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tv   U.S. House of Representatives U.S. House of Representatives  CSPAN  November 3, 2017 5:34am-6:25am EDT

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>> this morning, house ways and sits chair kevin brady will down with politico for a discussion about the 429-page tax reform proposal live at 11:50 a.m. eastern on c-span two. you can also stream it live online at or listen live using the c-span radio app. next week, the ways and means committee will markup the legislation. after legislative business finish in the house yesterday, members of the progressive caucus came to the floor to talk about the republican tax hosel -- tax proposal. ms. jayapal: thank you, mr. speaker. i ask unanimous consent that all members have five legislative days to revise and extend their remarks and include extraneous material on the subject of my special order. the speaker pro tempore: without objection. jay pharoah -- ms. jayapal: thank you, mr. speaker. today the republicans released
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their tax plan and unsurprisingly it is a gift-wrapped tax cut to the rich. christmas came early, mr. speaker. from huge corporate tax cuts to the elimination of the alternative minimum tax paid by the wealthiest americans, this tax plan will hurt our economy and prioritize the top earners in our country. but there is one person, maybe a group of people, that are very, very thrilled about this tax plan, mr. speaker. mr. at person is moneybags. here else. mr. moneybags is really going to benefit from this tax plan. and, first of all, the president himself will greatly benefit from the tax plan. it's impossible to know exactly how much, because we still don't have his tax returns. he has refused to release them. and we would really appreciate and we demand, frankly, that the american people know
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exactly how much he's going to benefit from this tax plan. mr. speaker, as the vice chair of the house budget committee, i saw firsthand how republicans rammed through a budget bill that paved the way for the massive ryan-mcconnell tax giveaway to the wealthy. frankly, as a new member, i find it an affront to the legislative process, an affront to families across the united states in red and blue states alike, that we did not have hearings on that budget, that we are not going to have hearings on this tax plan, a complete rewrite of the u.s. economy that is going to be pushed through apparently in two weeks or less. we still have no score on this because we just saw the details of a tax plan today. and so the republicans have made this habit of relying on fake logic and faulty assumptions and they did it with health care and the budget and it's safe to assume that that is what we're looking at here. these cuts do not pay for
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themselves. and despite the claims that this tax plan is really going to help middle class americans, the reality is that it's going hurt millions of american families, just to fast track tax cuts for millionaires, billionaires and large corporations. and if the republicans are so opposed to so-called government handouts, as we're always told they're called, then why is it that they seem to be more willing to hand out everything we have to the wealthiest people in this nation? now, we're still exploring all of the details of this tax plan that was just released today. but there's no question that this bill is going to make sure that the wealthiest individuals and the largest corporations in this country get a tax cut of millions of dollars. a million if you happen to be in the top tenth of 1%, then bingo, mr. moneybags is going to get $1 million in a tax cut every year. and consider this. because if this tax bill lines
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up with the budget resolution, then 80% of the republican tax cut goes to the top 1% by 2027. the average tax cut for the top . in 2027 would be $207,000 for millionaires the cut would be $230,000. and as i said, for the top 1/10 of 1%, get to have $1 million a year. the middle class on the other hand, 42 million middle class households would face a tax increase. and let's not be fooled by this idea that the standard deduction is going up. because let me tell you what that menals. it means that along with the standard deduction going up, you are also getting your credits for individual children taken away. the itemization of that. so if you have a family with several children, as many americans do, you will actually end up probably being able to deduct less. and let's also be clear, that when you eliminate the
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deduction for state and -- for property taxes and state and local taxes, then -- and you cut all of the services that are going to be required to be cut, if you're going to pay for this tax cut, then you will end up paying more in your states. both in terms of the salt deduction, but also in terms of all of the increased taxes you're going to have to pay at the local level to fund things like infrastructure and education. so let's be clear that this plan gives a $4 trillion tax cut to the wealthiest 1% and largest corporations, taxes 42 million working families more and borrows millions from the future to give those tax cuts. now last week in the rules committee, i offered an amendment to the republican budget resolution that would have stopped some of the most egregious impacts of the billionaires' budget. my amendment would have said that none of the tax cuts proffered in this plan should apply to households in that top
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1% of income earners. it would have plainly said that the united states is not in the business of giving massive tax cuts to those who are already increditably wealthy. mr. speaker, i talked about some of the millionaires in my district, because i do have some. i'm fortunate to have a good economy in seattle, where we have a $15 million minimum wage, where -- $15 minimum wage, where we have paid family leave for everybody. yet business is still booming. the economy is doing well. we have people who have done well. and they would like to pay their fair share. for decades republicans have prioritized the interests of the corporations and the wealthiest ahead of working class families. and what we are being proposed in this budget, in this tax plan, is exactly what republicans in kansas proposed in 2012. in 2012 a republican governor and republican legislature in kansas passed through the staple thing. they said, -- same thing. they said, let's make sure that we have tax benefits for these
