As the U.S. Senate begins debate on a bill to enact federal tax reform, Senate Majority Leader Mitch McConnell kicked off the discussion with a speech referencing the support of the Kentucky Chamber and other groups across the state to pass tax reform.
In a letter distributed earlier this week to Kentucky U.S. Sens. McConnell and Rand Paul, the Kentucky Chamber along with several local chambers encouraged the U.S. Senate 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.
“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 U.S. House of Representatives passed their version of tax reform earlier this month, and the U.S. Senate could pass their bill today or tomorrow. Once each chamber passes their version of tax reform, they will go into conference committee, where the House and Senate will resolve their differences. Read a full explanation of what is in each of the bills and more about the letter sent by the chambers in Kentucky here.
View McConnell’s full remarks on the Senate floor Thursday in the video below: