Senate Momentum On Tax Reform

Finance Committee Members, Administration Officials Highlight Economic Benefits of Senate Tax Bill

WASHINGTON – Congressional efforts to overhaul the nation’s broken tax code are gaining momentum in the Senate this week, with Senate Finance Committee members and Trump administration officials touting the economic benefits of the Tax Cuts and Jobs Act.

The Finance Committee is scheduled to begin its markup of the Senate bill today at 3 p.m. ET.

Here’s a look at what they’re saying:

On Lifting Middle-Class Families:

U.S. Senator Tim Scott (R-S.C.) on CBS’ Face The Nation:

“We are at place where the vast majority of taxpayers will get tax cut; every single bracket will have lower taxes. The reality…is if you define middle-class America as $73,000 because it's the…[median family]…income…in the country, that average household will see their taxes go down by $1,500…Those folks living in a single-parent household, head of household could see their taxes cut in half, and folks living in dual household with $117,000 see their taxes going down.”

U.S. Senator Rob Portman (R-Ohio) on Fox News’ America’s Newsroom:

“First, with regard to the middle class tax cut, it is real. The Joint Committee on Taxation, which is the nonpartisan group on the Hill, just came out with their analysis over the weekend and it shows that middle class families across the board get tax relief. To Mitch McConnell’s point, every group gets tax relief here. The difference is that the burden of taxation shifts so that those at the top end, say the top one percent, are going to pay a little more of the burden and those in the middle class are going to pay less of the burden.”

U.S. Treasury Secretary Steven Mnuchin on Fox Business’ The Intelligence Report:

“I think middle income tax cuts is big issue for the economy and…people deserve money back in their pockets. The business tax system, if we have a competitive business tax system, our companies can compete with anybody in the world. Right now we have one arm tied behind their backs with the highest rates anywhere…The objective for both sides is to get middle income tax cuts.”

On Growing The American Economy:

National Economic Council Director Gary Cohn on Fox News Channel’s Sunday Morning Futures:
“Look, this goes back to how do you grow the economy? You grow the economy by making your businesses all businesses – small, medium and large businesses – competitive. Allow them to compete on a level playing field, allow us to sell our products around the world, and allow us to hire our people and pay them more money. That’s how we’re going to pay for the bill, that’s how we’re going to grow the economy. When we do that, the history shows us we grow our economy and we’re able to start paying down our deficit…”

U.S. Senator Pat Toomey (R-Penn.) on NBC’s Meet The Press:
“The Tax Foundation has done its analysis and they have come to this conclusion that it will generate more revenue than the path we are on now, therefore a smaller deficit…We are going to create tremendous incentives to invest in the U.S. both domestically and overseas. That is going to generate more economic growth. If all we were doing was changing rates that would be a different matter – this is a profound change.”

On Keeping America Competitive:

U.S. Senator Johnny Isakson (R-Ga.) on Fox News Channel’s America’s News HQ:

“We’re going to end the corporate inversions by American businesses by going offshore now we [will] have territorial income tax system like the rest of the world really has – we can compete equitably and fairly…Now is the time for the leadership and the Republicans in the senate and house and Democrats to come together, find common ground in the interest of the American people. Our children, grandchildren our future. Every quarter century congress amends taxes. This time we do it again. Now is the time for the leadership and the Republicans in the Senate and House and Democrats to come together, to find common ground in the interest of the American people, our children, grandchildren our future. Every quarter century congress amends taxes – it’s time we do it again.”

U.S. Senator Pat Toomey (R-Penn.) on NBC’s Meet The Press:
“We are going to take the U.S. business tax code from one of the worst in the world from the point of view of a potential investor to one of the best in the world. We do not get our share based on the size of our economy. We don’t get our share of foreign direct investment partly because we uniquely punish investors in ways that no one else does.”

Background

Hatch announced last week the Senate Finance Committee will convene a markup of the Tax Cuts and Jobs Act beginning today, Monday, Nov. 13, 2017, at 3 p.m. in Hart Senate Office Building, Room 216. A livestream will be available here.

The chairman’s mark may be found here.
A score of the mark may be found here.

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