As the Senate started its final deliberations on a historic tax reform bill today, U.S. Senator Mike Enzi, R-Wyo., urged his colleagues to vote for the legislation that he said would boost America’s economy, create more jobs and leave more money in people’s paychecks.
“Throughout my work on this bill, I have carried with me the many lessons I’ve learned from when I owned and operated a small business and worked as an accountant,” Enzi said. “I have been led by one singular purpose — to help improve the lives of millions of hardworking American families, including the residents in my own state of Wyoming. I believe this bill would provide help for individuals and families to move up the economic ladder.”
Speaking on the Senate floor, Enzi noted that the legislation would allow Americans to reap tax savings from reduced tax rates. It would double the child tax credit to $2,000 and preserve important deductions for medical expenses, charities, students, home owners and state and local taxes. Farmers and ranchers would also receive stronger protections from the reach of the death tax to help them more easily pass on their businesses to future generations.
According to Enzi, Americans would also see benefits from the tax changes for businesses, small and large, that would help grow the economy. International tax reforms in the bill would also encourage American companies to keep jobs at home while helping them compete overseas.
“Let’s pass this bill to make critical and long overdue changes to our tax code that will jumpstart our economy,” Enzi said. “Our country needs it. Hardworking American families need it, and they deserve to have the opportunity to make more choices about how their hard earned money should be used.”
Enzi said he was tired of accusations that Republican budget hawks, including himself, are willing to throw in the towel and accept that the tax bill will add $1.5 trillion to the federal deficit. For years, Enzi said that he has tried to cut spending, but Congress seems to fail almost every time, so an additional effort is needed — one that helps grows the economy to bring in new revenues, but is also paired with spending cuts.
“The Tax Cuts and Jobs Act will help our economy expand. We need businesses to do well so more tax money will come in. We need individuals to make more so more tax money will come in,” Enzi said, “But ultimately, we know that increased revenues alone are not going to solve all our long-term budget and debt problems because Washington’s real problem isn’t revenue – Washington has a spending problem.”
The Senate is expected to pass the bill later today. The president will need to sign the bill before it becomes law.
Click here for a summary and highlights of the legislation.