[Congressional Record Volume 164, Number 86 (Thursday, May 24, 2018)]
[Senate]
[Page S2919]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. RISCH. Mr. President, as you know, Congress passed, and the 
President signed, the Tax Cuts and Jobs Act late last year. While much 
media attention has been focused on certain aspects of tax reform, one 
topic that has not received due attention is the positive effect that 
tax reform is already having on small businesses. As chairman of the 
Senate Committee on Small Business and Entrepreneurship, I strongly 
supported this legislation because I saw the potential it had to spur 
investment, create economic growth, and provide tax relief to the 
millions of small business owners whose resilience and work ethic 
provide ample evidence that the American Dream is alive and well. This 
piece of legislation has had a positive impact, not just for small 
business owners and their employees in my home State of Idaho, but also 
for small business owners and employees all across our country. I plan 
to introduce and highlight these small businesses on a weekly basis for 
the near future.
  While there are more and more uplifting stories of small businesses 
that are benefiting from tax reform each day, today I wish to share the 
story of Renaissance Property Management, LLC located in Dearborn, MI. 
Renaissance Property Management's owner, Rudaina Hamade, and her son 
Michael operate this successful small business, which specializes in 
acquiring rental properties, asset management, and 24 hour property 
maintenance. Through their business, the Hamades and their 5 to 10 
employees, some of whom are seasonal, strive to offer tenants 
affordable and distinguished homes. During the last recession, when so 
many small businesses were suffering, her determination was on full 
display. Though the Detroit housing market experienced a steep decline, 
the Hamades persevered, and after finding financial backing, they 
continued to invest in the Detroit market even while many others were 
reducing their footprint in the city.
  Ms. Hamade, a Lebanese immigrant, is a prime example of the American 
Dream, having exhibited an amazing drive and work ethic throughout her 
life. She received her finance degree from Davenport University while 
raising her children and running a small business. In addition to 
running her company and raising a family, Ms. Hamade is also an active 
member of the Dearborn Chamber of Commerce and the Small Business 
Council at the U.S. Chamber of Commerce.
  Changes in the tax law have offered welcome relief to the Hamades' 
employees and their families. This new law has enabled the Hamades to 
provide their employees with bonuses ranging from $1,000 to $2,000. 
They have also been able to make capital investments in their company. 
These investments include upgrades to their computer system and the 
purchasing of new software, machinery, and tools. Stories like these 
show that tax reform was a more than worthwhile goal that has improved 
small businesses's outlook, provided employee bonuses, lowered taxes, 
and increased investment in many sectors of our economy. In the coming 
weeks and months, I intend to bring more attention to the positive 
effects that tax reform has had on small businesses across our great 
country.

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