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Floor Speech
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Mr. BARRASSO. Mr. President, I come to the floor today to talk about the Republican plan for American prosperity in terms of why it is so popular.
That is because Republicans want to cut taxes. Democrats, they want to raise taxes. Republicans want to grow the economy. The Democrats, they want to grow the government. Republicans want to put working families first. Democrats continue to want to leave them behind.
Our Republican bill stops the largest tax increase in American history, and it means permanent tax relief. That means Americans can plan their futures with certainty. It means higher wages and more jobs. That means Americans have more money in their pockets, in their purses, and in their paychecks. The Council of Economic Advisers released new data this week. Here is what it shows: Our plan for American prosperity raises wages, lowers taxes, and grows the economy.
So let me just take a second to break down the benefits: $10,000 more in take-home pay for American families; an extra tax cut for tipped and overtime workers; $6,000 bonus deductions for seniors on Social Security; 7 million more jobs right here in America; $100 billion in business investments in opportunity zones, including in rural America; an additional 4 percent in economic growth; more than $2 trillion in deficit reduction so that the next generation isn't buried in debt.
Our plan for American prosperity will also create new savings accounts for every child. These tax-deferred investment accounts start with a $1,000 contribution. Now, those early savings will grow over time. By the time the child becomes an adult, he can use the money to pay for college, to put down a downpayment on a home, or to start a small business. We call these Trump accounts. Trump accounts are an investment in our future generation. They are financial launch pads for the American dream.
Additionally, our plan for prosperity unleashes American energy. This will help working families who have paid for high energy costs under Joe Biden.
Now let's talk about what happens if Democrats are successful in defeating our bold Republican agenda.
If Democrats block this bill--and they say they are going to--taxes will soar; paychecks will shrink; and small businesses will get strangled. Every Democrat--every Democrat--in this Chamber has vowed to vote against our economic prosperity package. The vote of every Democrat in this Chamber will raise your taxes. If Democrats get their way, middle-class families will pay $1,700 more in taxes next year. Small businesses will see their taxes go up by 43 percent. The standard deduction, which 90 percent of taxpayers use--well, that is going to get cut in half; so will the child tax credit. Yet that is what the Democrats are fighting for: higher taxes, fewer jobs, and heavier costs on working families.
Let's not forget why Democrats want to raise taxes. They want to continue to give free healthcare to millions of illegal immigrants.
Republicans are fighting so that waiters, nurses, police officers, seniors, and families keep more of what they earn and don't continue this Washington wasteful spending. Our comprehensive plan for prosperity is going to put America back on track.
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