WASHINGTON, D.C. – House Ways and Means Chairman Kevin Brady (R-TX) today delivered the following remarks on the House Floor in support of the Tax Cuts and Jobs Act.
Remarks as prepared for delivery:
“Today, the full House begins consideration of the Tax Cuts and Jobs Act – historic tax reform legislation that will revitalize our economy and provide lasting tax relief to Americans of all walks of life.
“Over 30 years have gone by since the last overhaul of our nation’s tax system. In that time, our tax code has become one of the most complicated, unfair, and uncompetitive in the world.
“And today it’s impacting nearly every aspect of Americans’ lives – and not for the better.
“The overwhelming complexity of today’s system forces American taxpayers to spend billions of hours and dollars every year on filing their taxes.
“Trillions of dollars of carve-outs and loopholes give favoritism to Washington special interests while hardworking Americans get nothing but frustration.
“And with some of the highest tax rates in the world for our businesses, we’re seeing good-paying American jobs and manufacturing plants move overseas – one after the other.
“Today, with the Tax Cuts and Jobs Act, we have an opportunity to change all of this.
“With this legislation, we have an opportunity to deliver the most transformational tax overhaul in a generation.
“But, make no mistake, this bill is not about us – it’s not about Congress.
“This bill is about – for the first time in decades – providing the American people with a simple and fair tax system.
“It’s about finally rewarding hard work, growing jobs and paychecks, and allowing Americans to keep more of their hard-earned money to use on whatever is important to them.
“So if you’re one of the millions of Americans who is sick of today’s tax code, you’re going to see a remarkable difference.
“You will see the standard deduction increase significantly – protecting more of every paycheck from taxes.
“You will have a larger child tax credit – providing more support as you raise a family and care for your loved ones.
“You will have peace of mind when it comes to some of life’s most important investments – because this bill preserves tax benefits to help you afford a home, pay your property taxes, and put your kids through college.
“So, if you’re a typical middle-income family of four making $59,000 per year, you’re going to get a tax cut of nearly $1,200.
“More than that – you’re going to enjoy the benefits of a strong, healthy, and growing American economy.
“You’re going to see more jobs on Main Street. With this legislation, our small businesses will finally have low tax rates and a fair tax code that works with them as they grow and create jobs.
“You’re going to see our larger businesses – our iconic American brands and major manufacturers – win throughout the world and create new good-paying jobs here at home.
“Because, with this bill, we’re going to have one of the most modern and one of the most competitive tax codes on the planet. That includes lowering our corporate rate from 35 percent to 20 percent, which beats many of our international competitors.
“And not only are you going to see jobs stop leaving the United States – you’re going to see our nation become a 21st century magnet for job creation and business investment.
“With the Tax Cuts and Jobs Act, you – the American people – will see and help lead the way in launching a new era of ‘Made in America’ innovation.
“In the end, the Tax Cuts and Jobs Act is a striking alternative to the broken tax code we have today. It represents a bold path forward that will allow us – as a nation – to break out of the slow-growth status quo once and for all.
“The American people have waited years for a fair, simple, and competitive tax code. Right now, in this moment, we stand on the doorstep of delivering the most sweeping tax overhaul since President Reagan’s reform in 1986.
“And, like President Reagan back then, President Trump is now putting his full support behind this effort.
“Let’s pass this historic bill and take another step forward in delivering bold, pro-growth, pro-family tax reform for Americans throughout this nation.”