[Congressional Record Volume 164, Number 92 (Tuesday, June 5, 2018)]
[House]
[Pages H4763-H4768]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
BENEFITS OF TAX REFORM
The SPEAKER pro tempore. Under the Speaker's announced policy of
January 3, 2017, the gentleman from Louisiana (Mr. Johnson) is
recognized for 60 minutes as the designee of the majority leader.
General Leave
Mr. JOHNSON of Louisiana. Mr. Speaker, I ask unanimous consent that
all Members have 5 legislative days to revise and extend their remarks
and include extraneous material in the Record on this Special Order.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Louisiana?
There was no objection.
Mr. JOHNSON of Louisiana. Mr. Speaker, when I last had the honor to
host a Special Order, the House was debating the merits of tax reform,
and in that debate, supporters of the tax reform promised higher wages,
a stronger economy, greater opportunity, and shared prosperity.
Six months after President Trump signed the Tax Cuts and Jobs Act
into law, the results are in, and we can now confidently say that the
days of a weak and sluggish economy are behind us. America is again a
rising Nation. America is again a Nation where families are able to
keep more of what they
[[Page H4764]]
earn. America is growing and advancing to the economic prosperity that
our workers and our businesses well deserve.
But the American people don't need us to tell them that because they
are feeling the effects of tax reform every single day. Capital One,
Wells Fargo, Waste Management, JetBlue, Comcast, American Airlines,
Walmart, BB&T, and Nationwide Mutual Insurance are among the hundreds
of businesses, large and small, across this land that have given pay
raises and bonuses and 401(k) match increases to their hardworking
employees because of the historic tax reform that we were able to
achieve.
These bonuses are not going just to a lucky few, because the
statistics are in as well. More than 4 million Americans, and counting,
have already received tax reform bonuses. Thanks to tax reform, at
least 95 utilities have lowered their rates, and that means that some
87 million Americans not only have more money in their pockets, they
are paying lower electric bills and gas bills and water bills, and that
really matters.
Additionally, unemployment is down and confidence is up. We are
looking at 3.8 percent unemployment rate. It is the lowest it has been
in nearly 20 years, and 90 percent of Americans are experiencing a
higher take-home pay.
According to the Gallup Poll organization, nearly 7 in 10 Americans
believe now is a good time to find a quality job, and they were not
incorrect in that assumption. There are now more job openings in
America than there are Americans seeking jobs. America is back.
For years, the previous administration attempted to control the
American economy from Washington, but the results speak for themselves.
The free enterprise system inevitably outperforms central planning
because it places its confidence in the people instead of in the
government.
The economic principles put in place by this Congress have had an
immeasurable impact. It is continuing every day, and hardworking
Americans are enjoying more of the fruits of their labor, industry is
growing, and the Nation is becoming more confident as the economy
strengthens.
For the remainder of this hour, Mr. Speaker, a number of Members of
this Congress are going to address this same issue, and I would now
yield to the gentleman from Louisiana (Mr. Graves).
Mr. GRAVES of Louisiana. Mr. Speaker, I want to thank the gentleman
for putting this Special Order together. It is very important.
Mr. Speaker, in the 1980s, it was known for big hair, big bangs--I
know my sister had bangs about to here. I made that up. Maybe it was
here--parachute pants, mullets, and all sorts of other things that we
now recognize were awful ideas.
We have updated our thoughts, but we were still living with a Tax
Code from the 1980s, a Tax Code that was 32 years old, a Tax Code that
simply made the United States uncompetitive in regard to other nations.
Mr. Speaker, if you think about it for just a minute, if we served
hamburgers right here and, across the street, you had a place that
served the exact same product and they sold it for half the price, how
long would we be in business? How long would we still have a restaurant
right here? It wouldn't exist. It would eventually go out of business
because, across the street, they have the same product for half the
price.
Mr. Speaker, the Tax Code of the United States was placing that
burden, that penalty, or that uncompetitive nature on businesses in the
United States. They were able to go out and invest in other countries
and pay a fraction of the price that they were paying in the United
States.
So we updated the Tax Code in December, as the gentleman, the
previous speaker noted. Back in the 1980s, and--excuse me, the 1960s,
just to give some metric for comparison--17 of the top global companies
had headquarters right here in the United States. Yet, last year, it
dropped down to just 6--just 6, because companies were going to other
countries where they could get that lower rate.
