WASHINGTON—Today, House Speaker Paul Ryan (R-WI), Ways and Means Committee Chairman Kevin Brady (R-TX), and Secretary of the Treasury Steven Mnuchin marked the sixth-month anniversary of the final passage of the Tax Cuts and Jobs Act—the first major overhaul of America’s tax code in 31 years—alongside manufacturing representatives in the U.S. Capitol. A new survey released by the National Association of Manufacturers (NAM) shows that tax reform has led to record optimism among the nation's manufacturers.
Following are Speaker Ryan’s remarks at the event, as prepared for delivery:
It was six months ago today that Congress passed the first tax reform in a generation.
And what a six months it has been:
-More than one million new jobs have been created.
-Unemployment is at its lowest level in half a century.
-Wages are picking up.
-Today, there is record optimism among our nation’s manufacturers.
Tax reform is the game-changer our economy needed.
It is the game-changer America’s workers needed.
Last fall, Jay [Timmons] and I visited a small manufacturer on Maryland’s Eastern Shore.
Dixon Valve has been around for more than 100 years. They make hose fittings there.
Their story sounded all-too familiar. It was about how all the taxes and regulations had taken their toll, and there was just so much uncertainty about the future.
And who could blame them? America had the worst tax code in the industrialized world.
But now things are getting better. In just six months, tax reform has already improved so many people’s lives.
This spring, like hundreds of companies across this country, Dixon Valve announced that it would give out bonuses to all of its employees as a direct result of tax reform.
In a letter to his workers, the company’s CEO wrote that tax reform “is helping companies like Dixon reinvest in the future.”
Tax reform is working, not just by improving people’s lives, but by improving their prospects too.
It is replacing that cloud of uncertainty with a renewed sense of optimism.
This just shows you that, when you promote growth and expand opportunity, it opens up more possibilities for people to truly flourish and prosper.
Now, a lot of people thought this day would never come.
There were the skeptics who thought we wouldn’t get tax reform done, certainly not in 2017.
And then there were the cynics who thought it would lead to the end of the world.
This is not an overstatement. There were predictions of actual apocalyptical doom.
But we had a president and a Treasury Secretary who were all-in.
And we had a Ways and Means chairman who was certainly all-in. So let me turn it over to the architect of all of this, Chairman Kevin Brady.