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pass-through corporations. by the way, donald trump owns 500 pass-through corporations. he will benefit greatly from this. let's make sure that we reduce the tax rates on the wealthiest. and in doing so, we will make sure that we're investing in the economy. that meant, by the way, all those tax cuts had to be paid for. so a $700 million cut to the kansas state budget, which resulted in schools not being able to operate full-time, resulted in roads being in disrepair, ultimately resulted in kansas' bond ratings going down. and in the end that g.d.p. growth that we were promised, the economic growth that was guaranteed if you were to put the money into the top corporations and the top income earners, that was supposed to somehow trickle down, that growth never came to be. so guess what happened, mr. speaker. the republican legislature in kansas rolled back those tax
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cuts. they said that trickle-down thing didn't work. the promises of economic growth didn't work. and ultimately they had to move it back and finally kansas is starting to come out of that by investing in working families. because ultimately i believe, and i think democrats believe, that if you invest in regular folks, if you put the money into working families, you give them a tax cut, and you make sure that they are actually paying less, not more, even if they -- even if you say that you're giving thepping am -- them a deduction, in the end they're paying more in this tax plan, but if you invest the ney there, instead of taking $270 billion that is proposed by repealing the estate tax, which only a tiny portion of people pay, by the way, that estate tax, that 5,400 families are going to get $270 billion in this republican tax plan. i say, let's take that money
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and give it to working families instead of to those. now, i think that we have a lot of different option. the congressional progressive caucus has put forward our own budget, a people's budget, with our own tax principles. and the bottom line is we believe in ordinary americans. we believe that if you invest there and you give people the opportunity to work in good jobs, to earn good wages, and to really make sure that they have dignity, respect and can save for the future, can send their kids to college, that ultimately that builds our economy. and so i'm really honored to be doing this special order hour with my good friends and colleagues, and we're going to do a little bit of back and forth here. i want to yield to my friend and colleague, mr. gallego, and ask him to talk a little bit about what we're hearing. is it true?
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is it hypocrisy? what do you think about those ebts and deficits? mr. gallego: thank you, my good friend. mr. speaker, we know the republican tax plan is a massive, unconscionable giveaway to millionaires and billionaires. we know that it will blow up the deficit and do nothing to raise wages or create solid, middle class jobs. what we don't know, mr. speaker, is how much the g.o.p. tax proposal will personally benefit donald trump. that's because unlike every other american president, donald trump has refused to disclose his tax returns. trump claimed that he couldn't release his returns throughout the campaign because he was, quote, under audit. mr. speaker, he never provided any concrete proof. and more importantly, the i.r.s. confirmed that being under awed knit no way prohibits someone from making their returns public. in fact, president nixon did just that while he was in office.
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more recently, when the economist magazine asked trump about releasing his returns, he said, i don't know. that's a very interesting question. i doubt it. i doubt it. nobody cares about my tax return except for the reporters. oh, at some point i'll release them. maybe i'll release them after i am finished. that's right, mr. speaker. we'll have to wait until trump leaves office just to find out just how much money he made thanks to his own tax reform bill. . and my republican friends are apparently just fine with that. that's a shocker. they don't care if donald trump is using the office to enrich himself and we can't say with certainty how much richer he will get. they don't care about the debt, the deficit. they don't care about making our tax system fairer. literally, the only thing they care about and that truly matters to house republicans is they get to cut taxes for the richest americans, the people who need the tax cut least of
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all. mr. speaker, donald trump does not need a tax cut. neither does secretary mnuchin or secretary devos or secretary tillerson or paris hilton but they will get one if republicans have their way. in 2012, paul ryan said, we have a debt crisis, right in front of us, and what brings down great empires past and future is debt. in 2013, paul ryan said, our debt is the biggest threat to this country. we have to tackle this problem before it tackles us. in 2016, donald trump said, i am the king of debt. i love debt. it certainly seems like speaker ryan has come around to president trump's way of thinking. republicans are planning to add $1.5 trillion to our national debt, and they couldn't be happier about it. here's the simple reality, mr. speaker. republicans only care about
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deficits when they want to cut spending on programs for the poor, for veterans, elderly or our veteran. republicans only care about debt when they want to slash social security and medicare. republicans only care about that and are only fiscally responsible when there's a democrat in the white house. but the american people are now seeing right through this. they see through this hypocrisy just like they see right through donald trump's excuses about his tax returns. they want us to reject this republican tax plan, and it's about time we started listening to them. thank you and i yield back. ms. jayapal: thank you so much, mr. gallego, for your incredible leadership and, you know, one of the things when we think about this plan, there's really -- it's a three-step plan. number one, transfer wealth. trillions of dollars of wealth in tax cuts from middle-class working families to the top 1%. number two, explode the deficit, which we know is part of this deal.
