[Congressional Record Volume 164, Number 7 (Thursday, January 11, 2018)]
[Senate]
[Pages S143-S144]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. McCONNELL. Mr. President, anyone who has read the news lately 
will have come across some pretty remarkable headlines about the state 
of the U.S. economy.
  On Tuesday, Gallup announced that at the close of 2017, Americans' 
optimism about the job market set a new record. The same day, the S&P 
500 hit an all-time high. Last week, the New York Times ran a story 
about ``a wave of optimism [that] has swept over American business 
leaders.'' This optimism, the reporters continued, ``is beginning to 
translate into the sort of investments in new plants, equipment and 
factory upgrades that bolsters economic growth, spurs job creation--and 
may finally raise wages significantly''--raise wages significantly.
  Markets are optimistic, manufacturers are optimistic, and workers are 
optimistic. Investment is ramping up, wages are growing, and 
unemployment is low. By all accounts, 2018 is off to a very bright 
start.
  Of course, Washington is not the source of all this. The engine of 
American free enterprise is not here in the Nation's Capital, it is in 
the ingenuity, talent, and work ethic of workers and entrepreneurs all 
across our country.
  Government does not create prosperity, the American people do, but 
the Federal Government can certainly get in the way. Draconian tax 
policy and runaway regulation make it more difficult for American 
workers to find jobs and get pay raises. It becomes harder to start new 
businesses, harder to expand and invest in existing businesses, and 
more tempting to send money and jobs overseas.
  During the Obama years, that is precisely what happened. For 8 years, 
his administration seized every single opportunity it could find to 
increase taxes, pile on more regulations, and literally micromanage the 
lives of the American people. Many middle-class families, like the ones 
I represent in Kentucky, were drowning in all this.
  Now all of that is changing. In 2017, a Republican President, 
Republican House, and Republican Senate brought back bedrock, free 
market principles: tax less, regulate less, micromanage less, and 
empower the American people to work hard and keep more of what they 
earn. And we are already seeing results.
  The most significant accomplishment was the historic tax reform law 
the President signed into law just over 3 weeks ago. It hadn't been 
done in 30 years, but in 2017 Congress and the White House worked 
together to overhaul the Tax Code. We cut rates for families and 
businesses, expanded key deductions, closed wasteful loopholes, and 
repealed ObamaCare's individual mandate tax. We took a lot of money out 
of Washington's pocket and put it back in the pockets of middle-class 
families, who, after all, earned it in the first place.
  Earlier in the year, we made major progress in rolling back the 
tangled web of Obama-era redtape using the Congressional Review Act. 
Congress repealed 15 major Federal regulations that were literally 
stifling American enterprise. This alone is expected to save employers 
up to $36 billion in compliance costs. This was in addition to the 860 
obsolete rules the Trump administration revisited in 2017.
  Small businesses and large companies are all benefitting from these 
victories, and so are their workers. Boeing has announced plans to 
invest $100 million in developing its workforce and another $100 
million to enhance its facilities and its infrastructure. AT&T intends 
to invest a billion dollars in capital upgrades. Just this morning, 
Walmart announced it would raise starting wages for hourly associates, 
along with bonuses and an expansion of paid family leave. That is great 
news for more than 1 million people, including the nearly 30,000 people 
working at more than 100 Walmart stores across my home State of 
Kentucky. This is in addition to all of the other employers across the 
State who have already begun passing tax reform savings along to their 
employees.
  What is true for nationwide employers is proving to be true on Main 
Streets across the country as well. In

[[Page S144]]

New Jersey a family-owned car dealership is giving each of its full-
time employees a $500 bonus and looking to create more jobs. In 
Florida, a family-owned cookie bakery is planning to immediately 
expense new equipment purchases, enabling them to develop specialized 
products and boost wages for their team. All told, more than 100 
companies have announced intentions to deliver special bonuses, pay 
increases, or other benefits to employees as a result of tax reform. 
This in addition to the direct savings from tax cuts. Thanks to lower 
rates and bigger deductions, American workers will get to keep more of 
their paychecks.
  These are just a few of the ways a growing economy can make life 
better for the American people. This is what happens when a Republican 
President and Republican majorities in Congress work to get Washington 
out of the way.
  It is a shame that none of our Democratic colleagues in the House or 
the Senate--not one, not a single one--voted for tax reform--not a one. 
If they had their way, American businesses would not have had a 21st 
century tax code giving them a fairer fight with overseas competitors, 
American workers wouldn't have these bonuses and special benefits, and 
a typical family of four earning just over $70,000 wouldn't be on track 
to keep $2,000 more of their own money this year.
  Fortunately, Republican majorities passed the bill anyway, and the 
American people are sure glad that we did.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. SCHUMER. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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