Tax Reform

Floor Speech

BREAK IN TRANSCRIPT

Mr. YOUNG. Mr. President, I rise today on tax day to recognize this as the very last time Americans will have to file their taxes under the complicated, burdensome, outdated system of the past. Today, we officially kick off a new tax code--one that is simpler, fairer, and allows hard-working Americans to keep more of their hard-earned money.

Since we passed the Tax Cuts and Jobs Act last December, success stories have poured into my office from Indiana businesses that are paying their workers more and from constituents who are earning more. Tax reform has provided needed relief across Indiana and across the entire country.

To date, we have found scores of companies in my home State of Indiana that have invested in their employees, invested in capital improvements, or lowered energy rates for consumers. They range in size from large companies, such as Walmart and AT&T, to smaller Indiana businesses, such as Family Express, which has 70 convenience stores across the State and is building 10 more and increasing its starting wage. ``We feel obligated to pass on a significant portion of the tax savings to our staff,'' said Family Express president and CEO Gus Olympidis.

My guest to this year's State of the Union Address was another beneficiary of this historic tax overhaul. Chelsee Hatfield is a young mother of three children and a teller at a rural branch of First Farmers Bank & Trust in Tipton, IN. Chelsee received a raise and a bonus as a result of this tax reform effort. This additional income will help Chelsee go back to school to earn her associate's degree. It will enable her to put money away for her children's future college education. Chelsee represents so many Americans who work in small towns and who live in our rural communities and are going to get a fair shot because of the benefits from tax reform.

The tax reform success stories don't stop there. NIPSCO, or the Northern Indiana Public Service Company, is an electric utility company in Merrillville, IN. It is passing on $26 million in new savings to its customers. Andy Mark, a mechanical and electrical parts supplier in Kokomo, is hiring more employees. Muncie Aviation Company is providing tax reform bonuses for all of its employees. One Hoosier, who lives in Cedar Lake, IN, is growing his third-generation milk-hauling business, and another, who lives in Southern Indiana and works for U-Haul in Louisville, used his $500 tax bonus to pay a bill. These bonuses and raises are allowing more Hoosiers to save for a rainy day, to put more money away towards their child's education, to make repairs to their home, and to keep food on the table.

It is worth noting that when we were debating tax reform, I listened carefully to feedback from my constituents across Indiana. I spent a lot of time traveling the State, holding roundtables, visiting businesses, and talking to folks on the street. I am glad to say that Hoosier voices were heard, and they are receiving the tax relief they asked for. I look forward to continue hearing Hoosiers' tax reform stories, and, like the rest of America, I look forward to this being the last day of the old, outdated tax system.

BREAK IN TRANSCRIPT

Source