Taxes

Floor Speech

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Mr. SCHUMER. Mr. President, that is the third thing I want to talk about, the Republican billionaire tax breaks.

In less than 3 months, Donald Trump has unleashed more chaos upon the American people than any previous President. His tariffs have hit families with the largest tax hike in half a century.

Elon Musk and DOGE are sabotaging Social Security and Medicaid and Medicare from within with massive layoffs, funding cuts, and crashing websites. The market is having its worst day since the COVID crisis, sending 401(k)s reeling.

And what are Republicans in Congress doing? They are cutting taxes for billionaires and paying for it by cutting Medicaid.

Now the billionaire tax breaks will add $37 trillion to the debt. Adding $37 trillion to the debt was bad enough without having to take into account President Trump's tariffs. But now that these tariffs are making a recession more likely, it would be malpractice--malpractice-- for Republicans to move forward.

The ball is in the House Republicans' court. They can see for themselves just how fiscally reckless and ill-conceived the Senate bill is. They should reject it. Republicans' obeisance to Donald Trump's increasingly unpopular agenda will cost them dearly in the future.

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