And, as the gentleman noted, we have seen billions of dollars
invested in companies invested in workers. We are seeing the lowest
unemployment rate in years for women, for African Americans, for
Hispanics--6.6 million jobs available today, one of the highest numbers
we have seen in history in available jobs today. This is working.
Mr. Speaker, this is being complemented with regulatory relief. This
is being complemented with removing or rescinding old regulations,
updating and making it more efficient so we can compete on a global
scale with countries around the world. The tax bill is working, and it
is extraordinary the success that we are seeing.
For example, back in April, we saw the highest tax surplus in history
for that month. I believe it was $213 billion in surplus revenues
collected. It is extraordinary growth we are seeing, and as the
previous speaker noted, America is back. We are taking the handcuffs
off of American businesses, allowing American employment opportunities
to be available, allowing for better wages, better jobs, and better
competition here in the United States.
Mr. Speaker, back in my home State of Louisiana, we have seen
companies like Spillway Sportsman, where I have spoken to Scott, the
owner, expanding facilities and offering more services to customers. We
have seen LHC Group, a healthcare company, raising wages, providing
more in retirement benefits to their employees, and we have seen Gulf
South Bank raising their minimum wage and investing in bonuses in their
employees to ensure that those employees are reaping the benefits from
these changes in the Tax Code and the increased competitiveness in the
United States.
Mr. Speaker, in closing, I will say this again. The tax bill is
working. You can look at black and white metrics. You can look at the
statistics. You can look at the fundamental change in economic growth
that is happening. And, most importantly, Mr. Speaker, you can see the
increased wages. You can see the better employment opportunities that
are being offered to American workers as opposed to investments going
overseas.
Mr. JOHNSON of Louisiana. Mr. Speaker, I now yield to another
gentleman from Louisiana (Mr. Higgins) of the Third District.
Mr. HIGGINS of Louisiana. Mr. Speaker, I thank my colleague for
allowing us to address ``We, the people'' regarding this very important
topic.
Mr. Speaker, over the course of the past 500 days, this Congress has
worked with President Trump to pass historic tax cuts and regulatory
reform. As a result, this is the strongest economy we have seen in two
decades.
Many of my colleagues across the aisle, whom I respect, continue to
posture otherwise, ignoring the facts. They have dismissed our efforts
as crumbs, saying that tax cuts are Armageddon. But outside of this
Chamber, outside of the small bubble that is D.C., the real America
exists and real Americans who get it.
People concerned with earning an honest living and providing for
their families, because of tax reform, those families are seeing new
jobs created. They are seeing real wage growth. They are seeing new
investments in their communities.
Mr. Speaker, I travel throughout the district that I represent. I
speak directly to the citizens that I serve. In Lafayette, Abbeville,
New Iberia, Lake Charles, everywhere we go, there are real people
telling real stories about how tax cuts are improving their lives.
Americans that I represent, they have shared their stories about how
they are using their tax cut to pay bills, to save for retirement, or
to buy new school clothes for the kids. Small business owners across
south Louisiana have shared how they are expanding operations and
investing in their employees. That is the real impact on families in
Louisiana and across America.
This body spent months debating the merits of the Tax Cuts and Jobs
Act. I and many of my colleagues projected more jobs, more investment,
and a stronger economy. We were right. Those projections have become
reality: nearly 3 million new jobs since President Trump was elected; 1
million new jobs since we passed historic tax cuts; unemployment at its
lowest point in half a century; consumer confidence at a 17-year high;
small business optimism at an all-time high; and real GDP growth
projected at over 4 percent for 2018.
[[Page H4765]]
Let me share that I have read the Book of Revelation. This is no
Armageddon. This is a historically strong economy fueled by tax cuts
and regulatory reform.
Mr. Speaker, America is back. We are open for business, and Americans
will continue to benefit from the pro-growth conservative policies of
President Trump and this Republican Congress.
Mr. JOHNSON of Louisiana. Mr. Speaker, I thank the gentleman, and I
yield to the gentlewoman from Kansas (Ms. Jenkins).
Ms. JENKINS of Kansas. Mr. Speaker, I thank the gentleman for
yielding, and thank him for his leadership in leading this discussion
tonight.
Mr. Speaker, I come to the floor this evening to discuss the Tax Cuts
and Jobs Act. As a CPA, I knew that reforming our broken Tax Code would
make us competitive in a global economy and would lead us to jobs and
prosperity for the American people. I saw firsthand the old Tax Code
was a nightmare to comply with, adding excessive time for companies and
individuals alike to file.
