Great Impact of Tax Reform

Floor Speech

BREAK IN TRANSCRIPT

Mr. COMER. Mr. Speaker, many Members have gathered in recent months to remind the American people about the great impact the Tax Cuts and Jobs Act is having on individuals, families, and our economy. I join with them today to reiterate that reminder and reflect on the accomplishments of tax reform.

We kept our promise to deliver on tax reform, and with new legislation in place, we are finally creating an environment that fosters growth in our job market, brings jobs back to the U.S., and supports companies that want to compete globally.

Under the new tax law, the typical family of four in the First District of Kentucky will see an average tax cut of over $1,700. Some people look at these cuts as nothing more than crumbs, which is unfortunate. A resident of Scottsville, Kentucky, shared with me that she plans to use her crumbs, as some in Congress like to call it, to put toward remodeling her house, updating appliances, and even helping her daughter and son-in-law remodel their home. The new tax law lowers tax rates on American businesses to help grow jobs, increases wages, and promotes economic growth here at home.

Until this legislation was passed, the United States had nearly the highest corporate tax rate in the world, making U.S. businesses uncompetitive, stunting economic growth, and sending jobs and profits overseas. Now many businesses across the U.S. are demonstrating how a lower tax rate helps boost business and the workforce.

One story of success from my district comes from Casey Jones Distillery in Hopkinsville, Kentucky. Miss Peg Jones, who works at the distillery, stated that they have already made plans to reinvest in the distillery for new space, employees, production, and barreling. This is all made possible by craft beverage modernization provisions in the tax bill which reduce taxes across the board, especially for small distilleries like Casey Jones.

Computer Services, Inc., or CSI, out of Paducah, Kentucky, which provides financial technology solutions, has acknowledged the positive effects of a reduced corporate tax rate, which has allowed them to reinvest in their employees in the form of bonuses and contributions to retirement plans.

The changes we have made to the Tax Code incentivize businesses to invest in new equipment and facilities. This is good news for businesses and communities throughout my district and across the Nation. An employer in my district shared with me how the new 100 percent expensing provision has helped their customers afford more of the products they sell, which has, in turn, boosted their business.

Each time I return to my district, I hear about the different ways families and businesses are utilizing savings from the Tax Cuts and Jobs Act. Delivering on these reforms was long overdue, but the tax reform is truly working for the American people. After more than 30 years, Americans are finally able to reap the benefits of a simplified Tax Code that cuts middle class taxes and supports expanding businesses. I am thrilled to see the continued success of tax reform and am eager to see more lasting changes that will strengthen our workforce and economy.

BREAK IN TRANSCRIPT

Source