Providing for Congressional Disapproval of A Rule Submitted By Bureau of Consumer Financial Protection

Floor Speech

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Mr. THUNE. Mr. President, today is tax day, not typically a day of celebration for anyone, with maybe the exception of the IRS. But this year there is--believe it or not--something to celebrate because tax day 2018 marks the end of the old tax system.

Next year, Americans will be filling out their taxes under the new tax system that was created by the Tax Cuts and Jobs Act. That means that they will be paying less in taxes and keeping more of their hard- earned money.

If anything became clear during the last election cycle, it was that the economy was not working well for American families. In CNN exit polling, 62 percent of voters rated the economy as poor, and that wasn't surprising. The Obama administration was tough for American workers. Job creation was sluggish, wages were stagnant, and economic growth lagged far behind the pace of other recoveries. Opportunities for workers were few and far between. It is no wonder that so many hard-working Americans felt like they had been left behind.

Republicans were listening, and one of our top priorities in this Congress has been improving the economic outlook for the American people, which is why last fall we took up tax reform.

The Tax Code may not be the first thing people think of when they think of economic prosperity, but it actually plays a key role in determining the success of individual families and of our economy as a whole. The more money the Federal Government takes from you in taxes, the less money you have to pay bills or to buy a house or repair your car or save for retirement. The more money a business has to give to the Federal Government, the less money it has to grow the business and to invest in its workers.

So when it came time to draft a tax bill, Republicans had two goals. First, we wanted to put more money in the pockets of hard-working Americans right away. Second, we wanted to create the kind of economy that would give Americans access to economic security over the long term.

Now, I am proud to report that the Tax Cuts and Jobs Act has already achieved the first goal and is well on its way to achieving the second. To put more money in Americans' pockets, we lowered tax rates across the board and nearly doubled the standard deduction--the amount of Americans' income that is automatically free from taxation.

We also acted to provide relief for parents, who are doing the hard work of raising the next generation, by doubling the child tax credit and allowing more parents to claim the credit. We eliminated the individual mandate tax, which disproportionately hit low-income families. We also made sure to protect key retirement savings plans-- 401(k)s and individual retirement accounts--and we improved education savings accounts, allowing families to use their 529 plans to save for elementary and secondary as well as higher education.

Thanks to the IRS's new withholding tables and its new withholding calculator, Americans have already started seeing the new tax relief in their paychecks.

For a lot of Americans, that is not all they are seeing in their paychecks. A lot of Americans are also seeing pay increases or bonuses thanks to the Tax Cuts and Jobs Act.

That brings me to our second reform goal, which was creating the kind of economy that would give Americans access to economic security and prosperity for the long term. We knew that the only way to give Americans access to real long-term economic security was to ensure that they had access to good jobs, good wages, and real opportunities. We knew that the only way to guarantee access to good jobs, wages, and opportunities was to make sure that businesses had the ability to create and maintain them.

But before the Tax Cuts and Jobs Act, our Tax Code wasn't helping businesses to create jobs or to increase opportunities for workers. In fact, it was doing the opposite, and that had real consequences for American workers.

A small business owner struggling to afford the hefty annual tax bill for her business was highly unlikely to be able to hire a new worker or to raise wages. A larger business struggling to stay competitive in the global marketplace while paying a substantially higher tax rate than its foreign competitors too often had limited funds to expand or increase investment here in the United States.

So when it came time for tax reform, we set out to improve the playing field for American workers by improving the playing field for businesses as well. To accomplish that, we lowered tax rates across the board for owners of small and medium-sized businesses and farms and ranches. We lowered our Nation's massive corporate tax rate which, up until January 1, was the highest corporate tax rate in the developed world. We expanded business owners' ability to recover investments they make in their businesses, which frees up cash they can reinvest in their operations and their workers.

We brought the U.S. international tax system into the 21st century by replacing our outdated worldwide system with a modernized territorial tax system so that American businesses are not operating at a disadvantage relative to their foreign competitors.

The goal in all of this was to free up businesses to increase investments in the U.S. economy, to hire new workers, and to increase wages and benefits, and that is exactly what they are doing.

In response to the Tax Cuts and Jobs Act, more than 500 companies across this country, and counting, have announced good news for American workers. Company after company has announced pay raises, bonuses, 401(k) match increases, and other benefits.

Others are expanding their businesses and investing in new equipment and facilities. Still others are passing tax savings on to their customers in the form of things like utility rate cuts. That means more money for Americans now and more money for Americans in the future.

Tax day may never be a fun day, but Americans can take heart because thanks to the Tax Cuts and Jobs Act, next year's tax day is going to be a lot less painful.

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