[Congressional Record Volume 164, Number 103 (Wednesday, June 20, 2018)]
[Senate]
[Pages S4276-S4277]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               TAX REFORM

  Mr. RISCH. Mr. President, as you may know, I voted in favor of the 
Tax Cuts and Jobs Act that became law last year. Every day we are 
learning more about the positive impact this law is having on the 
economy and about average Americans having more money in their 
paychecks. While it is important to appreciate the effects that the tax 
law had on individuals, we should not forget that small businesses have 
benefited from the law as well. As chairman of the Senate Committee on 
Small Business and Entrepreneurship, I supported the legislation 
because I believed it would allow small business owners to invest in 
their businesses, increase overall economic growth, and reduce taxes 
for the millions of small businesses who employ the majority of 
Americans in every part of the country. I also saw the potential that 
the legislation would have, not just to give an economic boost to small 
businesses in my home State of Idaho, but to spark renewed confidence 
from small businesses across the country. A couple of weeks ago, I 
began this series of speeches to bring attention to small businesses 
that have benefited from this law.
  While there are many stories about small businesses benefitting from 
tax reform, I rise today to talk about Dempsey Wood Products in 
Orangeburg, SC. Dempsey Wood Products offers a wide variety of high-
quality pine and hardwood products to its customers. The company serves 
many different industries with kiln-dried lumber for the housing 
industry, pallet stock for pallet manufacturers, debarked chips for the 
paper industry,

[[Page S4277]]

mulch for landscapers, and sawdust for alternative fuel use. The 
company employs about 80 to 100 workers and has an extensive sawmill 
and dry kiln operation. Ronny Dempsey started the company in 1988 and 
has spent all of his life around the lumber industry. His father, 
Charles Parker Dempsey, worked in various sawmills over the course of 
his career and eventually was the coowner of a sawmill that he later 
sold. Today Parker Dempsey, a third-generation sawmill operator, has 
taken over as president, though his father, Ronny, is still by his side 
as vice president of the company.
  This family-owned small business has already benefitted greatly from 
the tax law that was passed last year. They have announced plans to 
upgrade their sawmill, purchase a new dry kiln, and invest in a new 
planer mill over the next 5 years. They expect the capital expenditure 
to total $7 million and estimate that they could add a second shift in 
the near future, thereby creating new jobs in the Orangeburg community. 
These investments were viable for the company due to the accelerated 
depreciation provisions contained in the Tax Cuts and Jobs Act. This 
section of the law allows companies to deduct the value of any new 
equipment purchased in a single year, instead of over several years. 
Tax reform has had a material impact on small businesses like Dempsey 
Wood Products and their employees. Overall, the new law has increased 
small businesses' confidence, employee bonuses and wages, while 
lowering taxes and spurring new capital investment.

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