Tax Reform

Floor Speech

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Mr. McCONNELL. Mr. President, now on one final matter, there is just one more week until the deadline for Americans to file our 2017 tax returns. It is not exactly a national holiday, but this year there is a silver lining. This April is the last time Americans will file taxes under the old, outdated Tax Code that is on its way out, thanks to historic tax reform.

A year from now, families will be filing under a simpler and fairer tax code that lets them keep more of what they have earned and send less to the IRS. They will benefit from a doubled standard deduction, from major expansions in key provisions like the child tax credit, and, of course, from significantly lower tax rates.

All told, the average family of four earning a median income of around $70,000 could see a tax cut of over $2,000. But let's remember, the American people do not need to wait until next year to start seeing the fruits of once-in-a-generation tax reform.

Job creators are already implementing plans to hire, expand, and invest in their American workers. Millions of workers have already received word of a tax reform bonus, permanent raise, or other new benefits, such as paid family leave policies or expanded retirement assistance. That includes thousands of employees of Southwire, a wire manufacturer that employs hundreds of Kentuckians at its location in Hawesville. For hard-working men and women at Southwire, tax reform means bonuses and expanded educational opportunities.

The benefits of our new 21st century Tax Code are certainly no secret. As Americans put the finishing touches on their tax returns under the old, outdated system for the last time, there is good news to look forward to, and there is good news that is actually already here.

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