Providing for Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Internal Revenue Service Relating to ``Gross Proceeds Reporting By Brokers That Regularly Provide Services Effectuating Digital Asset Sales''--

Floor Speech

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Mr. KENNEDY. Mr. President, I want to talk for a few moments about income tax filing season. I realize the Presiding Officer would probably prefer to be condemned to hearing O.J. jokes for the rest of eternity than to hear me talk about Federal income tax filing, but it is important for Americans and my people back in Louisiana because we have a new deduction for people who have uninsured losses from natural disasters. It is really important in my State because many of my people have suffered damages, for which they did not receive insurance payments, from Hurricanes Laura, Delta, Ida, and Francine.

We passed this new deduction in December. It is called the Federal Disaster Tax Relief Act. What it does is the following: It changes the law. It now says that if you are a victim of a natural disaster like a hurricane and you have a loss that is not paid for by your insurance, you can now deduct off your income tax dollar for dollar any uninsured property damage in excess of $500.

Why is that important? Well, under the old rules, you were limited in your deduction. You could only deduct your uninsured property losses that were in excess of 10 percent of your adjusted gross income. I know that sounds complicated, and it is kind of complicated. But rather than belaboring the point, the bottom line is this: As a result of this bill that we all worked on and we passed, you can now deduct more, and this is the first time people will be able to do this.

Let me say it again. If you had an uninsured property loss, you can now deduct any of that loss above $500. This also applies in addition to the standard deduction. So if you take the standard deduction, as most Americans do, you can take this additional deduction on top of it.

I would also like to point out to all Americans but especially my people back home in Louisiana that this tax deduction is retroactive. It goes all the way back to 2020. So that means that going back to 2020, if you had uninsured losses, you can now deduct them if they exceed $500.

I know folks are thinking, well, I already filed my income taxes for 2021 and 2022 and 2023. You can file an amended return. It is very simple to do. You just file an amended return that says: There has been a change in the law, and I am entitled to have this higher deduction, and therefore the Federal Government owes me money, and therefore please send me my check.

So I wanted to make sure that Americans knew about this new tax provision we passed. Inflation

Mr. President, the second thing I want to talk about is a subject that some people want to avoid, but I don't, and the American people don't. It is on the minds of every American. That is high prices. I know there are other issues that are important that we are talking about: male athletes in women's sports--that is important; immigration--that is important; national security--we are talking about that, and that is important; the Middle East; Ukraine. I could go on. But the single most important issue that moms and dads worry about in America today when they lie down to sleep at night and can't is inflation, high prices.

I don't want to dwell on the past, but President Biden's administration was an inflation machine. We saw inflation get as high at one point as 10 percent. What does that mean? That means that prices were going up every day, every month, at the rate of 10 percent annualized. Bidenomics, in most people's minds, became paying more to live worse. I mean, inflation just was gutting the American people like a fish. It happened because of all this breathtaking amount of money President Biden's administration spent, trillions of dollars--the American Rescue Plan, the CHIPS Act, the Inflation Reduction Act. They injected trillions of dollars into the economy, frankly, as we are finding out now, most of it in wasteful spending that caused too many dollars to chase too few goods. Unless you are master class dumb, you know that every single time, that leads to inflation.

Thanks to the efforts of the Federal Reserve, inflation came down. It went down from 10 percent to--today, it is between 2 and 3 percent, depending on whose numbers you believe. And that is good. I am happy it happened. That is called disinflation.

When inflation goes from 10 percent to 3 percent, that means prices are still rising, but they are just not rising as quickly as they were. And that is a good thing, but it doesn't lower prices. It doesn't mean that we have now lower prices. They just aren't as high as they would have been if we hadn't tried to control inflation. That is called disinflation. Deflation is when prices actually go down. Deflation is when prices actually go down.

What the American people are wondering every single day as they sell blood plasma to go to the grocery store is, when am I going to get some relief from these high prices? And we do need to provide them relief.

I want to talk about three ways that we are in the process of trying to reduce those prices that my Democratic colleagues caused. And I don't mean to pick on all my Democratic colleagues, but as I have said before, I like breakfast food and straight answers. No economist in America believes that this inflation happened as a result of happenstance. It happened because of the breathtaking amount of money that President Biden spent.

There are three things we are doing to try to get these prices down. No. 1, reduce spending. You see it every single day from President Trump. He said he was going to audit Federal spending, and that is exactly what he is doing.

Now, there are some people that are mad. There are people that are very mad at President Trump and Mr. Musk and others for discovering all of this waste. The people that are mad don't seem to be mad at the people who caused the waste; they are mad at the President and Mr. Musk for finding the waste. I find that a little bit ironic.