{time} 1945
Doubling the standard deduction and streamlining the alternative
minimum tax are just two examples within the legislation to simplify
the taxpayer experience for millions of Americans.
Mr. Speaker, the rhetoric around here and in the press can get out of
hand at times, so let's take a look back at some of the biggest claims
about the bill and what the reality is.
One of the most common claims I have heard as a Representative from
Kansas was that this act was simply the Kansas tax plan on steroids,
but that was never the case. Where Kansas eliminated income taxes on
certain businesses, the Federal act simply reduced taxes on all
businesses at a comparable rate to other businesses. With the new
Federal rates, all businesses, regardless of size, continue to pay
Federal income taxes, just at a lower rate. In fact, the truth is,
instead of breaking the bank, thanks to this bill, the State of Kansas
is seeing new revenue to the tune of nearly $140 million or more a
year.
Mr. Speaker, another one of the most egregious claims was the Tax
Cuts and Jobs Act would raise taxes on the middle class. Not only was
this claim debunked by fact checkers, here is what the reality is in my
district.
A typical family of four in my district is seeing a Federal income
tax cut of just over $2,200. This is on top of bonuses paid and utility
companies, like Westar Energy and Kansas City Power and Light Company,
announcing they would lower utility rates as a result of this tax
reform.
Lastly, Mr. Speaker, there were claims made that companies would keep
the benefits of tax reform and not use it to grow jobs or wages. I
would like to share with you an example from my district, which sets
the record straight on this notion.
The Lawrence Paper Company, which employs hundreds of workers across
three locations in Kansas and Nebraska, has recently committed to
increasing their post-tax reform investment to $13 million in
equipment. The company's president attributes this increased investment
as a direct result of the lower taxes and favorable business climate
generated by the recently enacted tax reform.
Couple that fact with the same company's employees receiving hundreds
of large bonuses that went toward recovering holiday expenses, paying
down bills, or reinvesting in their local community, and my point is
even more clear.
Mr. Speaker, this legislation is putting more money in Kansans'
pockets and creating a system that allows our businesses to compete in
a global marketplace. I could not be more pleased that Kansans and
Kansas businesses are doing their part to get my State and the national
economy moving again.
Mr. JOHNSON of Louisiana. Mr. Speaker, I thank the gentlewoman for
her expertise and testimony.
Mr. Speaker, I yield to the gentleman from Arkansas (Mr. Crawford).
Mr. CRAWFORD. Mr. Speaker, it is my pleasure to speak this evening
about the positive effect the Tax Cuts and Jobs Act has had back in
Arkansas' First District. Major industries, businesses, and families
are already experiencing financial relief and enjoy having a few more
dollars in their pockets.
Agriculture is the number one industry in my district and in the
State, adding around $16 billion to the Arkansas economy each year.
Considering this, it was imperative that we pass a tax reform package
that brings relief to farmers and ensures the next generation will be
able to transition into the industry. The old adage that farmers die
land rich but cash poor presented a serious problem under the previous
estate tax exemption.
Farming families often struggled to pass the business from one
generation to the next. However, by doubling the estate tax exemption
in H.R. 1, we are able to bring much-needed support to farming families
as they cope with the loss of a loved one and a new generation takes
over the farm.
Businesses in my district have also experienced savings from the Tax
Cuts and Jobs Act that they passed along to their customers and
employees. Because of the lowered corporate tax rate, Entergy Arkansas,
which provides electricity to all of the counties in my district,
reduced rates for residential and business customers.
Ryder truck rental, which has locations in Jonesboro and Stuttgart,
provided a one-time bonus to eligible employees. In February, Walmart,
which has several locations throughout the State, increased the
starting wage rate for all employees to $11 an hour, expanded maternity
and parental leave benefits, and provided a one-time cash bonus to
eligible employees of up to $1,000.
Most important are the savings Arkansas families will see from taking
home more of their hard-earned paychecks. A middle-income family of
four in Arkansas will see a tax cut of $1,900. That is almost $2,000
extra to spend at businesses throughout the State. I am proud to go
home to my district and tell my constituents that I voted ``yes'' on
the Tax Cuts and Jobs Act because Arkansas farmers, businesses, and
families are already benefiting from this legislation.
