[Congressional Record (Bound Edition), Volume 163 (2017), Part 14]
[Senate]
[Page 20086]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         TAX CUTS AND JOBS BILL

  Mr. McCONNELL. Mr. President, on a different matter entirely, the 
Senate has a number of important tasks to complete this week for the 
American people. On Friday we took another significant step toward 
delivering major tax relief for middle-class families and small 
businesses when the House and Senate conference committee released the 
final text of the Tax Cuts and Jobs Act. We are closer than ever to 
seizing this once-in-a-generation opportunity to update our Tax Code, 
to make America stronger, and to help middle-class families keep more 
of their hard-earned money.
  The last decade has not been easy for middle-class Americans. 
Families, like many I represent in Kentucky, were hit hard by the great 
recession. Many continue to feel its effects. But too often, instead of 
helping people get back on their feet, Washington has been an obstacle. 
Our broken and outdated Tax Code lets the government take too much 
money out of Americans' paychecks. The Obama administration's runaway 
regulations slowed job growth and destroyed opportunities just when 
people needed them most.
  Help is on the way. The Tax Cuts and Jobs Act is a major step toward 
a stronger, more prosperous America with higher wages, higher take-home 
pay, more jobs, and better opportunities for middle-class Americans. 
First and foremost, the bill provides immediate relief by letting 
Americans keep more of their paychecks. A typical family of four 
earning the median family income will get a tax cut of more than 
$2,000. We are taking that money out of Washington's pocket and putting 
it right back into theirs. By modernizing the way we tax businesses, we 
will make America a better place to invest, start small businesses, and 
create middle-class jobs.
  Our tax bill will make it less attractive for American businesses to 
send jobs and investments overseas and more attractive to expand and 
invest here at home. That is why American manufacturers say they are 
excited about this bill and plan to hire new workers, while Chinese 
officials say it has them worried.
  The conference report will also repeal the punitive individual 
mandate tax at the heart of ObamaCare. Under ObamaCare, Americans must 
either buy the kind of health insurance that Washington thinks they 
should buy or pay a heavy tax penalty. By repealing this unfair 
penalty, the Tax Cuts and Jobs Act will give low- and middle-class 
families even more tax relief, along with the flexibility to make their 
own healthcare decisions. The bill will also strengthen America's 
future by enhancing our energy independence.
  The Tax Cuts and Jobs Act provides for further responsible 
development of Alaska's oil and gas potential. Unleashing more of our 
own natural resources will create good jobs and improve America's 
energy security. The historic accomplishments in the Tax Cuts and Jobs 
Act will bring immediate relief to struggling families and set America 
on a trajectory toward greater strength and prosperity.
  I commend the conferees--especially Chairman Hatch, Chairman 
Murkowski, and Chairman Enzi--for their work to help finalize the 
conference report. I look forward to voting for its passage, and I urge 
all of our colleagues to join me in voting to give the American 
families the relief they need and richly deserve.

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