Sen. McConnell: Significant Benefits of Tax Reform Already Being Seen Across Country
"Yesterday, I mentioned that, already, one million Americans and counting will receive raises or special bonuses thanks to the incentives created by the historic tax reform law that
"For example,
"So far, more than 100 companies have announced similar plans. Across the country and a variety of different industries, workers are receiving significant one-time bonuses, permanent pay raises, more generous retirement contributions, or other benefits. And their employers confirm that it was tax reform that made this possible. But how is all this happening? After all, those who were intent on opposing tax reform painted an apocalyptic picture.
"Over in the House, the Minority Leader said that tax reform was 'Armageddon.' Here in the
"Fortunately, a majority in the House and a majority in the
"When our economy grows stagnant - when taxes and regulations make it harder for our companies to compete with foreign ones - that is when wages fall flat and job opportunities dry up. But when
"Well, tax reform became law less than one month ago. And already, more than one million Americans could happily tell us this is precisely what is happening. And this is just the beginning.
"Raises and bonuses aren't the only way tax reform is providing a big help to middle-class families, like the Kentuckians I represent.
"The law also cut taxes substantially for individuals and families, so they can keep more of their own money and send less to
"And the Tax Cuts and Jobs Act repealed the punitive individual mandate tax penalty at the heart of Obamacare. That law penalized hardworking Americans twice - first by failing to create health insurance options that met the needs of working families, and then by imposing a heavy fine on the families who didn't want or couldn't afford the coverage. By zeroing out that unfair penalty, we have repealed a core piece of Obamacare and restored families' flexibility to choose the health insurance that works for them.
"The result of all this is significant savings for middle-class American families. A typical family of four earning the median family income will keep more than
"The early impact of this historic tax reform legislation is clear. Job creators and entrepreneurs are more optimistic. More than one million Americans are already getting raises and bonuses. And the groundwork is being laid for a more powerful, more competitive
"It's no surprise that, historically, tax cuts have enjoyed bipartisan support. This time, unfortunately, none of our Democratic colleagues chose to vote for this once-in-a-generation tax relief. But I am proud that majorities in
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