Mr. JOHNSON of Louisiana. Mr. Speaker, I yield to the gentleman from
Arkansas (Mr. Hill).
Mr. HILL. Mr. Speaker, I thank my friend from Louisiana for the
opportunity to speak tonight in the House Chamber on what the benefits
of the Tax Cuts and Jobs Act has had across our country and,
particularly, in the Second Congressional District of Arkansas.
Like for most Americans, Arkansans are actively benefiting from the
Tax Cuts and Jobs Act, signed by President Trump at the end of last
year, through lower withholding rates--all Americans should check your
check and look at the difference in withholding this year versus last
year--a streamlined tax filing process, a doubled child tax credit, a
doubled standard deduction, Mr. Speaker, that now says 9 out of 10
Arkansans living in the Second District can file a simple tax reform
and not have to go through the paperwork of itemizing, and flexibility
in tax advantaged savings for their kid's education has expanded to K
through elementary and high school. This helps our families, Mr.
Speaker.
I hear numerous examples from Arkansans and business people across
the district of how they are seeing that benefit manifested besides the
changes in their paycheck.
My friend, Mr. Crawford, referenced Entergy Arkansas. All C corps
that are utilities in this country are required to share the benefits
of our tax cut directly with the households in their electricity bills
and their gas bills. Those rates are falling directly proportionate
with the reduction in tax cut rates to the point that Arkansans will
save about $20 a month on a typical electrical bill.
I had a woman write me just a few months ago, right after the law
passed, saying that she checked her check in February on withholding,
and she found that the change in withholding now paid for the health
insurance premium that she is covering for her daughter. These are not
crumbs, as alleged by certain leaders in Washington. These are dollars
our families get to spend in a way that benefits them.
A local banker in my district announced $500 bonuses for each of
their 800 employees, Mr. Speaker. That is
[[Page H4766]]
real money, in addition to the tax savings. That executive at the bank
said:
The tax reform has created the opportunity for us to reward
our employees who are working hard each day to both serve our
customers and enrich relationships in our communities.
Those are not crumbs, Mr. Speaker.
And to make a statement like calling you keeping more of your money
crumbs, that just shows you how out of touch some political leaders are
up here in the beltway.
Real families in Arkansas and across our country want to have more
income for our families. Our businesses want more money to invest
because if we invest money, we grow our companies faster. We add
employees, and we boost the GDP. We are part of that American Dream
that we are witnessing with the lowest unemployment rates in decades,
the highest optimism in decades.
Arkansans and Americans should know that House Republicans are
working hard on policies to complement the tax reform package to help
them keep more of what they earn.
I commend my colleagues for the work that we have done to bring
American families and businesses tax relief. For years to come, there
will be benefits from the Tax Cuts and Jobs Act. It was a long wait for
30 years to get this change, but it is reminiscent, back in 1963, of
President John Kennedy when he argued for tax cuts, stating the goal is
to achieve the most prosperous, expanding economy. Exactly right,
President Kennedy. House Republicans share that vision, and we have set
a foundation for communities across the country to reap the benefits of
their hard work and their contributions to our Nation.
These reforms are not only good for our families, they are necessary
for faster economic growth.
Mr. JOHNSON of Louisiana. Mr. Speaker, I yield to the gentleman from
Arkansas (Mr. Womack).
Mr. WOMACK. Mr. Speaker, I thank my friend and colleague from
Louisiana for hosting this very important discussion about the Tax Cuts
and Jobs Act. As has been mentioned many times in the last several
presentations, there is no question that the tax reform plan passed in
this Chamber and in the Senate and signed into law by President Trump
is working.
Because of the Tax Cuts and Jobs Act, the economy is taking a turn
for a brighter and much more prosperous future. Americans are getting
to keep more of their hard-earned paychecks. More jobs are being
created, and wages are on the rise.
Since tax reform was signed into law, the good news keeps coming for
hardworking Americans. American businesses are more empowered to invest
in their workforces, expand their operations, and simply give back to
their communities. In fact, more than 500 businesses, and counting,
have increased wages, improved employee benefits, or awarded bonuses.
In Arkansas, the impact is very tangible. My friend from the Second
District, French Hill, talked about what Entergy Arkansas has been able
to do by providing energy customers across our State with $466 million
in credits towards the cost of heating and cooling their homes.
Families in my district--Arkansas' Third--are seeing their taxes go
down by nearly $2,000 on average, and Third District companies are
benefiting Americans nationwide.