But the point is that we are trying to reduce spending, and you are going to see it in our reconciliation bill that we are going to pass, as the Presiding Officer knows. You are going to see it in our budget, if we ever pass one. We are trying to reduce spending because our debt is $36 trillion, and it is going up at the rate of $7 million a minute. I have been talking 5 minutes, maybe; it has grown $35 million while I was talking.

So we are trying to reduce government spending to get this debt down but also to reduce high prices. Why does it matter? Because the less money that government spends, the less stimulative government is on the private sector. When government spends money--there is a finite amount of money--when government spends money, it is money that we are spending instead of the private sector to create jobs and to increase wages.

So the first thing we are doing--the new administration and the new Congress--is to try to reduce spending, and if we are successful, that will lower these prices.

No. 2, deregulation. The Federal Government wants to regulate every breath we take--every breath we take.

I wish you could see all of the Federal regulations. If you stacked them right here--if you stack every single Federal regulation right here, you could probably stand on this thing and paint the ceiling. It is just amazing.

Each one of these regulations has a cost. The cost of all of our regulations today is in excess of $2 trillion--not billion, not million--$2 trillion. What does that mean? That means when a business produces a product or it delivers a service and it has to comply with a meaningless, gnarly Federal regulation which costs money, that extra expense is added to the cost of the product of the service.

Duh.

I mean, businesses have to stay in business. They can't eat the cost. So they pass it on. That leads to higher prices.

So the second thing that we are doing--we are working on it every day. It hasn't been talked about a lot. We passed some bills here on the floor of the Senate, but the administration is doing even more. We are deregulating. We are getting rid of all of these excess regulations whose costs are greater than their benefit. I think the President said he has a new rule that if you are in the bureaucracy and you want to promulgate a new rule, you can do it if it is really necessary, but you have to get rid of 10 others. If we do that successfully, that will reduce prices.

So the first thing we are doing is cutting spending to get down these high prices. The second thing we are doing is implementing Federal deregulation. The third thing we are doing--we are working on it as we speak, as you know, Mr. President.

We have to grow this economy. I mentioned the high spending and the debt that has led to higher prices. Think about this. Since 2019, 5 years ago, the American population increased 2 percent. The Federal budget has increased 55 percent--2 percent population increase, Federal spending is up 55 percent. That is just a fact. The numbers are the numbers. I know we have had some inflation. We haven't had 55-percent worth of inflation. That is just a fact.

Every dollar that the Federal Government spends is a dollar that business people don't have to invest. Why is that important? Because they invest; they grow their business; they add more jobs; the business becomes more profitable; and wages rise.

The third way we are attacking these high prices is by trying to stimulate the economy to increase wages so that we actually can grow out of these high prices so that people will have more money to spend when they buy a car or go to the grocery store. We are not going to do that with tepid GDP growth.

If you go back to 2010--what, 15 years now? America has experienced average gross domestic product growth--that means how much your economy is growing, as you know, Mr. President. Average GDP growth is a little over 2 percent. That is not going to get it. That is not going to get it. In fact, now when we have 2.5 percent GDP growth, we get so excited. We are so happy we want to have a toga party. Well, 2.5 percent is not going to get it. In order to grow out of these high prices and increase wages, we are going to have to increase GDP growth to at least 3 percent. And that used to be normal for America. That used to be very, very doable and very normal.

How are we going to do that? We are going to do that through the Tax Code. We have about $4.5 trillion worth of tax cuts that we implemented back in 2017 that caused the economy to grow and wages to go up until COVID hit. Those tax cuts are expiring here very shortly, and we are going to extend them. If we don't, it will be, in effect, a tax increase by $4.5 trillion. That will send our growth down, not up.

We are also going to change some other provisions of the Tax Code; and in doing so, we are not going to add to our deficit. We are going to match those tax decreases with spending savings so that we do not add to the national debt. That is what we are doing on inflation.

I didn't want this to be lost in translation because of all the other important things we are talking about.

We are well aware that high prices are gutting the American people like a fish. But by reducing spending, by deregulating the economy, and by designing a Tax Code that looks like somebody designed it on purpose, we are going to get those high prices down.

Point 3, I am speaking of saving money. I talked a little bit about public radio and public television in America--the Corporation for Public Broadcasting, NPR, PBS. These are public TV and radio stations. The American people spend about a half billion dollars a year and give it directly to public TV. They give it to the Corporation for Public Broadcasting.

