Finance Committee Passes Historic Tax Overhaul

Utah Senator Says, “After months of hard work and nearly a week of robust deliberation on the merits of this legislation, the Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation. This is a historic moment and one we should all be proud of.”

WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) released the following statement after advancing the Tax Cuts and Jobs Act tonight after a near week-long markup in the Senate Finance Committee:

“From the outset of this process, we sought to craft a strong pro-growth, pro-jobs, pro-family tax overhaul that will move America forward and modernize our nation’s tax system to meet the challenges and opportunities of today. After months of hard work and nearly a week of robust deliberation on the merits of this legislation, the Senate Finance Committee acted tonight to advance the most comprehensive tax reform bill in a generation. This is a historic moment and one we should all be proud of.

“By nearly doubling the standard deduction, lowering tax rates, and doubling the child tax credit, we have made good on our promise to deliver a bill that will improve the lives of average Americans who have been hit by nearly a decade of sluggish economic growth. Bringing our outdated tax structure into the 21st century will help level the playing field for businesses – both small and large – and ensure we can keep more jobs and more investment here at home.

“This is an initiative that focuses on building a better economy for American workers and a better future for generations to come. With this bill, we act to strengthen the middle class, reward hard-working taxpayers, and get our economy back on track. While we’ve cleared a major hurdle tonight, there is still much work to be done and I look forward to working with my colleagues to get this across the finish line.”

To read Chairman Hatch’s closing statement, click here.

To view a full copy of the chairman’s modified mark, click here.

A score of the modified mark may be found here.

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