My friend from Arkansas, Mr. Crawford, talked about Walmart. Walmart
is headquartered in my district. It increased its starting hourly wage
to $11 for more than 1.5 million U.S. associates. The company also
expanded parental leave benefits, provided a one-time cash bonus for
eligible employees of up to $1,000, and is now empowering its employees
to obtain a college education. All of this made possible by something
as simple as allowing companies, businesses, and individuals to keep a
little more of their hard-earned money.
Tyson Foods in my district, America's market leader in protein
production, headquartered in Springdale, is also using this bill to
invest in its people. Tyson Foods provided a one-time bonus to more
than 100,000 team members of between $500 and $1,000.
So you can see, Mr. Speaker, thanks to tax reform, there is, indeed,
a greater optimism about the Nation's economic future.
This fact was confirmed by the Congressional Budget Office's annual
baseline, which echoed this apparent optimism. As a direct result of
the Tax Cuts and Jobs Act, CBO expects that employment will rise, wages
and income levels will increase, and potential output will grow. Now,
who can be opposed to that?
Even more good news. Unemployment, as has been mentioned, is at an
18-year low, and CBO expects businesses will continue to invest in the
economy and, over the next 11 years, create nearly 1 million new jobs.
Mr. Speaker, I was a proud supporter of the Tax Cuts and Jobs Act,
and I am proud of the benefits it has brought to the American people. I
look forward to witnessing its long-lasting benefits for America.
Mr. JOHNSON of Louisiana. Mr. Speaker, I yield to the gentleman from
Arkansas (Mr. Westerman).
Mr. WESTERMAN. Mr. Speaker, I thank the gentleman from Louisiana for
hosting this. Also, it is an honor to follow my three colleagues from
Arkansas.
Mr. Speaker, I rise today to speak about the benefits of the Tax Cuts
and Jobs Act, specifically in the Fourth District of Arkansas.
One of the greatest advantages that H.R. 1 provides residents of
Arkansas' Fourth District is an increased standard deduction of $12,000
for single filers and $24,000 for joint filers.
In my district, 81.5 percent of residents choose the standard
deduction when filing their taxes, and they will now be taxed on a
smaller portion of their income. In addition, the child tax credit has
been doubled to $2,000 and made partially refundable, a boost for low-
income families. Those who itemize their deductions will find most of
their previous options still available, including the interest
deduction for most mortgages, capital gains deductions, and deductions
for charitable contributions.
An overwhelming number of low- and middle-income Arkansans have
benefited from the first major tax reform in 36 years. At the same
time, these changes have simplified our complex tax laws and encouraged
businesses of all sizes to invest in their communities.
{time} 2000
Many have committed to increasing wages, paying bonuses to employees,
and reinvesting in American jobs and infrastructure, as my colleagues
have previously mentioned.
Businesses in Arkansas are thriving, and the biggest concern that I
hear right now are where do they find labor. We have got a low
unemployment rate and there is a huge competition for labor in my
district.
H.R. 1 also maintained the Federal historic tax credit that was
originally championed by Ronald Reagan. Cities, like my hometown of Hot
Springs, have relied on the historic tax credit to revitalize downtowns
and create jobs.
This tax credit has been used to refurbish, revitalize, and
reinvigorate properties and communities across the Fourth District of
Arkansas and across the country. This not only brings economic
prosperity back to these towns and back to these historic areas, but it
allows us to keep our history alive for future generations.
Passage of tax cuts and the continuation of the Historic Tax Credit
will continue to propel the economy of Arkansas and the country
forward. I am proud to have supported it and proud to stand up with my
colleagues from The Natural State and around the country to praise its
benefits.
Mr. JOHNSON of Louisiana. Mr. Speaker, I yield to the gentleman from
Iowa (Mr. Young).
Mr. YOUNG of Iowa. Mr. Speaker, I thank my colleague for putting this
together tonight.
Mr. Speaker, Iowa's economy is humming, paychecks are growing,
employers are hiring and investing, unemployment is low.
Not too long ago, during National Small Business Week, I visited with
the Urbandale Chamber of Commerce to talk about the benefits of the new
Tax Code. A small businessowner told me: ``When the new income tax
calculations came out, my employees all asked why their paychecks were
bigger.''
The businessowner told them it was because of the Tax Cuts and Jobs
Act. They thought there was a mistake.
