[Congressional Record Volume 164, Number 102 (Tuesday, June 19, 2018)]
[Senate]
[Page S4012]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. McCONNELL. On another matter, Madam President, yesterday Gallup 
reported that the percentage of Americans who are satisfied with the 
way things are going in our country is as high as it has been since 
2005. That is a nearly 13-year high. It is no wonder, with an ongoing 
economic expansion creating jobs across the Nation and our unemployment 
rate at its lowest level since the year 2000. Consumers are confident. 
Manufacturers are confident. Small businesses are optimistic.
  As I have said many times, Washington doesn't deserve all the credit 
for this. The government does not create prosperity. American workers 
and job creators do. But public policy does set the stage. Bad policy 
can make job creation, wage growth, and capital investment much more 
difficult. Good policy can make these things easier. Take the historic 
tax reform that Republicans passed just last year.
  In addition to immediate tax relief for middle-class families and 
small businesses, we also sought to improve our long-term foundation by 
making America a more attractive place to start a business, expand a 
business, and invest for the future. That is why tax reform allowed for 
full and immediate expensing of capital investments and made corporate 
rates more competitive. We are starting to see signs that businesses, 
large and small, are taking notice.
  A few weeks ago, the Wall Street Journal reported that ``U.S. 
companies are ramping up spending on their businesses at the fastest 
pace in years.'' One recent analysis projected that the S&P 500 
businesses' spending on new factories, equipment, and other capital 
investments in the first quarter of 2018 would be nearly 25 percent 
more than they spent in the first quarter of just last year.
  What about small business? Just a few weeks ago, a leading industry 
survey showed 62 percent of owners reporting recent capital outlays, on 
the heels of the most positive sales trends since 1995.
  Major, business-changing equipment is being purchased. Ribbons are 
being cut on new facilities. The long-term foundations for a stronger 
economy are literally being poured. Republicans are proud that we 
helped make this happen. We are getting Washington out of the way so 
American prosperity can take flight.

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