For many Americans the legacy of the Obama economy is sluggish growth, stagnant paychecks and missed opportunities. A lost generation of workers still struggle with the consequences of the Great Recession and find it nearly impossible to get ahead. One of the biggest obstacles to their success has been our nation’s complex and outdated tax code. For too long it has dragged down our economy and taken too much from their paychecks.
That’s why the Republican-led Senate passed a critical tax reform bill that will help make America an economic powerhouse again. We did that by putting more money into the pockets of hardworking families and small businesses, creating more jobs and economic opportunity, and taking steps to ensure that jobs and business stay in America. This was a once-in-a-generation opportunity that we could not let pass.
The Senate Finance Committee, under the leadership of Chairman Orrin Hatch, produced legislation to rethink the tax code fundamentally. Mr. Hatch led his committee through years of work, dozens of hearings, and a full markup. It approved a good bill—one our constituents deserve and one I am proud the full Senate passed. I am grateful for Mr. Hatch’s consistent efforts to boost the economy, support workers and families, and accomplish our shared goals.
Since Republicans in Congress began working on tax reform with the Trump administration, everyone has agreed that middle-class families must be at the heart of our plan. They will benefit from tax rates that are lower, simpler and fairer. Our bill doubles the child tax credit, preserves the adoption tax credit for families that open their homes to children in need, and roughly doubles the standard deduction. Under the plan we passed, a median-income family of four could see a tax cut of nearly $2,200—money it could use for anything from helping a child through college to saving for retirement.
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