[Congressional Record Volume 164, Number 79 (Tuesday, May 15, 2018)]
[Senate]
[Page S2672]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Tax Reform

  Mr. THUNE. Mr. President, the future for American workers is looking 
bright. A combination of tax reform, which we passed in December, plus 
other economy-boosting measures, such as lifting burdensome 
regulations, is starting to produce the kind of economy we need to give 
Americans access to a future of security and prosperity.
  Our goal with tax reform was pretty simple: Make life better for 
American workers. That involved a couple of things. For starters, it 
involved putting more money in Americans' pockets right away by cutting 
their taxes, and that is what we did. We cut tax rates across the 
board, nearly doubled the standard deduction, and doubled the child tax 
credit. Americans are already seeing this relief in their paychecks, 
but we knew that tax cuts, as helpful as they are, weren't enough.
  We needed to make sure that Americans had access to good jobs, good 
wages, and good opportunities--the kinds of jobs and opportunities that 
would set them up for security and prosperity for the long term. Since 
jobs and opportunities are created by businesses, that meant reforming 
our Tax Code to improve the playing field for businesses so they could 
improve the playing field for their workers, and that is what we did. I 
am pleased to report that it is already working.
  Less than 5 months into the new tax law, business after business has 
announced good news for workers--pay increases, bonuses, better 
benefits, like increased retirement benefits, like new and better 
education benefits, and enhanced parental leave benefits. So far we 
have more than 530 examples of businesses making things better for 
their workers and customers, from giant corporations like Apple to 
small businesses like the Don Ramon restaurant in West Palm Beach, FL.
  Economic indicators are looking good. Last month, the unemployment 
rate hit its lowest level since 2000. That is right; the last time 
unemployment was this low, the iPod hadn't even been introduced yet.
  Economic growth is on a solid track. The economy's growth rate in the 
first quarter of 2018 was nearly double what it was during the same 
period last year.
  Small businesses are thriving. The president of the National 
Federation of Independent Business reports:

       Small and independent business owners are notably confident 
     about the economy. They are reporting that sales are strong, 
     profits are good, and employee compensation is increasing. 
     And many are setting into motion plans to expand.

  That, again, is from the president of the National Federation of 
Independent Business. That is borne out by NFIB's recent survey data, 
which shows the net percentage of businesses raising worker 
compensation over the last 3 months has increased to 33 percent--the 
highest level since 2000. That is good news for American workers.
  Americans had a tough time during the last administration. Our 
economy stagnated, and American families struggled. But our economy--
and our country--are coming back, and they are coming back stronger 
than ever.
  The Tax Cuts and Jobs Act and other policies we have passed are 
creating an economy that will allow families to access the jobs, the 
wages, and the opportunities they need for security today and for 
prosperity tomorrow. The future is indeed looking brighter.