Proceedings, Debates of the U.S. Congress
TAX REFORM BILL AND GOVERNMENT REGULATION
(Senate - January 03, 2018)
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[Congressional Record Volume 164, Number 1 (Wednesday, January 3, 2018)] [Pages S16-S18] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] TAX REFORM BILL AND GOVERNMENT REGULATION Mr. INHOFE. Mr. President, I mentioned that there were three things I wanted to address for this new year. The third is tax reform. We are approaching 1 year under President Trump's administration, and we are already seeing the benefits of tax reform and cutting harmful regulations. The comprehensive tax reform legislation passed by Congress last month will allow American families to keep more of their hard-earned money--which we had been talking about for a long time--and it will make it easier for businesses to grow and hire more hardworking people. Already, businesses across the country--such as American Airlines, Southwest Air, Boeing, Comcast, Wells Fargo, AT&T, and Express Employment Professionals, headquartered in Oklahoma City, in my State of Oklahoma--have announced investments in their employees and businesses as a result of the tax bill. Clearly, the tax reform will compound the economic growth we have already seen as a result of President Trump's consistent efforts to cut regulations his first year. Following the severe economic recession of 2008 and uncertainty in the future, many companies had chosen not to invest in their business or their employees. During the Obama administration, Federal bureaucrats unleashed hundreds of regulations that increased the cost of doing business, stifling job creation, and the result was obvious. According to a report by the Heritage Foundation, by 2015 Obama's regulations were costing taxpayers over $100 billion a year. With these limitations on job creators, it is no surprise that the average GDP growth under President Obama was just a little over 1.5 percent--no matter that previously, throughout history, in the United States it has consistently been about 3 percent. In less than 1 year, by directing Federal agencies to delay, withdraw, or invalidate 1,600 planned regulatory actions, President Trump has done what President Obama was unable to do in 8 years; that is, to restore the confidence of the American business community. He did this by reversing the Obama regulations. I have one--in fact, I have [[Page S17]] taken the time to list these regulations that were putting people out of business. I ask unanimous consent to have printed in the Record a document entitled ``Congressional Review Act Resolutions Passed'' at the conclusion of my remarks. There are two ways you can get rid of regulations. One way is to do it through Executive actions. I think everyone knows what that is. The more difficult way is to do it through the Congressional Review Act Resolutions; that is, the CRAs. I was very proud of the first CRA that we were able to get passed. It was one that I introduced, and it was one that is very popular. It was a rule that was put in during the Obama administration that said that we were in competition with the domestic oil and gas companies with China or some other company, and we had to give to them how we put together our playbook, which would put the U.S. companies at a disadvantage. We did a CRA on that, and I was very proud to do that. I think people should look at these and realize the great results we had as a result of doing away with the overregulations. I have them listed here, and this is something people are not really aware of. On January 1, the New York Times even recognized the positive effect of the President's deregulatory agenda. This doesn't happen very often with the New York Times, but they reported on a new ``wave of optimism'' in American business. Listen to this. The ``Trump effect''--this is what the New York Times is calling it, very appropriately, I might add--``is beginning to translate to investment in new plants, equipment, and facility upgrades that bolster economic growth.'' This is from the New York Times. They continued by saying that with the lowest unemployment rate in 17 years, we are also seeing the ``Trump effect''--again, that is their term--on wages as businesses invest in their workforce by raising wages to keep attracting skilled employees. This week the Wall Street Journal reported that cities like Minneapolis have seen a 4-percent wage growth in the last year--the highest growth in 6 years. I am confident we are going to hear more success stories around the country. The proof is in the numbers. For the first two full quarters of the Trump administration, starting with the second quarter of 2017-- the ones he would have control over--we have increased the GDP growth to over 3 percent. That is pretty amazing--over 3 percent. This is from the average of 1\1/2\ percent. What is important about this is, for each 1 percent increase in economic activity, or the GDP, that translates into additional revenue coming into the government of about $3 trillion over a 10-year period. That is why, in the 1981 tax cut under Reagan, they started the year with the total revenue coming in to be $469 billion. But then, as a result of the tax reduction, the increased economic activity increased it to $750 billion. We actually increased our revenue by decreasing the individual rate. Finally, the made-in-America economy is running at full speed again. We have three huge success stories of the Trump administration: No. 1, eliminating the Obama overregulations to free up businesses and, No. 2, reestablishing America as a leader in the free world by reversing the Obama policy of appeasement. Hiram Mann said: ``No man survives when freedom fails, the best men rot in filthy jails, and those who cry `appease, appease' are hanging by those they tried to please.'' And No. 3 is tax reform--the first tax reform in three decades. With that, I want to say happy new year; 2018 is going to be great. There being no objection, the material was ordered to be printed in the Record, as follows: Congressional Review Act Resolutions Passed 1. SEC Rule requiring oil and gas companies to disclose their ``playbooks'' on how to win deals. Inhofe CRA--first signed since 2001. 