Tax Reform Progress Continues

Mitch McConnell

The following are prepared remarks by Senate Majority Leader Mitch McConnell’s (R-KY) regarding progress on tax reform between the House and the Senate:

“Later today, the Tax Cuts and Jobs Act conference committee will host an open meeting to discuss its progress in resolving the differences between the House and Senate versions of the bill. The conferees have been working diligently to produce a report that both chambers can vote on soon. Once they complete their work, Congress will be able to fulfill our commitment to the American people and deliver real tax reform.

“For too long, the hardworking men and women of Kentucky and our nation have endured a struggling economy and a broken tax code. Rates are too high. The structure is too complicated to understand, and it’s too easy for the wealthy and the well-connected to exploit. Incentives are so nonsensical that some actually encourage corporations to ship American jobs overseas. It’s time for a change.

“Passing pro-family and pro-growth tax reform is the single most important action we can take right now to grow our economy and help the middle class get ahead. Families deserve a tax system that works for them. And along with President Trump and his team, this Republican-led Congress is working to deliver. This is our chance to set a new course – to undo the damage that our outdated tax code has inflicted on the economy over the last decade.

“For the Americans who were left behind by the Obama economy, this is our opportunity to provide relief. We want to make your taxes lower, simpler, and fairer. We want to bring investment and jobs back home and keep them here. The bottom line is this: we want to take more money out of Washington’s pocket and put more money into the pockets of the middle class. I’m confident the conference committee will finalize a bill that does just that.

“It will also repeal Obamacare’s individual mandate tax, delivering relief to low- and middle-income Americans who have struggled under an unpopular and unworkable law. In addition to this once-in-a-generation tax relief, our legislation will also provide for our nation’s energy future. By further developing Alaska’s oil and gas potential, this bill will help create jobs, support energy independence, and promote our national security.

“The forthcoming conference report represents our chance to provide a real benefit to families and small businesses across the nation. I am grateful to the members of the conference committee for their hard work to resolve the differences between the two bills. I look forward to voting for the final product soon.”

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