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we're going to explode the deficit. and number three, use that exploding deficit as a way to cut spending. but most of all, i'm not sure that the numbers add up, and so i wanted to ask my good friend from the progressive caucus, mr. ted lieu from -- representative ted lieu from california to just weigh in with your wisdom around what exactly is going on with these numbers and what are we seeing in this budget? does it add up? mr. lieu: thank you, representative jayapal. you know, today is thursday, so first have to ask, why does jared have a security clearance? i diagrees. we will talk about the g.o.p.'s disastrous tax plan and the we know it's a disaster is one simple fact. the math doesn't add up. so if you believe that two plus two equals five, then this tax plan is for you. for the rest of us, it's going to explode the deficit and add to the federal debt. what does that mean?
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that means massive cuts to medicare, to medicaid, to other vital programs that protect seniors and all americans who depend on some of these programs in order to survive. now, we can look at this tax plan and we can say, hey, it might give tax breaks to the wealthy that will then trickle down, except in the history of the united states, that kind of trickled down economics has not worked. if you look at how the tax plan is constructed, it really shafts states sucas california, new york, new jersey, washington and other states by eliminating the state and local tax deduction. when you do that it causes filers not be able to deduct their state and local taxes. in california, new york, new jersey, washington and other states, it's going to be tax increases to middle-class families. in addition, because of the way the tax plan is constructed, it has the potential to lower
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housing prices because it also caps your mortgage interest rate deduction. that's why the national association of home builders came out opposing this plan and they have put out something which is deeply concerning. they're saying this could potentially cause a housing recession. you also have the national federation for independent businesses which represents small businesses across america opposing this plan. why? because it's a big tax giveaway to the ultra-wealthy. if you look at an earlier analysis by "the washington post," they said 80% of this tax plan's benefits will go to the top 1%. if you look at this tax plan, it's going to hurt middle-class americans in order to fund those at the very top, and this is not something we should be doing in our country and i also request the speaker work with democrats on a bipartisan basis. we're not opposed to tax reform. we're opposed to stupid tax reform, and this is just a really stupid plan that, again, explodes the deficit, adds to
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our federal debt and whacks states like california, new york and new jersey as well as washington state. so i urge that the republicans work with democrats and come up with a plan that actually helps middle-class americans instead of going after them. with that i yield back to representative jayapal. ms. jayapal: thank you so much, representative lieu. i just want to point out there was a study done out of wharton on the tax plan. it wasn't on this most recent version but i think the majority of the things that are in this are still -- are still true and what they analyzed and what they came out with and said is that the assumption of 3% growth does not make sense. that really what they're looking at is 1.3% to 1.4% ultimately growth, and that it would create a $10 trillion deficit over time.
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i believe it was $3 trillion in the first 10 years. i'd have to go back and check that number, but essentially what they're saying is it doesn't work. the person who actually wrote the 1981 tax cut under ronald reagan who was working for jack kemp at the time wrote an op-ed in "the washington post" i believe it was and said, this theory of trickled down economics doesn't work. we were wrong when we did that, when we said that back then, and it's wrong to look at that same idea today. now, mr. lieu, representative lou said democrats are not oppose -- representative lieu said democrats are not opposed to tax reform. we do believe that the tax code could be simpler, fairer so that small businesses and working families and folks who are, you know, who are really investing in the economy are the ones to get the benefits of any tax reform, that we would close some of the tax loopholes, but unfortunately this is not tax reform.
