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Click here to watch Sen. Barrasso’s remarks.

WASHINGTON, D.C.— Today, U.S. Senator John Barrasso (R-WY) delivered the following remarks on the Senate floor on how the Senate is working to give tax relief and create jobs through the Tax Cuts and Jobs Act.

Excerpts of Senator Barrasso’s remarks:

“The Senate Finance Committee is working this week on the Tax Cuts and Jobs Act.

“This is a Republican plan to give tax relief to the American people.

“Just like the names of the legislation says, it actually addresses both issues – tax cuts and jobs.

“First of all, the legislation will cut the taxes for American workers.

“One of the biggest cuts in the plan is that it roughly doubles the standard deduction that people take.

“Right now, the standard deduction for a married couple is about $12,000.

“If we double it, people won’t pay any federal income taxes at all on the first $24,000 that they earn.

“That’s a big tax cut, and it’s aimed squarely at lower-income, middle-income families in this country.

“A lot of people will decide to take this deduction instead of going through the painstaking process of itemizing deductions on their income tax returns.

“That saves people a lot of time.

“It also saves them the cost of accountants and lawyers who help them figure out the complicated taxes that they end up paying in this country.

“Republicans are also working to preserve other deductions that are important to American families.

“When we put all of these together, we’re going to cut taxes for people and put money back in their pockets, instead of sending it to Washington.

“The second thing to know about this tax relief legislation is that it’s going to be a big boost for jobs in America.

“In fact, it will help America create more than 900,000 new jobs.

“It’s also going to lead to higher pay.

“That’s because the legislation will cut the taxes that small businesses have to pay.

“Small businesses create most of the jobs in America.

“If we let them keep more of their money, they can hire more people, help grow their businesses.

“They can also give their workers a raise, or offer them better benefits.

“When Washington takes less, and businesses can keep more, workers are better off – every time.

“Republicans also want to bring down the rates that Washington charges other businesses.

“A lot of people work for small businesses, but a lot of people also work for larger businesses as well.

“If we’re able to cut taxes for those businesses, then those workers can get the same raise.

“How much more money are we talking about?

“According to the Tax Foundation, it amounts to about $2,600 for a typical middle-income family.

“That’s what you get when you combine the tax cut and the pay raise that people will see across the country.

“For that family, an extra $2,600 is going to be a very big deal.

“A majority of Americans say that they don't have enough savings today to cover a $500 emergency expense if one came up.

“Millions of American families will be far better off because of the tax relief that Republicans are working on this week.

“It boosts the economy, it helps individual workers, it helps their families.

“This is about tax cuts and it’s about jobs.

“That’s how you keep the economy growing.

“That’s how we keep American families thriving.”


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