releases: https://www.portman.senate.gov/public/index.cfm/press-releases?ID=B2CFD066-F481-45DB-A283-7AD18DFA98BA
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| https://www.portman.senate.gov/public/index.cfm/press-releases?ID=B2CFD066-F481-45DB-A283-7AD18DFA98BA | Before Historic Senate Vote, Portman Details How Tax Reform Will Help Middle Class, Boost Jobs, Increase Wages | 2017-12-19 | 2017 | 2017-12 | Republican | House | OH | Rob Portman | P000449 | www.portman.senate.gov | legacy | WASHINGTON, D.C.In a speech on the Senate floor, U.S. Senator Portman Rob Portman (R-OH) discussed the finalized House-Senate agreement on tax reform that will be voted on in the Senate this evening. Portman, who served as a conferee on the House-Senate conference committee, discussed how the bill will help the middle class, create jobs, and boost wages for American workers. Transcript of his remarks can be found below and a video can be found here. Mr. President, Iwant to talk tonight about aonce-in-a-generation opportunitywe have in this Senate to help middle-class families andto help grow our economy. AndIm going to talk about thefacts.Im not going to be making stuffup.Im going to talk about the realmiddle-class tax cuts that arein this legislation.Im going to show you chartsthat indicate not just what kindof tax relief is going to bethere for you and your family,but whos going to pay, wherethe burden is.And despite what youre hearingon the floor tonight from someon the other side of the aisle,the burden of taxation actuallyincreases in this tax bill forthe wealthiest Americans.And in terms of defending thestatus quo, which is thesituation now where jobs andinvestment are going overseas, Ithink it is an outrage that thisbody has sat and watched companyafter company go overseasbecause of our tax code.And to say we shouldnt fix it?I dont get that.If we dont lower the rate onbusinesses and workers who arecompeting every day when youhave the highest rate in theindustrialized world and youhave an international systemthat rewards revenues being keptoverseas$2.5 trillion to$3 trillion of earningsoverseas instead of bringingthem backthat status quo isnot acceptable.So we can engage in all kinds ofrhetoric here tonight, but if westick to the facts, I think wemight be able to see why thislegislation is not only going topass tonight, but why so manyAmericanswho are struggling becausethey are living paycheck topaycheckare going to be happywith this legislation. The proofs in the paycheck.People say the proofs in thepudding.The proofs in the paycheck.When people see theirwithholding changing, less moneybeing taken out of theirpaychecks for taxes, when theysee that they have a littlemore take-home pay, that thefamily budget is a littlehealthier, when they see theeconomy begin to take off andwhen they see the end of thisexodus of U.S. companies goingoverseas4,700, think of thatnumber, 4,700 American companieshave left our shores and goneoverseas, being bought byforeign companies in the last 13years that would not have goneif this tax code that werepromoting tonight had been inplace.Thats based on an Ernst andYoung study, check it out.Ernst and Youngits a big accounting firm.4,700 companies.And when they leave our shores,guess what?They take their jobs andinvestments with them.You might wonder why wages havebeen flat in this country forthe past couple of decades.Its because people who aresupporting the status quo anddont want to change this taxcode are leaving workers inAmerica with no opportunities toget ahead.Because not only are wages flatbut expenses are up.Thats called the middle-classsqueeze.It is very real, and it ishappening.So I would just ask folks whenthey are thinking about whatyoure hearing tonight on the floor, remember, one sideis supporting the status quo.And the status quo is notworking.It aint working for people inAmerica and people in my stateof Ohio who tell me, Rob, Imworking hard, Im playing by therules, Im not getting ahead.And the statistics bear thatout.Yes, some people are gettingahead, but its not the guy orthe woman working on the shop floor on the factory inCleveland, Ohio, or Columbus, orToledo, or Dayton, orCincinnati, because their wageshave been pretty darn flat.And again, their expenses areup, especially health care,which is the largest single oneof those expenses.They want some help. Thislegislation gives them that helpin two ways.One, real middle-class tax cutswell talk about in a second. Second, letting them becompetitive instead of competingwith one hand tied behind theirback because they are competingin a global economy, and theyknow that.Give them a chance.Give them a tax code that actually is upto date and competitive and letsthem have the opportunity tobuild a better life.Not just for themselves butfor their kids and grandkids,because thats what they reallycare about. So again, Mr. President, Imhappy to talk about thatopportunity weve got tonight.And it is a rare opportunitybecause we have not reformedthis tax code in anysubstantial way in 31 years.Think about that.I celebrated my 62ndbirthday today.That means we have not reformedthe tax code in 31 yearsthats half of my life.By the way, 31 years ago, RonaldReagan was president.Pete Rose was still playing forthe Cincinnati