December 17, 2019 - Issue: Vol. 165, No. 204 — Daily Edition116th Congress (2019 - 2020) - 1st Session

[Pages S7076-S7077]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         TAX CUTS AND JOBS ACT

  Mr. THUNE. Madam President, December 22 will mark an anniversary, the 
second anniversary of the signing of the Tax Cuts and Jobs Act. Tax 
reform was a big priority for Republicans. We wanted to help American 
families by reducing their tax burden and spurring the kind of economic 
growth that would result in better jobs and better wages.
  At the end of 2017, we passed the Tax Cuts and Jobs Act. We cut tax 
rates for American families, doubled the child tax credit, and nearly 
doubled the standard deduction. We lowered tax rates across the board 
for owners of small and medium-sized businesses, farms and ranches. We 
expanded business owners' ability to recover the cost of investments 
made in their businesses, which frees up cash they can reinvest into 
operations and their workers, and we lowered our Nation's massive 
corporate tax rate, which up until January 1 of 2018 was the highest 
corporate tax rate in the developed world,

[[Page S7077]]

and we brought the U.S. international tax system into the 21st century 
so American businesses are not operating at a competitive disadvantage 
next to their foreign counterparts.
  Over the last 2 years, tax reform has done exactly what we intended. 
It has allowed American families to keep more of their hard-earned 
money, and it has helped spur wage growth and increase the availability 
of good jobs for American workers.
  For 2018, the average family of four with an income of $75,000 saw a 
tax cut of more than $2,000. On top of that, company after company 
responded to the Tax Cuts and Jobs Act by issuing bonuses, improving 
benefits, or increasing wages. At least 100 utility companies around 
the country announced plans to cut utility rates for consumers.
  Then, of course, there is the economic growth that the law has 
spurred. A whopping 266,000 jobs were created in November, smashing 
expectations and bringing the average monthly job creation for 2019 to 
a strong 180,000 jobs per month. Job creation since President Trump was 
elected has exceeded the Congressional Budget Office's 2016 preelection 
prediction by more than 5 million jobs. The unemployment rate is at a 
50-year low and has been at or below 4 percent for an incredible 21 
straight months. The year 2019 has also seen record-low unemployment 
rates for African Americans, Asian Americans, Hispanic Americans, 
Americans with a disability, Americans without a high school diploma, 
and veterans. For 20 straight months, there have been more jobs 
available than Americans looking for work.
  Meanwhile, wages for American workers are growing steadily. Wage 
growth has been at or above 3 percent for 16 straight months. Before 
the start of this streak, the last time wage growth had reached 3 
percent was more than a decade ago. Income inequality has declined. The 
poverty rate has fallen to a 17-year low. The list goes on.
  Those are a lot of numbers and percentages, but they all boil down to 
one thing, and that is that American families are doing better. Thanks 
to Republican economic policies, fewer Americans are having to choose 
between a car repair and a doctor's bill. More Americans are able to 
put away money each month for their retirement or their children's 
education. There are more good jobs available for Americans looking for 
work.
  Of course, there is still more work to be done. Our farm economy, for 
example, is not doing as well as the economy as a whole. Passing 
policies that will bring relief to our farmers and ranchers and expand 
markets for their products is a priority of mine.
  But 2 years on from the Tax Cuts and Jobs Act, we can celebrate the 
fact that millions of American families are bringing home more money in 
their paychecks and have access to better jobs and better 
opportunities. Preserving and building on those accomplishments is a 
Republican priority.
  Unfortunately, our Democratic colleagues are more likely to suggest 
tax hikes than preserving the tax cuts that have brought so much 
economic progress over the past couple of years. Democrats opposed the 
Tax Cuts and Jobs Act, despite the fact that many of the ideas included 
were the product of both Republican and Democratic proposals. They 
objected to it, and they fought it because they were determined not to 
work with this President.
  Two years on, Democrats would still like to pretend the Tax Cuts and 
Jobs Act didn't help American families, despite the reams of statistics 
on the economic progress we have made and the fact that an estimated 90 
percent of middle-class families received a tax cut. After all, if 
Democrats acknowledged that tax cuts have made life better for 
families, it would be even harder for them to defend the massive 
middle-class hikes that would be needed to fund their socialist 
proposals like Medicare for All and the Green New Deal. It is 
unfortunate the Democrats are so opposed to policies that have made 
life better for millions of Americans.
  I am proud of all we have achieved for American families with the Tax 
Cuts and Jobs Act. I will continue to work with my colleagues to keep 
our economy growing and to expand opportunities for Americans even 
further.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. THUNE. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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