Tax Reform
Mr. Speaker, I thank the gentleman for yielding. This was a great thing we did. It had been--I was 8 years old the last time the Tax Code was reformed, and I think this is something we, frankly, ought to do every decade; at the worst case,…
Mr. Speaker, I thank the gentleman for yielding. This was a great thing we did. It had been--I was 8 years old the last time the Tax Code was reformed, and I think this is something we, frankly, ought to do every decade; at the worst case, every two decades; definitely not every 30 years. So it is about time to get it done.
I wish this could have been bipartisan. I think there are a lot of fantastic things in here, and I think it is quite obvious that the economy is showing some really big benefit as a result. I think it is hard to hide that. It is hard to pretend that that is not the case, even though some of our friends try to do that, but it is quite obvious it has worked.
I just want to tell a few stories of my district, the 16th District of Illinois. I was at a tax reform roundtable last month at the Illinois Valley Chamber of Commerce, and I heard from my local business community about how this bill affects them and what they would like to see moving forward. One gentleman from Walnut, Illinois, in Bureau County, was really excited about the tax cuts his small business would receive. He plans to increase hourly wages and hire 7 to 10 new employees over the next 2 years. That, my friends, is not crumbs. That is important.
The tax relief for businesses, large and small, is being shared with employees all over. Over the last few months, more than 300 companies, and counting, have announced plans to add people, add bonuses, add to retirement benefits, and give back to the U.S. economy.
Employees at UPS in my district, Home Depot, Bank of America, Ryder, AT&T, U-Haul, and many others with Illinois locations will receive these bonuses and benefits.
A few weeks ago, I went to the Fiat Chrysler plant in Belvidere, Illinois, and I met with employees who were excited and encouraged by the $2,000 bonus they will receive in the second quarter of this year.
According to the nonpartisan Institute on Taxation and Economic Policy, 85 percent of Illinoisans will see a tax cut next year, and the nonpartisan Tax Foundation has estimated that the State of Illinois stands to gain tens of thousands of jobs from this reform.
This is great news. By bringing the Tax Code into the 21st century to reflect current day is real and tangible in terms of the benefits it will put into our economy.
Our future is bright, our economy is growing stronger, and, with tax relief, the American Dream is once again on the horizon for folks in my district and across the country. I thank the gentleman for yielding.