On the recordFebruary 11, 2020
Madam President, last Tuesday, the President delivered his State of the Union Address. He discussed some of our biggest accomplishments over the past 3 years, and, of course, chief among those accomplishments is the economic progress we have made. During the Obama administration, our economy spent years in the doldrums. American families and American workers struggled to advance in a historically slow recovery that left some experts predicting that a weaker economy would be the new normal. Yet Republicans didn't believe we should be resigning ourselves to that future. In fact, we knew that the real strength of the American economy, American business, and American workers was still there. But we also knew that burdensome regulations and an outdated tax code were preventing our economy from thriving the way it should, so we took action. We cut burdensome regulations and passed historic reform of our Tax Code. We cut tax rates for families, doubled the tax credit, and nearly doubled the standard deduction. Then we took aim at the parts of the Tax Code that were holding back American workers and American businesses. We lowered tax rates across the board for owners of small and medium-sized businesses, farms, and ranches. We lowered our Nation's massive corporate tax rate, which was the highest corporate tax rate in the developed world.…





