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The Senate Finance Committee released a tax reform proposal today to help boost America’s economy, create more jobs and leave more money in people’s paychecks.

U.S. Senator Mike Enzi, R-Wyo., a senior member of the Senate Finance Committee, applauded the release of the proposal and emphasized the importance of passing meaningful tax reform to help hardworking Americans.

“A lot of things have changed since 1986, but unfortunately our tax code isn’t one of them. It is an outdated mess that is hurting American workers and holding our economy back,” Enzi said. “That is why we need tax reform that will not only make the system simpler and fairer, but also put more money in people’s pockets. This will help grow the economy, create more jobs and raise wages. I look forward to working with my colleagues to help pass tax relief to not only benefit hardworking Americans, but make our economy and country stronger.”  

The Senate proposal, called the Tax Cuts and Jobs Act, would provide fiscally responsible middle-class tax relief by cutting tax rates across the board, reducing the tax burden on American job creators and modernizing the tax system. The proposal will also reduce the tax burden on small businesses and put American companies on a level playing field with their foreign competitors in order to grow the economy and create more jobs at home.

The Senate Finance Committee is expected to debate the legislation next week before it will be sent to the Senate floor. Senators from both parties will be allowed to offer amendments. The Finance Committee has held 70 hearings on the tax code over the past six years to prepare for this process.

In October, Congress passed a budget led by Enzi, who is Chairman of the Senate Budget Committee, that provided the Senate and House tax committees with the tools they need to focus on enacting tax reform to grow America’s economy and strengthen families and small businesses.