2. Stream Buffer Zone rule that blocks coal mining. 3. Education rule mandating federal standards for evaluating teacher performance. 4. Education rule establishing national school board. 5. Interior rule that blocked Alaska-control of hunting & fishing. 6. Social Security rule that put seniors with ``representative payees'' on gun-ban list. 7. OSHA rule that changed paperwork violation statute of limitations from 6-months to 5-years. 8. Defense rule that blocked contractors from getting deals if suspected (not convicted) of employment- law violations. 9. Labor rule blocking drug-testing of unemployment beneficiaries. 10. BLM rule blocking oil and gas development on federal lands. 11. Federal Communications Commission rule that would have established 2nd regime of privacy rules in addition to Federal Trade Commission. 12. HHS rule that would make it easier for states to fund Planned Parenthood. 13. Department of Labor (DOL) rule forcing private sector employees onto government run retirement plans. 14. DOL rule allowing states to bypass protections on retirement plans. 15. CFPB Arbitration Rule. Note: the 15 CRAs are estimated to save the American taxpayers $3.7 billion. Inhofe's revoking SEC rule for oil and gas companies will save almost $1.3 billion. Trump Executive Actions 1. Regulatory reform: requires 2 regulations be repealed for each new regulation. 2. WOTUS: directs EPA to rescind Waters of the United States Act. 3. Energy: repeals clean power plan, other harmful regulations . . . ending War on Fossil Fuels. 4. Mexico City: reinstates ban of fed funds going to NGOs that do abortions. 5. Hiring Freeze: freezes federal hiring (exempted military). 6. Military: rebuilds military. 7. Approves Keystone XL pipeline. 8. Approves Dakota Access pipeline. 9. Permit Streamlining: expedites infrastructure and manufacturing project permits. 10. Immigration: 90 day suspension on visas for visitors from Syria, Iran, Libya, Somalia, Sudan, Yemen. 20 day suspension of U.S. Refugee Admission Program. 11. Sanctuary Cities: blocks federal Department of Justice grants to sanctuary cities. 12. Dodd-Frank: demands review of Dodd-Frank banking regulations and demanding roll-back. 13. Shrink government: directs federal agencies to reorganize to reduce waste and duplication. 14. Trade: evaluates policies to reduce trade deficit. 15. Opioids: fed task force to address opioid drug crisis. 16. Fiduciary rule: delays implementation of bad DOL rule. 17. Religious Liberty: Eases enforcement of Johnson Amendment and grants other protections for religious freedom. 18. Offshore drilling: revises Obama-era offshore drilling restrictions and orders a review of limits on drilling locations. 19. National Monuments: Directs a review of national monument designations. 20. Improves accountability and whistleblower protections for VA employees. 21. Affirms local control of school policies and examines Department of Ed regulations. 22. Reviews agricultural regulations. 23. Reviews use of H-1B visas. 24. Top-to-bottom audit of Executive Branch. 25. Moves Historically Black Colleges and Universities offices from Department of Ed to White House. 26. Obamacare: directs federal agencies to ease burdens of ACA. 27. Establishes American Technology Council. 28. Establishes office of Trade and Manufacturing Policy. 29. Identifies and reduces tax regulatory burdens. 30. ``Hire America, Buy America.'' 31. Establishes a collection and enforcement of antidumping and countervailing duties and violations of Trade and Customs laws. 32. Creates an order of succession within DOJ. 33. Revokes federal contracting executive orders. 34. Establishes Presidential Advisory Commission on Election Integrity. 35. Reforms education and workforce programs and expands apprenticeship opportunities. 36. Updates visa and foreign visitor implementation plans through DHS and State Department. 37. Strengthens cybersecurity for federal networks and critical information technology infrastructure. 38. Revives National Space Council. 39. Extends actions against Sudan to October. 40. Establishes presidential advisory council on infrastructure at Department of Commerce. 41. Strengthens domestic manufacturing and defense industrial base. 42. Issues additional streamlining and accountability in the environmental review and permitting process for all infrastructure projects--also revokes Obama flood risk management standard order. 43. Imposes new sanctions on Venezuela. 44. Revokes Obama order that prohibited state, local, and tribal law enforcement entities from accessing federal response equipment. 45. Prohibits acquisitions by China entities of a semiconductor company for national security reasons. 46. Trade: widens trade sanctions on North Korea. [[Page S18]] 47. Committees: continuing certain Federal Advisory Committees. 48. Revokes Obama order that created labor-management forums. 49. Promotes healthcare choice and competition across the United States. 50. Provides the Secretary of Defense additional authority to manage personnel requirements. 51. Resumes the United States Refugee Admissions Program with Enhanced Vetting Capabilities. Mr. INHOFE. I yield the floor. The PRESIDING OFFICER. The Senator from Massachusetts. ____________________