Press Release – Congress is one step closer to passing concrete reforms to the broken U.S. tax code as the full Senate took up consideration of tax reform legislation earlier today, according to U.S. Senator Mike Enzi, R-Wyo.
Speaking on the Senate floor, Enzi said this bill would help grow the economy, create jobs and ensure that Americans are not missing available tax relief.
“We need tax reform that will make our system simpler and fairer and allow people to keep more of what they earn,” Enzi said. “This bill before us would do that.”
He said the bill would provide relief to small and family-owned businesses, which currently employ the majority of the private sector in Wyoming. “This tax plan is an investment in hardworking Americans – one that would produce a stronger and more competitive American economy,” Enzi said.
Enzi helped pass a budget earlier this year that would offset tax cuts by relying on economic growth and sensible fiscal restraint. Enzi highlighted that if the economy reached 3.2 percent growth on average under the new tax plan, part of the debt would be paid down from the extra revenue generated.
The legislation includes language to advance American energy security by opening up a small section of the Arctic National Wildlife Refuge (ANWR) for potential oil and gas exploration. Enzi noted that while the ANWR region is the size of South Carolina, the potential area for oil exploration included in the bill is smaller than the airport in Fargo, North Dakota.
Enzi also refuted claims that the process for passing the bill had not been open and transparent. He emphasized that along with following regular order in committee and an open amendment process that allows senators to offer changes, the Senate Finance Committee has held 70 hearings on improving the tax code over the last six years.