Providing for Congressional Disapproval of A Rule Submitted By Bureau
Floor Speech
BREAK IN TRANSCRIPT
Mr. HELLER. Mr. President, first of all, happy tax day--three words that probably don't usually go together. I will share that anyway because the reason I am up here is that for the first time in more than three decades, Congress overhauled our Tax Code, and that is what distinguishes this tax day from the ones that came before it. This is the last time Nevadans will file their taxes under the broken system of the past.
You don't have to look too far to see the positive impacts of our new tax laws. They are already having an impact on the people of my home State of Nevada. Nevadans and Americans throughout the country have already benefited from keeping more of their hard-earned money. In fact, more than 1 million Nevadans saw their paychecks get bigger last month because we doubled the standard deduction and we doubled the child tax credit. Taxpayers in every income category received a tax cut under this bill.
Furthermore, since President Trump signed the Tax Cuts and Jobs Act into law just a few months ago, more than 500 companies throughout the country have committed to giving their workers bonuses, pay raises, and enhanced benefits as a direct result of tax reform. Let me share a few of those in my home State. About 11,000 Nevadans got a raise. Roughly 13,000 Nevadans received special bonuses of up to $2,000. Up to 25,000 Nevadans may benefit from college tuition assistance, increased pension funding, expanded maternity and paternal leave, and more paid holidays. More than 10,000 jobs are expected to be created in Southern Nevada alone.
So it is no surprise that Nevada was recently ranked second among States when it comes to middle-income families who benefit the most from tax reform.
Let me give you a few examples of how this new law is impacting Nevadans. South Point Hotel Casino and Spa doubled bonuses for its 2,300 full-time workers.
The Prospector Hotel in Ely gave its employees a $500 bonus and raised its starting wages.
McDonald's, which has around 9,000 employees in my State, is expanding its education benefits program, tripling the amount of money eligible workers can receive to help cover the cost of college tuition.
Lowe's Home Improvement, which employs more than 2,000 Nevadans, announced it is expanding benefits, such as adoption assistance and parental paid leave, and giving bonuses of up to $1,000 to its employees.
Walmart announced it will increase wages, give eligible employees a special bonus of $1,000, and expand maternity and parental leave benefits--benefiting up to 8,700 Walmart associates who are living in the great State of Nevada.
CVS, which has roughly 2,000 employees and 100 stores in Nevada, announced that effective this month, it will increase the starting salary and wages for hourly employees.
Developers of the stalled Fontainebleau Resort, recently renamed the Drew, announced they will resume the project and have committed to creating over 10,000 new jobs.
A-1 Steel, which is based in Sparks, NV, implemented eight paid holidays for its employees.
Finally, Cox Communications said it will give around 1,750 Nevadans bonuses of up to $2,000 today. Yes, on tax day they will be giving their employees bonuses of up to $2,000. This is just the beginning.
During a phone call from the National Federation of Independent Business in Nevada, roughly 9 in 10 Nevada business owners said that because of the new tax law, they plan to take action that includes increasing workers' wages and investing in their companies. Several companies are also pledging to put more of their capital back into our country rather than overseas.
Apple, which recently broke ground on a new facility in Reno, announced it will create 20,000 new jobs nationally, open a new campus, and directly contribute $350 billion to the U.S. economy over the next 5 years.
Make no mistake about it, the Tax Cuts and Jobs Act is working for the people in Nevada. Despite the bill's critics, who have described these tax cuts as ``crumbs'' and said it is ``the worst bill in the history of the U.S. Congress,'' this new bill couldn't have come at a better time. Let me tell you again why.
Under the failed economic policies of the Obama administration, Nevadans suffered through 8 years of historically low economic growth. Think about this. In those 8 years, the average economy growth was less than 2 percent. As a result, wages and workers suffered, job creation suffered, and the middle class in America suffered.
It has been reported that nearly 8 in 10 Americans who work full time are living paycheck to paycheck, and if you live in Nevada, you are more likely to be living paycheck to paycheck than if you lived anywhere else.
Whether it is a single mother, who is taking classes to further her education to give her kids a good life, or the police officer and teacher with four children in Southern Nevada who tell me that they are barely getting by and are doing the best they can, families in my State are trying to plan for their futures. They have told me they are struggling, but it is not just Nevadans who felt the squeeze.
Nearly two-thirds of Americans don't even have $500 set aside to cover an unexpected emergency expense. That is why, as a member of the Senate Finance Committee, I worked to help write this legislation. I fought to pass these meaningful tax cuts for the people of my State because they have been waiting too long for a break.
I was proud to propose and secure a provision in the new law that doubles the child tax credit to $2,000 per child. Think about this. The enhanced child tax credit could mean enough money for a family of 4 to cover more than 6 months' worth of groceries, buy school supplies for 4 kids, and purchase more than 9,000 diapers. It will allow families to better plan for their futures.
Take Sarah as an example, a single mom living in Nevada. She told us she used her child tax credit to help her and her four children move out of a family shelter and pay rent a full year in advance.
In addition to doubling the child tax credit, we doubled the standard deduction, cut rates for low-income and middle-class families. It is expected that a typical family of four will keep more than $2,000 this year.
It also lowered rates on businesses to ensure that we are globally competitive and help incite economic growth. I am pleased this bill included my provision to make it easier for startups to give more junior employees an ownership stake in their company's success.
I have been fighting for tax reform for years, and last year we set out to cut taxes for hard-working Americans and agreed to a framework that included three main goals: create more jobs, increase wages, and boost American competitiveness. Even though it has only been a few months, I believe we have already achieved all three of those.
As the son of an auto mechanic and a school cook, I grew up watching my parents work hard to provide for me and my five brothers and sisters and to provide a good life. They told us that if we worked hard and played by the rules, then we, too, could achieve the American dream.
Our problem today is that too many people think that the American dream is out of reach. That is what tax relief legislation is all about--empowering families to give them a better chance to get ahead and to prepare for their futures.
The Tax Cuts and Jobs Act has put my State and our country on the right track to economic prosperity, and I look forward to seeing what the rest of the year brings for Nevada families and their workers.
Thank you.
BREAK IN TRANSCRIPT
Source