March 02,2018

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Tax Reform Gets Rave Reviews: What They’re Saying

Senators Praise Tax Reform as Benefits Hit Paychecks

Speaking at a U.S. Chamber of Commerce event earlier this week, Senate Finance Committee Chairman Orrin Hatch (R-Utah) pointed out that Americans are increasingly voicing support for the recent tax overhaul – and even critics of the new law are changing their tune as its benefits become more evident.

“[N]ow that people like Erin Parker, a high school teacher, whose husband owns a family business in San Antonio, Texas, are looking at what the reformed tax code means for their family, more independents are starting to realize the benefits of our work on tax reform,” Hatch said in his speech. “Heck, even a New York Times poll found that while only eight percent of self-identified Democrats supported the bill in December, that number has jumped to 19 percent in just two months. I mention these latest reports to demonstrate that once Americans actually started to see what the tax law does, they’ve started to support it.” 

Take a look at some of tax reform’s high-profile praise over the past week: 

Increasing American Competitiveness

“The new tax law has reduced the corporate tax rate from the highest in the industrialized world to slightly below the average for OECD countries. This, of course, means that, for anyone investing in the United States, the federal government will be taking a significantly smaller portion when profits start to be realized… Long story short: America is competitive again.” – Finance Committee Chairman Sen. Orrin Hatch, speaking at the U.S. Chamber of Commerce on Tuesday.

“We’ve all seen the national news: Walmart is giving raises or new benefits to more than a million hourly workers. Boeing is investing $300 million in workforce development and corporate giving. Apple is bringing hundreds of billions of dollars back to America. But no less important are the stories making front-page news in hometown newspapers across the country.” – Senate Majority Leader Mitch McConnell (R-KY), speaking on the Senate floor. 

Sparking Business Optimism

“Businesses and workers are experiencing the positive impact of these changes. This growing list above of Georgia companies is strong, indisputable evidence of the momentum they have created. Consumer confidence is at a 17-year high. CEO confidence is at a 20-year high.” – U.S. Sens. Johnny Isakson (R-Ga.) and David Perdue (R-Ga.), in an op-ed for the Atlanta Business Chronicle. 

“For too many years, hiring was sluggish and wages were stagnant due to unnecessarily high tax rates on businesses and individuals. That’s why it’s no surprise that the tax cuts have reignited the economy and created an optimism among business owners not seen in decades.” – U.S. Sen. Chuck Grassley (R-Iowa), in an op-ed for The Gazette

“During a recent TeleForum with NFIB/Nevada, roughly 9 in 10 Nevada business owners said they plan to take action that includes increasing workers’ wages and investing in their companies. However, not only are Nevadans already benefiting from bonuses and raises, Nevada’s job creators are hiring. Tax reform spurred developers for the once-stalled Fontainebleau, an uncompleted resort in Las Vegas, to resume construction. The project is expected to create about 10,000 new jobs in southern Nevada.” – U.S. Sen. Dean Heller (R-Nev.), in an op-ed for the Reno Gazette Journal. 

Expanding Workers’ Paychecks and Benefits

“Aside from the bonuses, higher wages, and expanded benefits, a majority of American workers will soon see an additional boost in their paycheck thanks to lower individual tax rates, too, which is why I’m confident the good news we’re hearing today is just the beginning.” – U.S. Sen. John Thune (R-South Dakota), in an op-ed for the Capital Journal

“Ohioans are also seeing the direct benefits of tax cuts in their paychecks. Last month, the IRS updated its withholding tables for employee paychecks. Ninety percent of Americans, and all middle-class income groups, are getting a tax cut. Starting this month, the proof is in the paycheck.” – U.S. Sen. Rob Portman (R-Ohio), in an op-ed for the Xenia Daily Gazette

“[T]he tax law is also working to help Americans keep more of their valuable time with loved ones. The “Tax Cuts and Jobs Act” contains a tax credit for employers to provide paid family and medical leave when employees need to address a serious health issue, care for an aging parent or bring home a new baby. It marks the first time for the United States to have a family leave policy that is paid.” – U.S. Sen. Roger Wicker (R-Miss.), in an op-ed for the Daily Journal.