Tax Reform Truth Tellers

Floor Speech

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Mr. KNIGHT. Mr. Speaker, I thank the gentlewoman for the opportunity to speak about the impacts of the recently enacted tax law.

The reduction in the corporate tax rate enables U.S. companies to compete on a level playing field with foreign businesses without having to move their headquarters abroad.

Here in the U.S., in each of our districts, they can invest their savings back into their businesses. This is because the reform changes the equation for what will make them more profitable. The Tax Cuts and Jobs Act now means that expanding factories and payrolls here in the U.S. make better business sense.

Northrop Grumman, which has a significant presence in my district, California's 25th, announced it would increase capital expenditures by 10 percent and provide a $1,000 per year contribution for each of their employees' retirement accounts.

Millions of Americans have received increases in their paychecks. Check your check.

The Treasury Department estimated that 90 percent of Americans will now receive more take-home pay.

The reform reinforced positive trends we have experienced over the past few years. U.S. jobless claims have fallen to their lowest level since 1973.

Setting politics aside, this bill lifts burdens on U.S. businesses and taxpayers to allow everyone to invest more and save more.

We can all see the effects of these changes today, and we will continue to see them play out over the coming months and years.

Mr. Speaker, I thank Speaker Ryan, Chairman Brady, and their staffs for their organizing an inclusive, cooperative process in drafting this bill and driving it forward.

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