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Chairman Brady Marks Six Months of Tax Reform Wins

June 21, 2018

WASHINGTON, D.C. –  House Ways and Means Chairman Kevin Brady (R-TX) delivered the following remarks at an event marking six months of Tax Reform wins with Treasury Secretary Steve Mnuchin, Speaker Paul Ryan (R-WI) and National Association of Manufacturers (NAM) President Jay Timmons.

CLICK HERE to watch the full event.

Photo by David Bohrer / National Assoc. Of Manufacturers

Remarks as delivered: 

“Passing the first pro-growth, comprehensive tax reform in a generation certainly wasn’t easy and it took a lot of work to make this what it’s become: A home run for the American people. I want to first thank you, Speaker. Without the years of leadership and your leadership this past year the huge undertaking, reforming our outdated tax code, would simply have not happened. So thank you. To Jay, your leadership of America’s manufacturers is such a big part of America’s future. This pro-growth tax reform would not have moved forward but for your leadership. And Mr. Secretary, you and President Trump played such a key role in laying out the urgency for the new tax code for the American people, and then – together with the White House, House, and Senate tax writers – creating the framework, which made this possible in 2017. Thank you for that.

“Think about in six months what has happened? In the past, America’s jobs were moving overseas on what seemed like a weekly basis. America’s families hadn’t seen a paycheck increase in over a decade, our students coming out of school, their job opportunities were limited. And every expert was telling America that the slow growth of the last decade, just get used to it. That’s what you’re going to see for the next decade as well.

“Well, Congressional Republicans and President Trump thought otherwise and look where we’re at – six months later we have a new pro-growth tax code. We’ve transformed this nation from asking ‘where are the jobs?’ to one that asks, ‘where are the workers?’ because we now have jobs.

“In the six months since we reformed the tax code, we have the fastest growth in investments, new equipment, and technology since 2011. Wages for families are growing at the fastest pace in a decade. Consumer confidence is out of the roof. Home sales and home prices have risen at the fastest pace in five years and the number of Americans planning on buying a new home in the next six months is at the highest record ever.

“Most importantly, Main Street businesses are roaring back, expanding and growing like never before. America is back and boy, our economy is reflecting that … manufacturers are now armed with one of the most pro-growth tax codes in the world and since tax reform was signed into law over 70 percent of manufacturers have increased hiring and their workers wages due to tax reform. We’ve now too seen almost nine out of ten manufacturers increase their investments—investing in their business, workers and their future.

“I think of Russell Marine in Houston, Texas – 160 employees. Because of tax reform every one of their workers received 10 percent increase in their pay, they gave out nearly a million dollars of bonuses to their workers. They invested and bought nearly six million dollars in equipment including the largest moveable crane in Texas and they green-lighted a new company headquarters because of their confidence in the future. And when the press asked the head of Russell Marine, ‘what’s this year look like because of tax reform,’ his answer was three words: ‘Best year ever.’

This is huge. We know what it’s doing here in America in a positive way. Our foreign competitors are taking notice as well. So our message to China, Europe and the others, who now know we have one of the most pro-growth tax codes in the world is: we’re going to continue to lead the pack in the world and make sure America is the best place on the planet for that new job, that new investment, that new company.

“And I still believe Mr. Speaker, the best is yet to come because businesses are starting to bring back those jobs, those new facilities, those patents and research to America and we are never going to be complacent. We will continue to fight for American workers, American families to make sure this is the best place on Earth for that new job.”