Congress passes first major tax reform in 30 years

Congress on Wednesday passed the Tax Cuts and Jobs Act, which is the first major change to the U.S. tax code in over 30 years.

Upon passage of the bill U.S. Senate Majority Leader Mitch McConnell said “We passed tax reform to spur the American economy; to encourage job creation and grow economic opportunity; to bring jobs and investment home; and to put more money into the pockets of the hardworking men and women we represent.”

Earlier this month, the Kentucky Chamber along with several local chambers encouraged Congress to pass sensible tax reform to improve the competitiveness of the U.S. and allow businesses to be more profitable and invest in new opportunities.

Majority Leader McConnell referenced the letter on the Senate floor. “The Kentucky Chamber of Commerce, which represents thousands of businesses across the Commonwealth, recently wrote a letter encouraging us to consider relieving the tax burden of small businesses by simplifying the code and reducing costs,” McConnell said. “They concluded the letter by asking the Senate to support federal tax reform to achieve the economic growth that has been Kentucky’s potential for so long.”

The Tax Cuts and Jobs Act is now awaiting the signature of President Trump, who has been an advocate of federal tax reform.