Cornyn: Congress on Verge of Historic Tax Reform

Recently I delivered the following opening statement at the conference committee hearing on H.R. 1, the Tax Cuts and Jobs Act. The legislation will deliver a tax cut to middle-class families, raise wages, grow the economy, and simplify the tax system. Excerpts of my remarks are below, and video of my remarks can be found here.

Many people have said that tax reform couldn't be done.

’No one will agree on how to simplify it,’ they said. ‘Nobody knows how to make it fair. Nobody knows how to ease the tax burden on working Americans and the middle class.’

But today I'm glad to say that those naysayers were wrong.

Not only have we passed comprehensive tax reform in both of our respective chambers, we’ve also done it in a way that will help all Americans.

We’ve lowered rates. The child tax credit has been doubled and the standard deduction has been doubled, as well. Companies are incentivized to invest and relocate in the United States rather than take their operations and investments and jobs overseas.

We reject this idea that America cannot do any better than the status quo, which seems to be the attitude of our colleagues across the aisle.