[Congressional Record Volume 164, Number 148 (Thursday, September 6, 2018)]
[House]
[Pages H7876-H7877]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             TAX REFORM 2.0

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Texas (Mr. Arrington) for 5 minutes.
  Mr. ARRINGTON. Mr. Speaker, in the short time since we have passed 
historic tax relief for the American people, we have already seen 
tremendous results.
  By putting in place pro-growth, free market policies, we have 
unleashed a booming economy with higher wages and more job 
opportunities. With over 6 million job openings, the unemployment rate 
at an 18-year low and small business optimism at a 34-year high, our 
country's economic future looks as bright as it has ever been.

[[Page H7877]]

  And thanks to tax cuts, 90 percent of Americans have seen an increase 
in take-home pay, with a family of four in my district keeping about 
$2,000 a year.
  Now, some people call that crumbs, people, I think, that are 
disconnected to working families and middle-income families, people who 
want to raise your taxes because they think Washington knows best when 
it comes to spending your money. They want to prop up failed 
government-controlled, top-down healthcare systems that have failed.
  West Texans know better than this, and they know that this is real 
cash in their pockets that will allow them to invest more in their 
future and in their family's future.
  The bottom line is this: tax reform is paying off in a big way for 
our families all across this great land; companies are giving bonuses, 
increasing benefits, and hiring new employees and providing workers 
with new opportunities, and most importantly, we are seeing optimism, 
optimism spread throughout this great land.
  In fact, tax reform has been so successful, that we want to keep 
building on it and keep the momentum going. That is why I am proud to 
support Tax Reform 2.0. I want to thank my friend and fellow Texan, 
chairman of the House Ways and Means Committee, Kevin Brady, for 
leading the charge.
  The central point of Tax Reform 2.0 is making tax relief for lower 
and middle income families and small businesses permanent.
  In the first round of tax reform, we cut taxes for individual and 
small business owners, doubled the standard deduction and doubled the 
child tax credit. However, under current law, these provisions and 
others are set to expire in 2025.
  We don't need to wait until the last minute to prevent Americans' 
taxes from going up. We can make tax relief permanent now, and that is 
where Tax Reform 2.0 comes in.
  According to the nonpartisan Tax Foundation, making this tax relief 
permanent will grow the GDP by another 2.2 percent, boost wages, and 
create over a million new jobs; this, on top, again, of the significant 
gains we have seen and experienced from the Tax Cuts and Jobs Act.
  Making tax cuts permanent would also allow Americans to plan more 
confidently for their future, whether that is putting more money away 
for their kids' colleges or setting more money aside for their 
retirement or a rainy day fund.
  A recent survey found that nearly 80 percent of Americans live 
paycheck to paycheck and 60 percent of Americans say they couldn't 
afford a $500 emergency. Remember, the folks in my district are keeping 
$2,000 a year because of the recent tax reform. Sixty percent of 
Americans say $500 would put them in a real bind.
  Making tax relief permanent is an essential opportunity for us, 
giving Americans the certainty that they deserve in making their 
financial decisions, and we in Congress can provide that certainty by 
delivering on Tax Reform 2.0.
  Mr. Speaker, currently our economy is growing at a record pace, and 
we need to keep the policies in place that allow job creators and 
businessowners of all kinds to keep their foot on the pedal.
  Our job creators are always thinking of ways they can be more 
innovative and competitive, and we in Congress would do well to have 
that same mentality. We must be proactive and constantly be revisiting 
our Tax Code and finding ways to improve it, to modernize it so we 
don't fall behind our foreign competitors.
  In order to encourage and reward the risk-taking, the invention, the 
entrepreneurship that has characterized the great American economy, Tax 
Reform 2.0 also expands on expensing for startup companies. By allowing 
new businesses to write off more of their initial costs, we can spur 
innovation and more job creation new businesses bring to this country 
and allow us to maintain our position as the economic envy of the 
world.
  Mr. Speaker, the first round of tax reform reflects the timeless 
truth that the American people know best how to spend their hard-earned 
money, better than politicians, better than government bureaucrats in 
Washington, D.C. By cutting the amount that government takes out of 
people's paychecks, people have more freedom and they have more 
resources to invest in their families, in their community, and in our 
economy.
  Tax Reform 2.0 would keep our economy growing and ensure America 
retains our entrepreneurial edge that has made us a magnet for 
innovation and the most prosperous, the most powerful, and the most 
generous country in all the world.
  Mr. Speaker, I am proud to support Tax Reform 2.0 and I encourage my 
colleagues to do so.

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