Our Once-In-A-Generation Opportunity to Overhaul Our Complex Tax Code

‘We want to help families plan for their future. We want to get the economy going again and growing again. Most of all, we want to take more money out of Washington’s pockets, and put more money in the pockets of the middle class.’

 

WASHINGTON, D.C. Senate Majority Leader Mitch McConnell (R-KY) made the following remarks on the Senate floor regarding the Tax Cuts and Jobs Act:

Our complex tax code is in desperate need of reform, and we now have a once-in-a-generation opportunity to overhaul it. We all want an economy that reaches for its full potential again. We all want to support small businesses and the middle class. Tax reform represents the single most important action we can take today to advance goals like these.

“I’ve heard from many Kentuckians calling out for relief from our outdated and burdensome tax code. Listen to this small business owner from Murray, Kentucky, who wrote to my office about his struggles under our current tax code.

“‘I am writing to stress the importance on tax reform for small business,’ he wrote. ‘As a small business owner, I have been saddle[d] with tax burdens since I began my business over 8 years ago.’ ‘Tax reform for small business and families need[s] to be done immediately,’ he continued, so “we can have some economic hope once again.’

“Small businesses just like this one are calling out for relief. So are families. So are middle-class workers across the country. Instead of better opportunities, our tax code gives them a complicated web of schedules, deductions, and regulations — a byzantine system that’s easy for the wealthy and well-connected to exploit, and impossible for almost anyone else to understand. It’s time for a system that actually helps the middle class succeed and actually encourages small businesses to grow, invest and hire.

“We want to help families plan for their future. We want to get the economy going again and growing again. Most of all, we want to take more money out of Washington’s pockets, and put more money in the pockets of the middle class. To accomplish these goals, both the House and the Senate are continuing to move forward to deliver tax relief. Yesterday, the House Ways and Means Committee completed its first day of discussing the House legislative proposal unveiled last week. That bill, the Tax Cuts and Jobs Act, builds upon the Unified Tax Reform Framework and reflects goals shared by President Trump, Republicans in the House, and our conference in the Senate – priorities shared by Americans of both parties across the country. 

“Later this morning, a group of Senators, administration officials, and tax reform advocates will highlight the benefits of relief for families, small businesses and the American economy. They’ll share their constituents’ calls for tax reform.  As they do, the Senate Finance Committee will continue its work on this important issue too. Chairman Hatch will continue to lead the committee through an open process, giving members the opportunity to provide their input, offer amendments, and work together to take another big step forward.

“I am grateful for the work of both Chairman Brady and Chairman Hatch to get us to this point. We still have a lot of work to do, but we are committed to passing tax reform to help our nation’s economy reach its full potential.”