Trump Tax Cuts

Floor Speech

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Mr. SCHUMER. Madam President, finally, on the Trump tax cuts, we knew from day one that Trump tax cuts stunk to high heaven, and now CBO has shown us they are even worse than we thought. Last month, the CBO reported that an extension of the 2017 Trump tax cuts would add a whopping $4.6 trillion to the deficit.

Hear that deficit hawks on the other side of the aisle who keep complaining that the deficit is getting higher? The Trump tax cuts would add a whopping $4.6 trillion to the deficit. That is 50 percent higher than original estimates.

The latest CBO report is a harsh reality check for the self- proclaimed fiscal hawks on the right who complain about the deficit. They complain about spending $50 million to help feed kids, but they seem to have no concern about a tax cut that mainly goes to the wealthy and big corporations that increases the deficit by $4.6 trillion.

It is another reminder why, at the end of the day, the Trump tax cuts were a dud for the economy and a political loser for the Republican Party.

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