[[Page H4767]]
But, no, this is real, and workers are feeling the benefits of the tax
relief law.
A constituent from the Des Moines metro area called the office one
day to share with us that his monthly income had gone up $300 because
of tax relief. That is real money to Iowans.
A resident of Council Bluffs shared he was receiving over $100 more
in each paycheck, which he and his wife are using to make their car
payments. It is helping Iowans.
A small brewery in Glenwood, Iowa, in Mills County called Keg Creek
is expanding their operations and investing in new equipment as they
grow.
A manager at Jethro's BBQ in western Des Moines said: ``Our employees
are bringing home more money. Everyone across the board is taking home
more money. I can't be more clear about that.''
He continued: ``It is helping the people that work for us.''
Mr. Speaker, the new tax law is helping people across the Third
District, throughout all of Iowa, and the country. We see this
reflected in data and we just heard it through testimonials.
Since the Tax Cuts and Jobs Act was passed, 1 million jobs, we have
heard, have been created; unemployment is at the lowest rate in 50
years; and for the first time in 17 years, two-thirds of Americans say
it is a good time to find a quality job.
Consumer confidence is the highest it has been in nearly 2 decades.
Compensation increases for workers at small businesses are at the
highest level in 20 years. Average hourly and weekly earnings are 3.4
percent higher than this time a year ago.
We hear the statistics, because the evidence is clear, and we hear
the voices of our constituents telling us this as well.
Our pro-growth policies, tax relief, and commonsense regulatory
reform are working. I look forward to seeing our economy continue to
grow and flourish and to see American workers and their families
continue to thrive.
Allowing workers to keep more of their hard-earned dollars is simply
the right thing. And when you do the right thing, good things happen.
Good things are happening in Iowa because of this tax relief.
Mr. JOHNSON of Louisiana. Mr. Speaker, I yield to the gentleman from
Kansas (Mr. Estes).
Mr. ESTES of Kansas. Mr. Speaker, I thank the gentleman, my friend
from Louisiana, for yielding.
Mr. Speaker, I rise today to discuss how the Tax Cuts and Jobs Act is
helping families and businesses in my home State of Kansas and
throughout our country.
Since Republicans in Congress and the President enacted tax reform,
400 companies have announced $4 billion in bonuses and investments,
impacting 4 million workers.
In my community, Spirit AeroSystems announced new investments in
training and technology. Fidelity Bank announced $1,500 bonuses for its
400 Wichita area employees. Cox Communications announced up to $2,000
bonuses for its 900 area employees.
Recently, small businessowner Bob Aldrich of railroad car parts
supplier, Wichita Railway Services, gave his employees $3,000 to $6,000
bonuses, the largest in the country, thanks to the new law.
In addition to the bonuses and the new jobs being created, 90 percent
of Americans began seeing more monthly take-home pay in February.
For Kansans, that meant a middle class family of four will see a tax
cut of nearly $2,300.
These numbers are not crumbs. No, they are not crumbs at all for
millions of families across the country. And despite those doomsday
predictions, the Tax Cuts and Jobs Act is already boosting our economy.
Just last week, the unemployment rate fell again to 3.8 percent, the
lowest in 18 years. And when families and businesses file next year
under the new Tax Code, hardworking Americans will keep even more of
their money.
In fact, Wichita tax accountant Archie Macias analyzed his clients'
2017 tax returns and found that approximately 95 percent of his clients
will pay less in taxes next year due to the new law.
These numbers are staggering. But behind all of these statistics are
people. Whether it is a small general aviation parts manufacturer in
Newton or a wheat farmer in Pratt, Kansans from all backgrounds and in
all sectors are seeing growth in our economy once again.
Republicans are delivering on our promise to cut taxes and cut
regulations, and I look forward to continuing our pro-growth agenda to
help American workers and their families.
Mr. JOHNSON of Louisiana. Mr. Speaker, I thank the gentleman and all
my colleagues who have participated tonight in this Special Order.
I have spoken quite a bit, we all have, about the national benefits
of tax reform, because I think the wage increases and the job creation
and the business investment and the consumer confidence should not be
ignored, and I am so grateful that has been highlighted tonight. But I
also want to talk about what tax reform means to our folks back home in
Louisiana and in my Fourth Congressional District.
