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WASHINGTON – U.S. Senator Johnny Isakson, R-Ga., a member of the U.S. Senate Committee on Finance with jurisdiction over tax reform, today applauded Senate passage of H.R.1, the Tax Cuts and Jobs Act, by a vote of 51-48.

“I’m very proud to be a part of this Senate today and what’s going to prove to be an historic day in the future,” Isakson said Tuesday in remarks on the Senate floor ahead of the vote. “When you take a risk, at the end of that rainbow is a reward. And in the case of risking lower taxes, the greater reward is more jobs, more opportunity, and a better America for our children and our grandchildren.”

During his remarks, Isakson also highlighted some of the provisions that will benefit Georgia families and individuals including cutting individual income tax rates across the board, doubling the standard deduction, and doubling the child tax credit.

“On the personal side, you really can’t argue with doubling the standard deduction,” Isakson continued while addressing the benefits of the legislation. “You can’t argue with the doubling of the child tax credit. You can’t argue with simplifying the tax process itself and the filing of taxes. You can’t really argue with all this because you know it’s better for the American people and their pocketbook in the short run, while in the long run, it’s better for their children and their grandchildren.”

Isakson pulled from his own experience as a small businessman to point out benefits for Main Street and small businesses, “You know, when I ran a company for 25 years, I made investments where I knew I had a place to grow. I made business decisions where there was positive growth ahead if I made the right decision. This tax code, this change in our tax code, this opportunity that we have does all those things.”  

The Tax Cuts and Jobs Act also overhauls the U.S. corporate tax system by lowering rates and adopting new international tax rules similar to our trading partners. These changes will enable American companies to compete on a level playing field with the rest of the world while removing the incentive to move U.S. facilities and jobs overseas.

“Don’t underestimate the power of the territorial tax change this makes for American business,” noted Isakson. “Now that we have a territorial system, there’s an incentive to stay in the country if you’re located here and come to America if you’re not. We are open for business!”

He concluded, “I’ll bet on [the American people] taking advantage of a tax code that’s fair to them and gives them a chance to expand their personal opportunity. I’ll bet on them that they’re willing to move forward on a tax code that’s better for all of the country.”

“I’ll make my bet on them that they want to see to it that their children and their grandchildren have the opportunity that they’ve had, as well.”

This historic tax reform overhaul package will receive another final vote in the U.S. House of Representatives on Wednesday, and if passed, will then move to the president to be signed into law.

Isakson’s full remarks on the floor can be viewed here.

Related:
Isakson: Tax Reform will Strengthen America’s Future
Isakson: Tax Reform Helps Americans Now, Supports Future Generations
Isakson Applauds Committee Passage of Tax Reform
Isakson Statement on Tax Reform
Isakson’s Floor Remarks on the Senate Tax Reform Proposal
Fox News: Isakson Talks Tax Reform and Veterans Day on Fox News
Atlanta Journal Constitution: Op-ed: Tax reform key to a prosperous future
 

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