Tax Reform

Floor Speech

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Mr. McCONNELL. On another matter, Madam President, yesterday Gallup reported that the percentage of Americans who are satisfied with the way things are going in our country is as high as it has been since 2005. That is a nearly 13-year high. It is no wonder, with an ongoing economic expansion creating jobs across the Nation and our unemployment rate at its lowest level since the year 2000. Consumers are confident. Manufacturers are confident. Small businesses are optimistic.

As I have said many times, Washington doesn't deserve all the credit for this. The government does not create prosperity. American workers and job creators do. But public policy does set the stage. Bad policy can make job creation, wage growth, and capital investment much more difficult. Good policy can make these things easier. Take the historic tax reform that Republicans passed just last year.

In addition to immediate tax relief for middle-class families and small businesses, we also sought to improve our long-term foundation by making America a more attractive place to start a business, expand a business, and invest for the future. That is why tax reform allowed for full and immediate expensing of capital investments and made corporate rates more competitive. We are starting to see signs that businesses, large and small, are taking notice.

A few weeks ago, the Wall Street Journal reported that ``U.S. companies are ramping up spending on their businesses at the fastest pace in years.'' One recent analysis projected that the S&P 500 businesses' spending on new factories, equipment, and other capital investments in the first quarter of 2018 would be nearly 25 percent more than they spent in the first quarter of just last year.

What about small business? Just a few weeks ago, a leading industry survey showed 62 percent of owners reporting recent capital outlays, on the heels of the most positive sales trends since 1995.

Major, business-changing equipment is being purchased. Ribbons are being cut on new facilities. The long-term foundations for a stronger economy are literally being poured. Republicans are proud that we helped make this happen. We are getting Washington out of the way so American prosperity can take flight.

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