Protecting Family and Small Business Tax Cuts Act of 2018
Floor Speech
Mr. Speaker, I rise in opposition to the Republican tax sham.
It has been 8 months since the Republicans passed their massive, unpaid-for tax cut without a single Democratic vote. At that time, Democrats and independent experts warned that their so-called tax reform plan that wasn't paid for and that was so heavily skewed to the wealthy and big corporations would harm our economy and damage important programs like Medicare and Social Security.
Now we are beginning to see what many of us feared coming true. Health insurance companies in State after State are announcing higher premiums for next year, while health coverage for those living with preexisting conditions happens to be on the chopping block.
To make matters worse, the Medicare trustees have cut 3 years off the life of the Medicare trust fund because of the Republican tax bill.
Think of it: This vote this morning will add $631 billion to the national debt, on top of the $2.3 trillion that they have already embraced with the recklessness of their tax package.
But instead of backing away from this mistake, they are doubling down this morning. Their second round of tax cuts for the wealthy will further compromise the future of Medicare and Social Security, depriving seniors of the benefits that they have earned.
Today's bill will, once again, demonstrate that they are hardly the party of fiscal rectitude or conservatism. The original tax bill, as I noted a moment ago, adds $2.3 trillion to the debt.
So that people understand, this is all borrowed money that will go to corporations and high-income earners, who undoubtedly will receive the bulk of these benefits in the tax cut.
Now, Republicans want to give the most well-off and well-connected Americans even more tax cuts with their new proposal, again, emphasizing the following: an additional $3 trillion of debt, all based upon borrowed money.
The Republicans are doubling down on this tax law's attack and, once again, harming the American middle class. There is virtually nothing in here that comes to the aid of the middle class, because they give it to them on one hand and take it away on the other.
This proposal would make permanent the $10,000 cap on the State and local tax deduction for individuals, even while corporations will face no limits on their SALT deductions. This, at the same time, we should recognize, eliminates many tax incentives and pretty important incentives for middle class families to get ahead.
So, once again, this package, like the one before it, is being rushed through with no hearings, with no witnesses, and with no input from stakeholders. A rushed and lopsided process resulted in the disaster that we voted on just weeks ago. In fact, my staff has identified more than 100 problems with this proposal, and we are happy to share those with any who are interested.
This provision that we are voting on today is reckless, and it is a cut for the wealthy that leaves behind hardworking families.
BREAK IN TRANSCRIPT
Mr. NEAL. A reminder, Mr. Speaker, that this is $3 trillion of borrowed money to provide for a tax cut for the wealthy.
BREAK IN TRANSCRIPT
Mr. NEAL. Davis), who is a very valuable member of the Ways and Means Committee and the voice of Chicago.
Mr. DANNY K. DAVIS of Illinois. Mr. Speaker, I rise in strong opposition to another tax giveaway to the wealthiest in this country who need it the least.
The Republicans' tax cut already has damaged the health of the Medicare trust fund. This bill is more of the same.
After decades of wage stagnation, when over 41 million laborers earn less than $12 an hour, when almost none of their employers offer health insurance, when more than one-quarter of Americans struggle to cover housing costs, this Republican bill helps millionaires giving an average tax cut of over $39,000 to the top 1 percent.
The Republican plan will permanently double tax over 40 million families due to the cap on the State and local income tax deduction.
The Republican plan permanently takes away critical personal exemptions from millions of families with children which we need to help. We need to help hardworking, middle-class citizens. We don't need to give $39,000 tax breaks to the wealthy.
BREAK IN TRANSCRIPT
Mr. NEAL. Mr. Speaker, a reminder, this is $3 trillion of borrowed money for this tax plan that the Republicans are offering.
BREAK IN TRANSCRIPT
Mr. NEAL. Mr. Speaker, a reminder that this adds $3 trillion of debt that is all borrowed money.
BREAK IN TRANSCRIPT
Mr. NEAL. Sanchez), the vice chair of the Democratic Caucus.
BREAK IN TRANSCRIPT
Mr. NEAL. Sewell).
BREAK IN TRANSCRIPT
Mr. NEAL. Pelosi), the highly effective Democratic leader.
BREAK IN TRANSCRIPT
Mr. NEAL. Mr. Speaker, might I inquire of the distinguished chairman how many more speakers that he has.
Mr. Speaker, I am still trying to sort through the commentary of one of the previous speakers who said that he took a call from somebody who said: I have three or four homes, and I am not getting enough in this tax bill.
That is the point of this. He doesn't need any tax relief. That is the very example that we have been highlighting throughout this morning.
Three or four homes and they are complaining they didn't get enough? That is a remarkable comment for somebody to pass on in this Chamber.
This bill was bad on policy and it was bad on procedure. Not one hearing on this legislation. Not one witness. So two tax bills totaling $3 trillion of debt, all borrowed money with the promise of higher interest rates coming from the Federal Reserve Board, and they are suggesting that that poor fellow who must be sleeping on the grates with three or four homes needs more tax relief. That is exactly what this argument was about.
So the party of fiscal rectitude has now added $3 trillion of borrowed debt to provide a tax cut for that struggling individual who has three or four homes. Now they want to give him enough, or her enough, to maybe get to five or six homes with the tax bill. Only someone who believes, perhaps, in the argument of Bigfoot would then conclude that that individual needs tax relief.
Every mainstream economist who has spoken about the debt--and this, by the way, cost $631 billion this morning with what they are about to do, borrowed money, added to the debt, added to our children's responsibilities and our grandchildren's responsibilities.
And to make matters worse, Mr. Speaker, this represents a long-term threat, now, to Social Security and Medicare, because they are going to come back and say: Well, the debt is so high that we have to cut Social Security and we have to cut Medicare.
They should back away from the mistake that they are making this morning. Go back to some hearings. Go back through some process. Go back to a conversation with both parties. Barack Obama was at 28 percent, the corporate rate. We could have found a common point of agreement on this.
This sham is a reckless tax cut for that poor individual who has three or four homes. But at the same time, and, simultaneously, they leave behind the hardworking average men and women of this country.
I urge our colleagues to oppose this legislation, and I yield back the balance of my time.
BREAK IN TRANSCRIPT
Source