[Congressional Record Volume 165, Number 71 (Wednesday, May 1, 2019)]
[Senate]
[Pages S2534-S2535]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
Tax Reform
Mr. THUNE. Mr. President, last week we got the first estimate of
economic growth for the first quarter of 2019, and the news was
excellent. The economy grew at a robust 3.2 percent in the first
quarter of 2019, smashing expectations. The news is particularly
notable because the first quarter of the year is typically regarded as
a weak quarter for growth.
Then, this morning, CNBC reported that 275,000 jobs were created in
April--also, far exceeding expectations.
And of course these are just the latest pieces of good news about the
economy. The economy is thriving, unemployment is low, job creation is
up, personal income is up, wages are up, business investment is up, and
much more.
How did we get here? Well, just a couple of years ago, our economy
was struggling. Some experts were predicting that weak growth would be
the new normal and the economic progress we have made over the past 2
years wasn't supposed to happen.
At the beginning of 2017, the Congressional Budget Office projected
growth of 2.3 percent for 2017, 2 percent for 2018, and just 1.7
percent for 2019.
Actual growth, of course, exceeded those numbers: 2.5 percent for
2017, 3 percent for 2018--a full percentage point higher than the CBO's
projection--and 2019 is clearly off to a great start.
So, again, how did we get here? Well, after President Trump was
elected and Republicans took office, we set out to do something about
the economy. We knew that Americans were struggling. Recovery from the
great recession was long and slow, wages were stagnant, and too many
families were living paycheck to paycheck. American families needed
relief, and Republicans were committed to giving it to them. That meant
getting our economy going again.
If the economy isn't thriving, then, American families aren't
thriving. You need a strong economy to produce the kinds of jobs,
wages, and opportunities that American workers need to flourish.
So we got right to work trimming some of the burdensome regulations
that were acting as a drag on economic growth, and we made it clear to
businesses that we were committed to creating the conditions that would
allow them to create new jobs and opportunities for American workers.
But we knew that while cutting oppressive regulations was important,
more needed to be done. So at the end of 2017, we passed a historic
reform of our outdated Tax Code. We lowered tax rates for businesses,
expanded business owners' ability to invest in their operations and
their workers, and made American businesses more competitive in the
global economy.
Now we are seeing the results: a thriving economy that is producing
good jobs, better wages and benefits, and more opportunities for
American workers.
Importantly, the benefits of this economic growth are being spread
far and wide. In March, the Wall Street Journal noted:
All sorts of people who have previously had trouble landing
a job are now finding work. Racial minorities, those with
less education and people working in the lowest-paying jobs
are getting bigger pay raises and, in many cases,
experiencing the lowest unemployment rate ever recorded for
their groups. They are joining manufacturing workers, women
in their prime working years, Americans with disabilities and
those with criminal records, among others, in finding
improved job prospects after years of disappointment.
That, again, is from the Wall Street Journal.
Getting our economy going again was a huge part of tax reform. We
wanted to make life better for American workers, and we knew that a
strong economy was the only way to create prosperity for Americans. We
wanted to make life better for American workers, and we wanted to make
sure that their families and the employees in the workplace all
participated in a stronger economy. So we focused on creating the
conditions for economic growth.
But that is not all we did with tax reform. We also cut individual
tax rates across the board, we doubled the child tax credit, and we
nearly doubled the standard deduction. Thanks to the Tax Cuts and Jobs
Act, the average family
[[Page S2535]]
of four received a tax cut of more than $2,000 in 2018.
We also made it easier for millions of Americans to file their taxes
by reducing the need to itemize. In addition to promoting economic
growth generally, we created opportunity zones to focus specifically on
helping to revitalize distressed communities. Championed by Senator
Scott, the opportunities zones provisions of the Tax Cuts and Jobs Act
provide incentives for long-term investment in low-income communities,
with the goal of creating new jobs and economic opportunity for local
residents.
We also took action to provide additional support to families by
creating an incentive for employers to offer paid family leave to their
workers.
Two-plus years ago, Republicans in Congress and the President set out
with one goal in mind--to make life better for American families. I am
proud that tax reform has expanded opportunity for Americans and made
life easier for families, and we are not stopping here.
Republicans will keep working to ensure that the economic growth that
we are experiencing continues and that every American has access to a
secure and a prosperous future.
I yield the floor.
I suggest the absence of a quorum.
The ACTING PRESIDENT pro tempore. The clerk will call the roll.
The senior assistant legislative clerk proceeded to call the roll.
Mr. SCOTT of Florida. Mr. President, I ask unanimous consent that the
order for the quorum call be rescinded.
The ACTING PRESIDENT pro tempore. Without objection, it is so
ordered.