possible.
  How is all this happening? How is it happening? After all, those who 
were intent on opposing tax reform painted an apocalyptic picture. Over 
in the House, the minority leader said tax reform was ``Armageddon.'' 
Here in the Senate, my friend the Democratic leader said there was 
``nothing about this bill that suits the needs of the American 
worker.''
  Fortunately, a majority in the House and a majority in the Senate 
knew better. We know that the economy is not a zero-sum game. We know 
it is completely backward to think that American businesses need to 
lose in order for American workers to win. To the contrary, in the 21st 
century economy, Americans are all in this together.
  When our economy grows stagnant and when taxes and regulations make 
it harder for companies to compete with foreign ones, that is when 
wages fall flat and job opportunities dry up. But when Washington gets 
out of the way, cuts back regulations, and modernizes the Tax Code, 
when we give businesses more flexibility to invest and expand, then, as 
we are already seeing, workers reap the benefits.
  This is not some partisan talking point. As one economist wrote just 
before we passed tax reform, ``It's the consensus view of professional 
economists'' that ``lowering corporate income taxes would increase the 
wages of workers.''
  Tax reform became law less than 1 month ago--1 month ago--and thanks 
to tax reform, as this chart points out, 1 million American workers and 
counting are getting a bonus or a raise. That is what is happening, and 
this is just the beginning.
  Raises and bonuses are not the only way tax reform is providing a big 
help to middle-class families, like the Kentuckians I represent. The 
law also cuts taxes substantially for individuals and families, so they 
can keep more of their own money and send less to Washington.
  We reduced marginal rates. We doubled the standard deduction, 
effectively creating a new zero tax bracket

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for the first $24,000 a family earns--zero taxes on the first $24,000 a 
family earns. We significantly increased the child tax credit. We 
expanded the deduction for medical expenses, and the Tax Cuts and Jobs 
Act repealed the punitive individual mandate tax penalty at the heart 
of ObamaCare. That law penalized hard-working Americans twice--first by 
failing to create health insurance options that met the needs of 
working families and then by imposing a heavy fine on the families who 
didn't want or couldn't afford the coverage. By zeroing out that unfair 
penalty, we have repealed a core piece of ObamaCare and restored 
families' flexibility to choose the health insurance that works for 
them.
  The result of all this is significant savings for middle-class 
American families. A typical family of four earning a median family 
income will keep more than $2,000 this year that they would have 
otherwise sent to the government. Workers will begin to see the 
difference in their paychecks as soon as February. Less of their money 
will be deducted and sent to the IRS. More will be deposited into their 
own bank accounts.
  So the early impact of this historic tax reform legislation is quite 
clear. Job creators and entrepreneurs are more optimistic, more than 1 
million Americans are already getting raises and bonuses, and the 
groundwork is being laid for a more powerful and more competitive U.S. 
economy that attracts more investment and creates more homegrown jobs.
  It is no surprise that, historically, tax cuts have enjoyed 
bipartisan support. This time, unfortunately, none of our Democratic 
colleagues chose to vote for this once-in-a-generation tax relief--not 
a one in the House or in the Senate. But I am proud that the majorities 
in Congress were able to pass this bill so that the President could 
sign it into law. One million Americans, and soon to be many more, will 
be grateful.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. SCHUMER. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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