Tax Reform

Floor Speech

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Mr. RISCH. Mr. President, as you may know, I enthusiastically supported the Tax Cuts and Jobs Act that passed the Senate and was signed into law 6 months ago. Over the past 6 months, the law's positive impact on our country's economy has not gone unnoticed. Companies, both large and small, are distributing bonuses, raising wages, and investing in their businesses. While many observers recognize the positive ways in which the law is increasing economic confidence and lowering rates for individual taxpayers, the benefits to small businesses are sometimes overlooked. As chairman of the Senate Committee on Small Business and Entrepreneurship, I strongly supported the tax law because I believed it would reduce taxes for small businesses responsible for employing millions of Americans, allowing small business owners to invest in their businesses and increase economic growth. I recently began this series of speeches to bring attention to the benefits this law provides for small businesses.

While many reports over the past 6 months focus on the new tax law's impact on large corporations, I rise today to bring attention to how tax reform is benefiting HBM Technology Partners, a small business in Reno, NV. HEM Technology Partners provides computer hardware, information technology systems, and computer services to businesses throughout the Reno area. HBM Technology Partners, incorporated by Harry Foote in 1929 as Harry's Business Machines, originally sold typewriters and various office supplies. After weathering the hard years of the Great Depression and World War II, Harry's son, Gordon, became active in the business after returning from serving our country in the Armed Forces. In the early 1980s Gordon's son, Gary, continued the family tradition of working in the business, and the company began selling electronics, computers, and printers. During this time, the company also started providing specialty plastic- card printing machines to customers in the gaming industry and servicing Hewlett-Packard products. The company now sells several different types of computer hardware and software, cybersecurity products, data backup systems, and specialty printers. I commend HBM Technologies for their ability to continually evolve to meet their customers' needs and adapt as new technologies are introduced.

Because of last year's tax law, this third generation family-owned small business recently distributed bonuses to its seven employees. These bonuses allow the workforce at HBM Technologies to have more financial freedom to provide for their families. Stories like this exist all over the country. The Tax Cuts and Jobs Act opens the door for small businesses to invest in their businesses, hire new workers, and increase wages. Additionally, the new law increases small businesses' confidence and allows them to reward their longtime employees, while also lowering small businesses' taxes and encouraging new capital investment. I congratulate HBM technologies on their hard work and look forward to watching their continued success.

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