Tax Reform

Floor Speech

BREAK IN TRANSCRIPT

Mr. RISCH. Mr. President, as you know, Congress passed, and the President signed, the Tax Cuts and Jobs Act late last year. While much media attention has been focused on certain aspects of tax reform, one topic that has not received due attention is the positive effect that tax reform is already having on small businesses. As chairman of the Senate Committee on Small Business and Entrepreneurship, I strongly supported this legislation because I saw the potential it had to spur investment, create economic growth, and provide tax relief to the millions of small business owners whose resilience and work ethic provide ample evidence that the American Dream is alive and well. This piece of legislation has had a positive impact, not just for small business owners and their employees in my home State of Idaho, but also for small business owners and employees all across our country. I plan to introduce and highlight these small businesses on a weekly basis for the near future.

While there are more and more uplifting stories of small businesses that are benefiting from tax reform each day, today I wish to share the story of Renaissance Property Management, LLC located in Dearborn, MI. Renaissance Property Management's owner, Rudaina Hamade, and her son Michael operate this successful small business, which specializes in acquiring rental properties, asset management, and 24 hour property maintenance. Through their business, the Hamades and their 5 to 10 employees, some of whom are seasonal, strive to offer tenants affordable and distinguished homes. During the last recession, when so many small businesses were suffering, her determination was on full display. Though the Detroit housing market experienced a steep decline, the Hamades persevered, and after finding financial backing, they continued to invest in the Detroit market even while many others were reducing their footprint in the city.

Ms. Hamade, a Lebanese immigrant, is a prime example of the American Dream, having exhibited an amazing drive and work ethic throughout her life. She received her finance degree from Davenport University while raising her children and running a small business. In addition to running her company and raising a family, Ms. Hamade is also an active member of the Dearborn Chamber of Commerce and the Small Business Council at the U.S. Chamber of Commerce.

Changes in the tax law have offered welcome relief to the Hamades' employees and their families. This new law has enabled the Hamades to provide their employees with bonuses ranging from $1,000 to $2,000. They have also been able to make capital investments in their company. These investments include upgrades to their computer system and the purchasing of new software, machinery, and tools. Stories like these show that tax reform was a more than worthwhile goal that has improved small businesses's outlook, provided employee bonuses, lowered taxes, and increased investment in many sectors of our economy. In the coming weeks and months, I intend to bring more attention to the positive effects that tax reform has had on small businesses across our great country.

BREAK IN TRANSCRIPT

Source