Corporation for Public Broadcasting picks its favorite local TV stations and radio stations, gives money to them, and local TV and radio stations buy programming from NPR and PBS, which is loosely affiliated with Corporation for Public Broadcasting.

There was a time when it was necessary because we only had three TV stations and few radio stations. And people in rural areas depended on the government for the media. Those days are long gone, as we know. We now have a breathtaking array of ways to get information, everything from podcasts to Facebook to Twitter to Google News to cable TV to streaming. We no longer need to spend half a billion dollars a year or half a trillion dollars a year--we spent $14.5 billion since we started funding public radio and television. We no longer need to do it.

I mean, we don't fund CNN. We don't subsidize CNN, and if somebody proposed to, I would vote against it. We don't subsidize FOX News. If somebody introduced a bill to subsidize FOX News, I would vote against it. Why are we subsidizing these radio and television stations? They need to compete with everybody else.

The final point I want to make on this subject, the audience for public radio and public television is declining. Let me say that again. The audience for public radio and public television, which your tax dollars pay for, is declining. Why is that? There are a lot of reasons for it, but I will tell you one. People used to tune into PBS and NPR and Corporation for Public bias--Public Broadcasting--Freudian slip there--because those stations played it right straight down the middle. But they don't anymore. They are very, very biased in their reporting. We all know that. I mean, all you have to do is listen to them.

This is America. You are entitled--I despise opinion journalists, but it is constitutional. On the First Amendment, you can say what you want, within reason. I support that. You are not free if you can't say what you think, so I don't want you to misconstrue what I am saying. These local stations that are getting money from the taxpayers have every right to report what they want. But they don't have a right to do it and offer a jaundiced point of view using taxpayer dollars. That is my point.

I just wanted to, as I have done in the past, I wanted to read a few more headlines. This is the kind of reporting that is being done today with your tax money on NPR, National Public Radio, and PBS. I will start with NPR. Here is one of the headlines of NPR: ``Arguments that trans athletes have an unfair advantage lack evidence to support.''

That is opinion journalism. Here is another headline from NPR: ``A Brief History of How Racism Shaped Interstate Highways.''

I did not know our interstate highways were racists. I thought they were concrete. Not according to NPR.

Here is another NPR headline: ``Trump `Embodies Nearly Every Aspect of a Racist,' Author Says.''

Another: ``The Nation: Confronting Trump's Coded Racism.''

And another: ``Is Trump's Call For `Law And Order' A Coded Racial Message?''

As I said, these are your tax dollars at work.

``Sexism Is Out In The Open In The 2016 Campaign. That May Have Been Inevitable.'' That is another headline.

``Is Trump Really That Racist?'' Another headline.

And another headline: ``FRONTLINE traces the `ambition and revenge' driving SCOTUS Justice Clarence Thomas.'' NPR is reporting that Justice Thomas is motivated by revenge and ambition.

Another headline from NPR: ``What can the White House do to confront the narrative around Biden's ability?''

It wasn't a narrative. I mean, I don't hate anybody, and I am sorry this was the case, but President Biden had neurodegenerative disease. It wasn't a narrative; it was just a fact. I am sorry, but it was just a fact.

Last headline from NPR: ``Scientists Start to Tease Out the Subtler Ways Racism Hurts Health.''

Your tax dollars at work. I don't want to just pick on NPR. Here are a couple which you saw on television, PBS, paid for with your tax dollars. First headline: ``Talking to Young Children About Race and Racism.''

Another headline: ``How America's history of racism connects to divisions today.'' Another headline from PBS: ``The hidden racism of young white Americans.''

Your tax dollars. Another headline: ``AP FACT CHECK: Trump seeds race animus with COVID falsehood.''

Another headline: ``Biden trumpets economic gains, but struggles to get credit.''

Another headline from PBS: `` `The Other Olympians:' Transgender Athletes in the Nazi Era.''

Come on, give me a break. Gag me with a spoon.

The final headline I will read: ``Debunking common myths about gender-affirming care for youth.''

Let me say it again, Mr. President, these television stations and radio stations that are getting money from the Federal Government--your tax dollars--they have every right under the First Amendment to say these things. They do and I support the First Amendment. But they don't have an inalienable right to report these things using opinion journalism that no fair-minded American can construe as anything but representing one point of view with your tax dollars. I am going to try to stop subsidizing media, not just PBS and not just NPR but any form of media that somehow is getting Federal taxpayer dollars. It is just not right. It is not fair. I have a bill to do that. We are also going to pursue it through reconciliation. I think President Trump and Mr. Musk are going to pursue it on their own, and I think that is a very good thing.

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