Executive Calendar

Floor Speech

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Ms. ERNST. Mr. President, as we approach tax day, America's roaring economy keeps on speeding ahead as we continue to see the positive impact that the Tax Cuts and Jobs Act is having throughout Iowa and the rest of our country.

Last week, yet another outstanding jobs report was released, showing that the economy added 196,000 jobs in March--well above expectations.

Just think, since tax reform was passed, 3.2 million jobs have been created. And year-over-year wage growth remains strong at 3.2 percent in March.

After years of stagnant wage growth, we have now had 8 consecutive months in which it exceeded 3 percent.

Under the leadership of Governor Kim Reynolds, Iowa's unemployment rate is the lowest in the country and is tied for the lowest rate ever recorded in our State. I have seen the effects of tax reform firsthand in my home State, and they are paying off big time.

Thanks to Senate Republican pro-growth tax reform, a business owner in Pella, IA, has saved tens of thousands in taxes, allowing her to increase the wages of her employees, purchase new semi-trailers, and upgrade her facilities.

A small brewery in central Iowa has been able to hire a new full-time employee and purchase an additional fermenter, increasing their production by 17 percent.

In a survey of Iowa businesses last month, 87 percent of folks said they plan to make capital expenditures this quarter, and the vast majority expects sales to grow over the next year.

By lowering tax rates and doubling the standard deduction and child tax credit, the Tax Cuts and Jobs Act has also helped families throughout Iowa keep more of their hard-earned dollars.

In 2018 alone, Iowans saved an estimated $1.8 billion in Federal taxes. A single mother earning $30,000 a year is saving over $1,000 in taxes. Iowans earning between $40,000 and $80,000 are receiving an average tax cut of $1,128 dollars.

These savings are certainly not pennies, as some of our Democratic colleagues have suggested. These tax cuts are allowing families to get ahead and save for their future.

Iowans are feeling the strong effects of the pro-growth tax cuts that Republicans passed. Folks are keeping more of their own money, and at the same time, the rising tide of our economy is lifting wages.

A couple of years ago, we were in the midst of the most sluggish economic recovery in our history. Folks, it wasn't much of a recovery. Today, thanks to tax reform, Americans are able to keep more of their own hard-earned money, our economy is booming, wages are finally rising, and unemployment is at a near 50-year low.

Tax reform has created a more competitive tax system while providing much needed relief for hard-working Iowans and job creators of all sizes. And folks, this really is only the beginning.

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