During an interview on CNBC’s Squawk Box, Senator Portman discussed how the Senate-passed Tax Cuts & Jobs Act will help boost the middle class, create more and better jobs, and raise wages. Portman also discussed the path forward and his hopes that the Senate and House can come together quickly to send this bill to the president that will save the typical Ohio family $2,375 annually on their tax bill and help middle-class Ohioans keep more of their paycheck. Portman, who has held six tax reform roundtables in Ohio with local business leaders in recent months, has been vocal on the national stage calling for tax reform, including during recent interviews on CBS This Morning, Fox News, CNN, CNBC, Fox Business, Bloomberg TV, and NBC’s Meet The Press twice, as well as recently in op-eds in the Cleveland Plain Dealer and Cincinnati Enquirer.

Excerpts can be found below and a video can be found here.


It’s a good bill. It’s good in substance and also in process. We went through the committee structure. We had about 70 hearings in the Finance Committee. We had the bipartisan working groups a couple of years ago in every aspect of the tax code, so in my view we did this right and better than we did on health care, frankly, to bring in everybody and get their input and I think that’s why we were successful.”


I hope we don’t make big changes in terms of the economic growth structure, which includes having our tax rate be slightly below the average of the industrialized countries, which is 20 percent. The average is about 22.3 percent. I don’t want to go much above that because you end up having the United States, again, not being competitive. Already the U. K., as an example, is going below 20 percent—they’re above it now—just in the next year or so. My prediction is that that 20 percent is important and a couple of years from now we’ll find out that we’re at or above the average of the tax rate around the world. If we don’t keep it at 20 percent, we could find ourselves above the average in a matter of months. I hope we won’t change the basic structure of this too much because I think it has about the right balance.”


I do think there are some things that are good in the House bill that we ought to be taking a look at. We’ve had good conversations already with the House. We’re meeting again today on an informal basis to just talk about where we can find common ground and, as I said to Joe, I think the structure is really similar. When you look at the big picture here, this is about true middle-class tax relief. It is about helping the pass-throughs, the smaller businesses, to be able to be competitive with the C Corporations who in turn have a lower rate—and a territorial system to be able to be globally competitive. That’s something we’ve all talked about for years in fact, for a decade now we’ve been talking about the fact that American companies, American workers can’t compete. Last year, three times as many American companies were taken over by foreign companies as U.S. companies purchasing foreign entities. That’s because of our tax code—we’ve lost a lot of businesses, a lot of jobs, a lot of investments. We have to do that, and both bills do it. We just need to be sure that we can come together, as you say, under the rules we’ve got in the Senate and get this passed and get it to the president’s desk for signature.”