On the recordOctober 21, 2020
Mr. President, in about 2 weeks, the American people will go to the polls to determine the direction of our Nation. There are many important issues voters will consider as they decide which way they will cast their votes. Their decisions will ultimately determine who will be President and the makeup of Congress. One issue that is always front and center in any election is the economy and the economic policies of the respective candidates. This election is no different. There are many differences in the economic policies that would be pursued by a Republican-led administration versus the path my Democratic colleagues would take if they were to be in charge. One particular, stark difference is that of tax policy that both sides can be expected to pursue. Over the past 4 years, President Trump and the Republicans in Congress have enacted historic tax cuts, particularly for middle-class Americans. That has been part of a long, overdue revamp of our Tax Code. This has included reducing tax rates across the board, significantly increasing the standard deduction, and doubling the child tax credit from $1,000 to $2,000. As a result of these changes, a typical family of four earning $70,000 has seen its tax bill reduced by $2,000. While my Democratic colleagues have done their best to distort this reality about middle-income tax cuts, IRS tax return data of 2018 confirmed that middle-income Americans saw significant tax reductions.…





