The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“Tax Reform (Executive Session)” mentioning the U.S. Dept of Labor was published in the Senate section on pages S2351-S2352 on April 10, 2019.
The Department provides billions in unemployment insurance, which peaked around 2011 though spending had declined before the pandemic. Downsizing the Federal Government, a project aimed at lowering taxes and boosting federal efficiency, claimed the Department funds "ineffective and duplicative services" and overregulates the workplace.
The publication is reproduced in full below:
Tax Reform
Mr. THUNE. Mr. President, tax day is not anyone's favorite day, but thanks to the Tax Cuts and Jobs Act, millions of American families are facing a less painful tax bill this year. They are also seeing a lot of economic opportunity.
When Republicans took office after President Trump's election, we were determined to make things better for American families. Under the Obama administration, the economy had stagnated, wages barely grew, job growth was weak, business investment growth was low.
Republicans knew that if we wanted to make life better for families, we had to turn that around. American families can't thrive if the economy isn't thriving. You need a strong, growing economy to give Americans access to good wages, good jobs, and real opportunities.
So we got right to work. We repealed burdensome regulations that were acting as a drag on economic growth, and we passed a comprehensive reform of our Nation's outdated Tax Code.
Why the Tax Code? Well, the Tax Code has a huge effect on our economy. A small business owner facing a huge tax bill is unlikely to be able to expand her business or to hire a new employee. In fact, if her tax burden is heavy enough, she may not even be able to keep her business open.
Similarly, a large business is going to find it pretty hard to create jobs or improve benefits for employees if it is struggling to stay competitive against foreign businesses that are paying much less in taxes.
Prior to the passage of the Tax Cuts and Jobs Act, our Tax Code was not helping our economy. In fact, it was doing the opposite, and so we made reforming our Tax Code a priority.
Our goal with the Tax Cuts and Jobs Act was twofold: put more money in Americans' pockets immediately and get the economy going again to give Americans access to good jobs, good wages, and opportunities for the long term, and that is exactly what we did. To put more money in Americans' pockets right away, we cut tax rates for American families, doubled the child tax credit, and nearly doubled the standard deduction, and now families are seeing the effects.
The liberal Tax Policy Center reports that under the Tax Cuts and Jobs Act, 90 percent of middle-class families are seeing a tax cut. For 2018, the typical family of four saw a tax break of more than $2,000. That is more money every month to put toward a family vacation, a home or car repair, or a kid's braces, or to tuck away in savings for a rainy day.
That is not all. As I said earlier, families aren't just seeing a lower tax bill; they are also seeing more economic opportunity thanks to the economic growth spurred by the Tax Cuts and Jobs Act.
The Tax Cuts and Jobs Act lowered tax rates across the board for owners of small- and medium-size businesses, farms, and ranches. It lowered our Nation's massive corporate tax rate, which up until January 1 of last year was the highest corporate tax rate in the developed world. It expanded business owners' ability to recover the cost of investments they make in their businesses, which frees up cash they can reinvest in their operations and in their workers. It brought the U.S. international tax system into the 21st century so that American businesses are not operating at a competitive disadvantage relative to their foreign counterparts.
Those measures have done exactly what they were supposed to do: Get our economy going again. Economic growth is up. Job creation is up. Wages are up. Personal income is up. Business investment is up. Unemployment is down.
Since tax reform was enacted, job growth has averaged 215,000 jobs per month. That is almost twice--almost twice--the monthly average during the Obama administration.
In 2018, for the first time ever, the number of jobs outnumbered the number of jobseekers; 2018 was the first time ever.
The Department of Labor reports that the number of jobs available has now exceeded the number of those looking for work for 12 straight months. Unemployment has now been at or below 4 percent for 13 months. In the last week of March, the number of jobless claims hit its lowest level in 50 years.
U.S. manufacturing, which saw thousands of job losses during the Obama years, is booming. Since tax reform was passed 15 months ago, the manufacturing industry has added thousands of jobs.
Wages have been growing at or above 3 percent for 8 straight months. Since wages are growing faster than inflation, that is translating to a real increase in purchasing power for American consumers.
Business investment is up. Since the passage of tax reform, business investment growth has averaged 7 percent, almost twice--almost twice--
what it averaged during the Obama administration.
What do all of these numbers mean? They mean more and better jobs for jobseekers. They mean more money in your paycheck to spend or save for the future. They mean more and better opportunities to advance in your career.
Thanks to tax reform, more families can afford to pay that orthodontist bill and still save some money for a family vacation. More families can afford to cover that unexpected car repair or plumber's bill. More families can afford to put a little extra away each month for the kids' education or for their retirement.
I am proud that tax reform is making life better for American families. Republicans will continue working to secure the gains that we have made for the long term and to expand opportunities for hard-
working Americans even further.
I yield the floor.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The senior assistant legislative clerk proceeded to call the roll.
Mr. SCHUMER. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