Reds.Top Gun was at all the boxoffices, and it was a big hit.Thats how long ago that was.And during that time, I willtell you, every other countrythat we compete with, all ofthem have reformed their taxcode except us.We have sat back and had thisdebate.We have had this gridlock,partisan gridlock, here inWashington because we cant getour act together.And by the way, if youre aworker trying to get ahead, youcant do it on your own becausethe tax code has you competingwith that one hand tied behindyour back.Only this place, Washington,Congress, a president, canpropose, develop, and signlegislation that can help toaddress this problem.This is our job.I sure hope well do it. Back in 1986, when that taxreform was passed 31 years ago,it led to two things.One, more economic growth.In the 1980s and 1990s, we didhave economic growth:three percent, 3.5 percent, four percent, even 4.5 percent growth.I mean, think about that.Were now living over the last10 years with growth on averageat about 1.5 percent to two percent.Thats a big, big difference.The second thing it did is it gotwages up.Wages actually increased duringthat period after that taxreform.We need to do it again.Our economy needs a shot in thearm again.Again, not just to improve theeconomy but to improve take-homepay.And thats what this tax reformproposal is designed to do. We have heard on the other sideof the aisle talk about how this has movedtoo quickly.Somehow there hasnt been enoughthought put into this.I will just tell you, I thinkits long overdue.I think we should have done thisyears ago.I also know from being involvedin these issues over the pastcouple of decadeson the HouseWays and Means Committee and nowhere in the Senate FinanceCommitteethat there has been alot of thought put into thisissue.Just since I was elected to the Senate in 2010, there have been70 hearings on this in theFinance Committee.70 hearings on tax reform.Chairman Hatch is in the chambertonight.He will tell you.Two years ago, we had fivebipartisan working groupscovering every part of the taxcode.The bipartisan working groupthat I co-chaired with DemocraticLeader Chuck Schumer focused onthe international side.Do you know what we decided?We decided we have got to have alower business rate because itsgot to be competitive, otherwisewe will continue to loseinvestments and jobs overseas.We decided we have to have aninternational system that iscompetitive and bring back someof that $2.5 trillion to$3 trillion that is stuckoverseas back to this countryfor more jobs and investment.Guess what?It was bipartisan then.And its in the tax bill now. Those are the ideas that arein this tax bill before us, andthey make sense.In fact, for years, there hasbeen a bipartisan agreement thatour tax code is broken, and itsCongress responsibility to fixit.Id like to commend tonightSpeaker Ryan, LeaderMcConnell, Finance ChairmanOrrin Hatch, who is here on the floor, and Ways and Means CommitteeChairman Kevin Brady, who hasbeen a strong and fairnegotiating partner with theSenate.I also want to thank mycolleagues who have spent somany hours in this effort.Senator Toomey you heard alittle while ago talking aboutthe economic benefits as he doesso well.Senator Scott, Thune, Cornyn,Enzi, Murkowski, all in theConference Committee, but manyothers, too.Senator Collins, Johnson, Rubio,and Corker who all helped us get tothis point and improve thelegislation. The bill that passed the Houseearlier today and were going tovote on tonight is the result ofyears and years of research anddebate.It makes good on the promise wehave made to create a tax codethat provides tax relief tohardworking families, but alsopositions America for leadershipin the 21st century globaleconomy.While we have seen someimprovements in the economyrecently, we have seen bettereconomic growth numbers, again, alot of people I represent arenot seeing the benefit of that.Thats why we have got to pass this bill. For years, my colleagues on both sides of the aisle have called for middle-class tax cuts to help ease this burden. This legislation will finally actually deliver that middle-class tax relief. We have the opportunity to provide it tonight. And starting January 1st, less than two weeks from tonight, that tax relief goes into effect. People are going to see how this tax reform helps them as soon as the IRS can adjust withholding in paychecks, which I would hope would happen before the end of February. Again, the proofs in the pudding. The proofs in the paycheck. People are going to see it. People can go online now and see. They can use a tax calculator and see how its going to affect them and their families. But this is going to happen and its going to happen soon if we pass this legislation tonight. Again, the most immediate benefit is for working families and for the middle class. This bill doubles the child tax credit. It also increases the refundability of the child tax credit, so for those families with kids out there, you have the opportunity now to save a little more money to deal with the expenses of raising a child. It doubles the standard deduction from $12,000 per family to about $24,000 per family. This in effect creates a $24,000 zero bracket for families, zero income tax bracket and simplifies the tax code. Probably 90 percent to 95 percent of Americans are going to take that doubling of the standard deduction, I am told, and that will simplify their returns but also give them some tax relief right away. And it lowers tax rates for families across the board, with the largest proportional benefit going to those at the lower end of the income ladder, those who need it the most. In fact, the combination of these tax cuts for lower income Americans means that at least three million Americans who have income tax liability now are going to pay nothing in taxes. They will be off the tax rolls altogether. I have a letter from the Joint Committee on Taxation that affirms that. You can see at our meeting last week of the conference where the Joint Committee affirmed that again. Over three million people are going to pay no income taxes at all who pay income tax now. For those who say there is no benefit there, talk to those three million people. They feel the benefit. In fact, those people are going to be off the tax rolls altogether because of the tax relief were passing tonight. As this chart shows, every income group will receive a tax cut. This one is for the year 2019, so its a year after the tax cuts are put in place, which starts in just a couple of weeks. We have heard a lot from opponents that the top end, who are making a million dollars or more, as we just heard a little while ago, get all the benefits. Its simply not true. This shows that the biggest percentage cut is among folks making between $20,000 and $30,000 a year. Thats the biggest16.3 percent cut. It also shows that the smallest percentage cut is among those making a million dollars or more5.9 percent cut. So, again, yeah, there is tax relief across the board here, but the bigger benefit is among folks at the lower end of the economic scale. In fact, when you look at who pays the income tax, you will see that those at the top are going to pay a slightly bigger share of the tax burden under this bill. Today, those making between $20,000 and $50,000 a year pay 4.3 percent of the income tax. Under this bill, they are going to pay a little less, 4.1 percent of the income taxes. Those who make over $100,000 will go from paying 78.7 percent of the tax burden to 79.1 percent of the tax burden. So if you make over $100,000 a year, youre paying 78.7 percent of the tax burden today, that group is, and thats going to go up. Your share of the burden is going to go up. So the tax code is pretty progressive right now, and it gets even more progressive under this tax legislation. These are not my numbers. These are the numbers from the Joint Committee on Taxation, the nonpartisan group that scores these things. Check out the numbers yourself. Go on the website of the Joint Committee, JCT.gov, check it out. When you dont consider not choosing to buy health care insurance a tax increase, which is how the Joint Committee on Taxation scores ending the individual mandate, every income group of taxpayers gets a tax cut under this plan every year for the next eight years during the time this tax cut is in place. Yes, it does expire, as did the tax cuts in 2001 and 2003, Congress took those up and for 95 percent of Americans we extended that tax relief. I hope well do that again and I expect we will. But during the next eight years, this is real tax relief and its needed. I reject the premise that choosing not to buy health insurance under Affordable Care Acts individual mandate is a tax hike, and I think many Americans do too. Take a look at the Rules Committee website, rules.house.gov, and you will see how a typical family of four at the median income level will save more than $2,000 a year on their taxes as a result of this plan. So the median income family in Ohio, in your state, wherever you are, is going to be saving more than $2,000 a year on their taxes. Some have told me as I walk down the halls here, well, thats not much money. Well, you know what? For families that are living paycheck to paycheck, that is a lot of money and it does help. It can be used to pay for health care, buy gas, buy groceries, maybe add a little more to your retirement. Of course, beyond the middle-class tax cuts that are in this legislation, families and workers are going to benefit from more jobs and higher wages as we talked about earlier, and this is because there will be new investment. There will be more productivity which is a thing that is really lacking in our economy right now. Our productivity is weak. All the economist agree on this, right, left, or center. You have to do something to boost that productivity, because thats going to result in higher wages; more competition for workers is going to result in higher wages. And thats going to happen because this tax code is focused on increasing wages through more investment. Weve talked about how companies are going overseas now and how the status quo isnt working. Its crazy that Congress allows that to happen and fixing it is long overdue. We talked about the $ 2.5 trillion to $3 trillion stuck overseas right now. We want to bring that home. We want to add more jobs and investment in this country. We did a study in the Permanent Subcommittee on Investigationsa bipartisan effortand we studied these companies that go overseas through