Congressional Record—Senate S6273
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October 3, 2017 CONGRESSIONAL RECORD — SENATE S6273 to keep more of what they earn. Our back home to the United States. The actual disposable income is a very plan will also expand the child tax problem with this is that most other small part of it. If they don’t take credit and make it available to more major world economies have shifted measures to avoid having their family families, and our plan doubles the from a worldwide tax system to a terri- hit by the death tax, the family will standard deduction, which will provide torial tax system. have no choice but to sell off some or significant relief for those who need it In a territorial tax system, taxes are all of their land to pay the govern- the most. Under our plan, a family paid on the money earned where it is ment, which means, in many cases, los- making $24,000 a year will no longer made and only there. You are not taxed ing the family’s farm or ranch. And the owe any Federal income taxes. All of again when you bring money back to same situation faces other types of these measures will provide direct re- your home country. Most American family-owned businesses across the lief to working families. companies’ foreign competitors have country where the value of the estate Just as important for families, how- been operating under a territorial tax is tied up in that business. ever, is the other half of our tax reform system for years. So they pay a lot less Removing the threat of the death tax plan, which involves creating the kind taxes on the money they make abroad for family-owned businesses, farms, of economic environment where hard- than American companies pay. That and ranches would free up resources working Americans can thrive—the leaves American companies at a dis- that these business owners could invest kind of environment where Americans advantage. in their businesses and in our economy have access to good jobs, higher wages, Foreign companies can underbid instead of on complex estate plans, in- and more opportunities. American companies for new business surance, and expensive tax profes- Over the past few weeks, I have come simply because they don’t have to add sionals. to the floor to talk about Republicans’ as much in taxes into the price of their Before I move on, let me just remind tax reform principles and have high- products or services. When foreign everybody that when we talk about the lighted some of the ways our tax re- companies beat out American compa- death tax, we are talking about double form plan will improve the economic nies for new business, it is not just and sometimes triple taxation. The outlook for American families. Last American companies that suffer. It is money the government is taxing has week, I talked about our third prin- American workers. That is why a key already been taxed at least once. It ciple, reforming our Tax Code to keep part of the tax framework that Repub- boggles the mind that some think that those good-paying jobs here at home. licans unveiled last week involves low- a person’s death is justification for tax- This week I would like to spend a few ering our massive corporate tax rate ing his or her income a second or a minutes talking about our fourth prin- and transitioning our tax system from third time. Death should not be a tax- ciple, which is keeping American busi- a worldwide tax system into a terri- able event. When someone dies, they nesses competitive in the global econ- torial tax system. By making Amer- shouldn’t have to see the undertaker omy. ican businesses more competitive in and the IRS at the same time. In order for individual Americans to the global economy, we can improve Our Tax Code is increasingly stran- thrive economically, we need our busi- the playing field for American workers. gling our economy and placing heavy nesses to thrive. Thriving businesses There are a lot of other things we are burdens on hard-working American create jobs, provide opportunities, and going to do to help hard-working fami- families. If we want to improve the they increase wages and invest in lies and American workers, from im- economic situation of American fami- workers. Right now, though, our Tax proving the tax situation for small lies, comprehensive tax reform is es- Code is not helping businesses thrive, businesses to helping family business sential. and it is making it more difficult for owners, farmers, and ranchers like Republicans in the House and the American businesses with an inter- those in my home State of South Da- Senate are continuing to work on the national footprint to compete in the kota by repealing the death tax. final draft of the bill that we will take global economy. Our colleagues on the other side of up later this fall. I look forward to Our Nation has the highest corporate the aisle like to complain about our passing comprehensive tax reform that tax rate in the industrialized world—at plans to repeal the death tax. They will help American families thrive, least 10 percentage points higher than complain that it is not something to that will create greater economic the majority of our international com- really worry about since they claim growth, better paying jobs, higher petitors. It doesn’t take an economist relatively few estates are expected to wages, and bigger paychecks for Amer- to realize that high tax rates leave actually have to pay the tax. Well, I ican workers. businesses with less money to invest, would like them to come and talk to Mr. President, I yield the floor. less money to spend on wages, less some of the farmers and ranchers in f money to create new jobs, less money my State of South Dakota. Some of to devote to research and development these farmers and ranchers are paying RECESS of new products and services, and less tens of thousands of dollars a year in The PRESIDING OFFICER. Under money to put back into new property an effort to avoid having their families the previous order, the Senate stands or equipment for those businesses. This hit by the estate tax when they die. in recess until 2:15 p.m. situation is compounded when an Why? Because they know that without Thereupon, the Senate, at 12:33 p.m., American business has international careful and costly planning, if the Fed- recessed until 2:16 p.m. and reassem- competitors that are paying a lot less eral Government comes around after bled when called to order by the Pre- in taxes than you are. It is no surprise their death demanding a staggering 40 siding Officer (Mr. STRANGE). that U.S. businesses struggling to stay percent of their estate, their children f won’t have the money to pay the gov- competitive in the global economy EXECUTIVE CALENDAR—Continued don’t have a lot of resources to devote ernment without risking the farm or to creating new jobs and increasing the ranch. The PRESIDING OFFICER. The Sen- wages. Farming and ranching is a land-rich ator from Massachusetts. On top of our high business tax rates, but cash-poor business. Farmers and LAS VEGAS MASS SHOOTING there is another major problem with ranchers own valuable land, but they Mr. MARKEY. Mr. President, a trag- our Tax Code that puts American busi- are only earning cash on the crops they edy took place in Las Vegas this week. nesses at a competitive disadvantage grow or the livestock they raise on It is a tragedy that has affected hun- globally—our outdated worldwide tax that land. So while their overall farm dreds of families. It is a tragedy in system. or ranch may have a substantial value, which each and every one of us sends What does it mean to have a world- the amount of money they have com- our prayers to those who have lost wide tax system? It means that Amer- ing in is relatively small and subject to loved ones. And to those who have fam- ican companies pay U.S. taxes on the the swings in the market from year to ily members who are now hospitalized, profit they make here at home, as well year. Too often, when farmers and we send our prayers to you as well, as on part of the profits they make ranchers die, the vast portion of their with the great hope that a full recov- abroad once they bring that money estate is made up of their land, while ery is in their future. VerDate Sep 11 2014 23:55 Oct 03, 2017 Jkt 079060 PO 00000 Frm 00007 Fmt 0624 Sfmt 0634 E:\CR\FM\G03OC6.011 S03OCPT1 S6274 CONGRESSIONAL RECORD — SENATE October 3, 2017 This was an unimaginable event that gun. That is going to provide far more every single year. Shouldn’t we be occurred in our country. It is now time protection. It is far more important studying how to stop people from firing for us to talk about this issue. There that the police in a State or in a city guns and give the medical, the sci- are many people who say this is not know that someone has a concealed entific, and the public health commu- the time to talk about it, but the truth weapon. It is critically important for nity the resources they need? is, the only thing the National Rifle police protection.