The U.S. Chamber of Commerce predicted that enacting the Tax Cuts and
Jobs Act would lead to the creation of more than 13,000 jobs in
Louisiana and effectively give middle class families in our State a
raise of roughly $2,000. But I would like to highlight the benefits the
U.S. Chamber specifically predicted for my constituents in the 15
parishes, or counties as they are known everywhere else in the country,
in northwestern and west Louisiana. That is my district.
We have over 53,000 taxpayers in the Fourth District of Louisiana
that will be able to claim a larger child tax credit, just by one
example. The Tax Cuts and Jobs Act increased the child tax credit from
$1,000 per child to $1,600 per child.
Nearly 50,000 taxpayers in the Fourth Congressional District derive
their income from small businesses, and we know the Tax Cuts and Jobs
Act reduces taxes for small businessowners. Everyone ultimately will
benefit from that.
For small businessowners, tax reform implements a new, lower, 9
percent tax rate on the first $75,000 of net business income for owners
earning less than $150,000. Tax reform reduces taxes on small business
investment overall by creating a new 25 percent small business tax
rate.
Over 4,000 taxpayers that used to have to pay the alternative minimum
tax will no longer have to do that. The Tax Cuts and Jobs Act, as we
know, eliminated the AMT.
Even the stress that comes from filing taxes is now going to be
reduced. What used to take many, many hours for most Americans has now
been reduced substantially.
The Tax Cuts and Jobs Act doubled the standard deduction, meaning
that many taxpayers will have much simpler returns to fill out now
every year and could potentially even file their returns on a document
the size of a postcard. Yes, it is true.
And 6 months after enactment of the Tax Cuts and Jobs Act, the good
news just keeps coming in. We can scarcely keep up with all the happy
headlines that have come out of this. That is exactly what we hoped,
exactly what we predicted, and it is all coming to pass.
But rather than just talking about the sum of the benefits, I would
like to talk about a specific success story, because when we relate
this to real people and what it means to real, average, everyday,
hardworking Americans, that is where we understand the real benefit.
I want to talk about the success story of Canal Coffee shops, owned
and operated by Bossier City native Rodrick James.
Starting in 2016, Mr. James and Priscilla Mayfield opened their
anchor store in downtown Kinder, Louisiana, and quickly saw success in
the coffee shop and light lunch business model.
Remarkably, Mr. James built his business from the ground up without
taking a small business loan.
He expanded his business to include shops in Oberlin and Shreveport,
Louisiana. And now with the implementation of pro-growth policies, Mr.
James has announced that he plans to open a fourth and then a fifth
store in the very near future.
The self-described entrepreneur is anxious to make a difference, and
he said: ``The latest tax reform bill will definitely be good for me. I
am growing''--my business is growing--``and
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this tax relief will help me continue that growth.''
He continued: ``I pay my employees well already, but there is a lot I
can do to grow faster with the extra money.''
See, our district is full of small businessowners like Rodrick James.
They are working long hours. They are sacrificing. They are playing by
the rules. They are giving their all to achieve their own version of
the American Dream.
In fact, that is how we define the American Dream. If you are willing
to sacrifice, you are willing to work hard, you are willing to play by
the rules, you ought to be able to make a better life for yourself and
your family, for your children that come after you, and now we are
enabling that again.
This Congress has delivered a fairer, simpler Tax Code that has
allowed small businessowners, just like Rodrick, to keep more of their
hard-earned dollars and reinvest in their employees, businesses, and
community.
Mr. James served our Nation in the U.S. Army for 8 years before
becoming a businessowner, and now he strives to remain community-
focused. He has donated over $7,000 to students in our area, and as his
business continues to grow, we are certain he is going to continue to
sow those good seeds back into the community.
His story is truly inspiring. It embodies the essence of what it
means to be an American. I am proud to represent him and his business
right here in this Congress.
All around the Fourth District, throughout Louisiana, and every
corner of our great Nation, you can find remarkable people who share
Mr. James' experience. Their dreams, that they work hard every day to
achieve, can become even bigger with tax reform. This is a big thing
for the country.
As my colleagues have said and reiterated here tonight, Mr. Speaker,
America is back, and we are humbled to have been a part of it.
I am grateful to all my colleagues who participated in this Special
Order this evening. For all the reasons we have articulated, we just
want to highlight, once again, that this is an important and proud
moment for our Nation, and we are all truly grateful to have been a
part of this history.
Mr. Speaker, I yield back the balance of my time.
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