whats called inversions or by being purchased by a foreign company. What happens? Do they just move their headquarters overseas? No. We found out they also move jobs and investment. This is real. Its happening now. We can fix it. Thats what this bill is intended to do, and I believe you are going to see not just middle-class tax relief to help with the take-home pay and the family budget, but youre going to see this increase, finally, not just in economic growth, but in wages that also makes the family budget a whole lot more healthy. I see Senator Cassidy just came on the floor. Let me address an issue that has been misrepresented on the floor this afternoon. I heard one of my colleagues say that this bill gets rid of the historic tax credit. It does not. Thanks to the efforts of some of us who strongly support it including Senator Cassidy, we actually retain the current 20 percent credit in the Senate-passed bill and in the final legislation. By the way, this historic tax credit has been helpful. Its been instrumental in generating more private funds to restore historic buildings across my state of Ohio including my hometown of Cincinnati, and Cleveland and Columbus and elsewhere. We also preserved important tax credits for urban redevelopment through the new markets tax credit and the private activity bonds, which are still in this legislation, just as they are in current law. In Ohio, again, this these tax incentives have leveraged a lot more private sector dollars, spurred economic growth and job creation, affordable housing and I think have ultimately increased the tax revenue because as people are working and as you get these buildings up and going, economic growth is generated and so is tax revenue. They pay for themselves in my view. I shared some of those success stories in my home state throughout the process, and we maintained those provisions in the final bill. The final result is that we have a good tax reform bill that achieves the things that Republicans and Democrats alike have long supported: tax cuts for the middle class and a more competitive tax code for American workers and companies. Some of my colleagues on the other side of the aisle tonight have talked about this being bad for the deficit. I just have to tell you, I respectfully disagree. The most important thing we can do right now to get the deficit down is get this growth back. Economic growth results in more revenue. One point in economic growth alone brings $2.7 trillion more in revenue into the coffers of the federal government. Thats based on the numbers from the nonpartisan Congressional Budget Office. Think about that$2.7 trillion more with just one point more economic growth. The budget score we are forced to use for this legislation estimates a very conservative level of economic growth, a weak 1.9 percent over the next 10 years. That was the last 10 years. We dont want to repeat that. We dont have to repeat that. The average economic growth over the past 30 years has been more than 2.5 percent, and over the last two quarters weve had economic growth of 3.1 percent and 3.3 percent. The federal reserve and private forecasts are both above CBOs growth projections for next year, as an example to show you why I think CBOs scores are too small, too weak. That 1.9 percent growth is not only wrong, I believe it is unacceptable. It cant be the new normal. With the strength of our economy right now paired with the pro-growth changes in this tax reform plan, I belief economic growth will surpass this relatively low projection were forced to use. And by increasing economic growth at just 0.4 percent more than this 1.9 percent projection, so growing the economy to about 2.3 percent rather than 1.9 percent on average, theres sufficient revenue to pay for all the tax relief in this plan, plus begin to pay down the debt. Thats what I believe will happen. If you do the right kind of tax reform. It has to be the right kind. It has to be pro-growth and I believe what weve done in the bill is exactly that, theres no question we will have more economic growth and more investment in America. The current tax code is so broken, its pretty easy to do that, honestly, to create a more efficient and effective and productive tax code. I believe a more confident America with rising wages and stronger economic growth is much more likely to address the very real fiscal challenges we face as a country. This tax reform bill isnt just about dollar amounts and bottom lines, though. It is about an investment were making in American families, American workers, American businesses. Were giving families the freedom to spend more of their own money how they see fit, putting faith in American entrepreneurs and workers to compete and win in the global market, and creating a fairer tax system that levels the playing field and creates jobs and investment here in America rather than overseas. Our constituents deserve this. They deserve better than the status quo and they deserve more than just hollow promises. They deserve a brighter future. I believe the Tax Cuts and Jobs Act will reopen our economy as the best place in the world to do business and create that brighter future for all Americans. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |