April 10, 2019 - Issue: Vol. 165, No. 62 — Daily Edition116th Congress (2019 - 2020) - 1st Session

[Pages S2351-S2352]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Tax Reform

  Mr. THUNE. Mr. President, tax day is not anyone's favorite day, but 
thanks to the Tax Cuts and Jobs Act, millions of American families are 
facing a less painful tax bill this year. They are also seeing a lot of 
economic opportunity.
  When Republicans took office after President Trump's election, we 
were determined to make things better for American families. Under the 
Obama administration, the economy had stagnated, wages barely grew, job 
growth was weak, business investment growth was low.
  Republicans knew that if we wanted to make life better for families, 
we had to turn that around. American families can't thrive if the 
economy isn't thriving. You need a strong, growing economy to give 
Americans access to good wages, good jobs, and real opportunities.
  So we got right to work. We repealed burdensome regulations that were 
acting as a drag on economic growth, and we passed a comprehensive 
reform of our Nation's outdated Tax Code.
  Why the Tax Code? Well, the Tax Code has a huge effect on our 
economy. A small business owner facing a huge tax bill is unlikely to 
be able to expand her business or to hire a new employee. In fact, if 
her tax burden is heavy enough, she may not even be able to keep her 
business open.
  Similarly, a large business is going to find it pretty hard to create 
jobs or improve benefits for employees if it is struggling to stay 
competitive against foreign businesses that are paying much less in 
taxes.
  Prior to the passage of the Tax Cuts and Jobs Act, our Tax Code was 
not helping our economy. In fact, it was doing the opposite, and so we 
made reforming our Tax Code a priority.
  Our goal with the Tax Cuts and Jobs Act was twofold: put more money 
in Americans' pockets immediately and get the economy going again to 
give Americans access to good jobs, good wages, and opportunities for 
the long term, and that is exactly what we did. To put more money in 
Americans' pockets right away, we cut tax rates for American families, 
doubled the child tax credit, and nearly doubled the standard 
deduction, and now families are seeing the effects.
  The liberal Tax Policy Center reports that under the Tax Cuts and 
Jobs Act, 90 percent of middle-class families are seeing a tax cut. For 
2018, the typical family of four saw a tax break of more than $2,000. 
That is more money every month to put toward a family vacation, a home 
or car repair, or a kid's braces, or to tuck away in savings for a 
rainy day.
  That is not all. As I said earlier, families aren't just seeing a 
lower tax bill; they are also seeing more economic opportunity thanks 
to the economic growth spurred by the Tax Cuts and Jobs Act.
  The Tax Cuts and Jobs Act lowered tax rates across the board for 
owners of small- and medium-size businesses, farms, and ranches. It 
lowered our Nation's massive corporate tax rate, which up until January 
1 of last year was the highest corporate tax rate in the developed 
world. It expanded business owners' ability to recover the cost of 
investments they make in their businesses, which frees up cash they can 
reinvest in their operations and in their workers. It brought the U.S. 
international tax system into the 21st century so that American 
businesses are not operating at a competitive disadvantage relative to 
their foreign counterparts.

  Those measures have done exactly what they were supposed to do: Get 
our economy going again. Economic growth is up. Job creation is up. 
Wages are up. Personal income is up. Business investment is up. 
Unemployment is down.
  Since tax reform was enacted, job growth has averaged 215,000 jobs 
per month. That is almost twice--almost twice--the monthly average 
during the Obama administration.
  In 2018, for the first time ever, the number of jobs outnumbered the 
number of jobseekers; 2018 was the first time ever.
  The Department of Labor reports that the number of jobs available has 
now exceeded the number of those looking for work for 12 straight 
months. Unemployment has now been at or below 4 percent for 13 months. 
In the last week of March, the number of jobless claims hit its lowest 
level in 50 years.
  U.S. manufacturing, which saw thousands of job losses during the 
Obama years, is booming. Since tax reform was passed 15 months ago, the 
manufacturing industry has added thousands of jobs.
  Wages have been growing at or above 3 percent for 8 straight months. 
Since

[[Page S2352]]

wages are growing faster than inflation, that is translating to a real 
increase in purchasing power for American consumers.
  Business investment is up. Since the passage of tax reform, business 
investment growth has averaged 7 percent, almost twice--almost twice--
what it averaged during the Obama administration.
  What do all of these numbers mean? They mean more and better jobs for 
jobseekers. They mean more money in your paycheck to spend or save for 
the future. They mean more and better opportunities to advance in your 
career.
  Thanks to tax reform, more families can afford to pay that 
orthodontist bill and still save some money for a family vacation. More 
families can afford to cover that unexpected car repair or plumber's 
bill. More families can afford to put a little extra away each month 
for the kids' education or for their retirement.
  I am proud that tax reform is making life better for American 
families. Republicans will continue working to secure the gains that we 
have made for the long term and to expand opportunities for hard-
working Americans even further.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. SCHUMER. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.