Making History, Finance Committee Clears Comprehensive Tax Overhaul

Lawmakers, Administration Officials Rally Behind Advancement of Pro-Growth Tax Reform

After the Senate, House and administration came together to release a unified framework for comprehensive tax reform, the tax-writing committees got to work. Last night, the Senate Finance Committee passed comprehensive legislation to overhaul the nation’s broken tax code and create a fairer system that will move America forward, boost job growth, and increase hard-working Americans’ take-home pay.

Here’s a look at what administration officials and members are saying:

“Another BIG step toward delivering @POTUS’ pro-JOBS tax cuts for America’s middle-income families & job creators. Thank you @GOPSenFinance for your hard work. Now is the time to pass HISTORIC tax relief – let’s get it done.” –@VP (Vice President Mike Pence)

“President Donald J. Trump applauds the Senate Finance Committee for passing its companion to the Tax Cuts and Jobs Act today. The passage of this legislation is another important step to delivering historic tax cuts and reform for hard-working families…This Administration looks forward to working with Congress to make tax reform a reality by the end of the year.” –White House Press Secretary

“Congratulations to the Senate Finance Committee for passing the historic tax overhaul package. We are one step closer to much needed reform!” –@stevenmnuchin1 (Treasury Secretary Steven Mnuchin)

“When the Senate returns after Thanksgiving, I will bring this must-pass legislation to the floor for further debate and open consideration. I hope my friends on the other side of the aisle will join us in supporting this legislation, because there is universal agreement that a tax overhaul, and taking more money out of Washington’s pocket and putting more in the pockets of American families, is an economic imperative for our nation.” –Senate Majority Leader Mitch McConnell (R-Ky.)

“I congratulate Chairman Hatch and the Senate Finance Committee on this important step toward delivering pro-growth, pro-family tax reform. After years of work, the House and Senate both took bold action this week and are the closest we have been since 1986 to passing comprehensive tax reform legislation that will dramatically improve the lives of all Americans.” –House Ways & Means Chairman Kevin Brady (R-Texas)

“We’ve now made significant progress towards cutting taxes for Texans and simplifying our antiquated tax code. Our bill will enable hardworking Americans to keep more money and foster a better environment for job creators to grow, invest, and hire. I look forward to working with my colleagues on both sides of the aisle as we move this bill to the floor after Thanksgiving. ” –U.S. Senator John Cornyn (R-Texas)

“We’re putting money back in the pockets of hardworking American families, ensuring the jobs of the future are created here in America, and giving some breathing room to a middle class that has been taxed too much for too long. Every single income bracket sees a tax decrease, and the typical American family will save upwards of $1,500 a year in taxes.” –U.S. Senator Tim Scott (R-S.C.)

“While I have said this many times, it bears repeating: Congress could not have created a tax code that is more unfair, more complex, more expensive to comply with, or more anti-competitive to our own American business interests than the code currently in place. The Senate’s tax reform measure will address the true problems with our tax code, strengthen America’s economy, build ourselves of out of fiscal crisis, and give Idaho families access to stronger wages and better job growth.” –U.S. Senator Mike Crapo (R-Idaho)

“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.” –Senate Finance Committee Chairman Orrin Hatch (R-Utah)

“So many working families in Kansas need this meaningful relief. This bill, which includes many provisions supported by Democrats, will allow them to keep more of their hard-earned dollars and will help create new and better paying jobs.” –U.S. Senator Pat Roberts (R-Kan.)

“Modernizing the tax code is a once-in-generation opportunity that hasn’t been accomplished since Ronald Reagan was President. Tax reform will provide middle class Americans with financial relief, make U.S. industry and workers more competitive, create jobs across the country, and get the economy growing again after years of stagnation.” –U.S. Senator Chuck Grassley (R-Iowa)

“Today’s vote marks an important step forward in our effort to provide tax relief to the middle class, grow our economy and create more jobs, and increase wages for American workers. I’m pleased that we’ve had an open process with 70 tax reform hearings since 2011 and a four-day markup where every committee member had the opportunity to offer amendments. Every member will continue to have the opportunity to have their voice heard when the full Senate begins consideration of this bill.” –U.S. Senator Rob Portman (R-Ohio)

“I am very excited about the product we now have. Hardworking families I represent in Pennsylvania are going to benefit from this bill in two ways. First, they’re going to owe less to Uncle Sam because this bill will cut their taxes. The second way they will benefit is from the acceleration in economic growth we’ll have after making the industrialized world’s worst business tax code into one of the best.” –U.S. Senator Pat Toomey (R-Penn.)

“I thank Chairman Hatch for his leadership on this sweeping, historic proposal and for including my and Senator Scott’s amendment to double child tax credit to $2,000 per child, an increase of $1,000 over current law. This change will significantly benefit thousands of Nevadans by allowing them to keep more of their hard-earned money...” –U.S. Senator Dean Heller (R-Nev.)

“It would provide tax cuts for lower and middle-income hardworking American families. When people have more money, that helps grow the economy, create more jobs and that will help raise wages. Small businesses would also see changes to help lower their tax rate so they can invest more of what they earn back into the community.” –U.S. Senator Mike Enzi (R-Wyo.)

“Senate Republicans on the Finance Committee came together with the goal of ensuring Americans get to keep more of their hard-earned money. The provisions in our plan deliver that. Our plan cuts taxes for Americans of all income groups and provides a substantial tax cut for middle-income families. By doubling the standard deduction, cutting tax rates, and increasing the child tax credit, we’re able to put more money in the pockets of everyday Americans.” –U.S. Senator John Thune (R-S.D.)

“Americans need a break. Our sluggish economy over the last fifteen years has meant that their paychecks aren’t increasing as fast as they should be, and too many jobs have left their communities to set up shop in other countries where their tax code is less complicated…This bill is a great opportunity for our state and country. Let’s put more money back into the pockets of Americans.” –U.S. Senator Richard Burr (R-N.C.)

“The Senate Tax Cuts and Jobs Act will give hardworking Americans a tax cut. The bill will help businesses of all sizes – including Main Street small businesses – bolster our economy and allow America to again compete on a level playing field with the rest of the world.” –U.S. Senator Johnny Isakson (R-Ga.)

For more information, visit the Senate Finance Committee’s website at finance.senate.gov/taxreform.

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