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what has been proposed is not tax reform. it is tax giveaways to the wealthiest, and i want us to be very clear about what the majority is trying to do here. they are trying to rewrite the .s. economy with absolutely no hearings. it's frankly outrageous that we would not even have a hearing on a major tax bill that is going to affect every single person in this country. we should have hearings. i don't know what happened to regular order. people talk about regular order, but as a new member that was just elected last year for my first year in congress, i can tell you i have not seen regular order. i sit on the judiciary committee. we don't have hearings in judiciary. the majority of the bills that come to the floor are bills that we have never had an opportunity to have a hearing on, and when you look at this tax plan, i believe we should be able to have more than two
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weeks to vote on it. i think every single american should understand what is in the plan and at least have the opportunity to decide whether or not it's beneficial for them. and unfortunately, mr. speaker, i don't think that that's happening. let me just summarize what we think is happening in this current version of the tax proposal that's been put forward. first of all, it is a win for the well-connected and the wealthy. that's what the ryan-mcconnell tax bill is. president trump promised that tax reform would benefit the middle class, not the wealthy. unfortunately, rhetoric does not match reality. instead, this bill that we're looking at now would create a loopholes that they would exploit their own taxes. a version of this loophole was used by the university of kansas basketball coach bill
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self to avoid paying more than $125,000 in state taxes in one year alone. and the alternative minimum tax, which we call the a.m.t., which ensures the wealthy pay more of their fair share, is eliminated in the ryan-mcconnell plan. and while little is known about president trump's taxes, we do know that without the a.m.t., the president would have paid $31 million less in taxes in 2005 alone. so you see why mr. money bags over here is so important to this discussion, because that is ultimately who is going to benefit. now, speaker ryan also believes, as i mentioned, that we should give a windfall to the ultra-wealthy by eliminating the estate tax and, again, that estate tax is paid by less than 5,400 families across the nation. and in 2016, not one person paid the estate tax in seven states.
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so what happens to middle-class families? because if all these wealthy folks are going to get all the money, then the question is, what happens for middle-class families? because that's really where the attention should be. that was what was promised by donald trump. speaker ryan and the republican establishment have attacked commonsense policies used by millions of middle-class families in order to pay for this tax giveaway for the wealthy. so republicans have taken away the ability to write off your state and local tax bills, forcing millions of families to pay taxes twice on the same dollar earned except for property taxes up to a mere $10,000. that's the cap that they're proposing on property taxes. and americans that are hit with significant medical costs, for example, those that have cancer or a.l.s. or alzheimer's, would lose their ability to write off these costs under the republican plan. and the ryan-mcconnell tax bill also eliminates deduction for personal casualty losses, a big
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blow if you're a victim of crime, theft or disaster. and it also excludes -- it eliminates the exclusion for dependent care assistance program which is an incredibly benefit for working families. in the end you just have to ask yourself, that in order to give trillions of dollars of tax cuts to the wealthiest and biggest corporations, what does that mean for working families? it means working families are going to foot the bill over and over again. and i believe this is a bad deal for middle-class families, for america and for our economy. and one last thing i forgot to mention is that there's actually an incentive. after all of the talk of bringing jobs back to america, there's actually an incentive in this bill to take work and jobs to a tax haven country because the amount of taxes that you would pay on that is
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actually lower than the amount of taxes you would pay if you were to start a factory here in iowa or kansas or somewhere in the united states and you were to actually create jobs here, you would have to pay a higher tax rate than if you were to create that same factory in some tax haven country in other parts of the world where you don't have to pay -- you would end up not paying the same amount of taxes. so this is a bad deal for middle-class families. i don't know if my friend, mr. jeffries, would like to speak on it. excellent. i am really thrilled now to turn this over to a member of the progressive caucus, a leader on our judiciary committee, representative hakeem jeffries from new york. i thank my well, good friend and tremendous colleague on both the house
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budget committee and the house judiciary committee, representative jayapal, the distinguished gentlelady from the great state of washington, for your tremendous advocacy, for anchoring this congressional progressive caucus special order and for addressing the american people on this critically important issue, so-called tax reform put forth by house republicans today in a manner that is clear-eyed, that's authentic, that is comprehensive and that will hopefully awaken the american people to the notion that this is an attempt by house republicans to do nothing more than to jam tax cuts for millionaires and billionaires down the throats of the american people. now, i represent the eighth congressional district in brooklyn and queens. i'm proud to be a member of the house of representatives. proud to be from the city of
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new york. and with generous people in new york city, generous people in new york state. in fact, new york state regularly sends tens of billions of dollars more to the federal government than we get back in return. the state of connecticut seppeds billions of dollars more to the federal government than they get back in return. so does new jersey. so does california. so does illinois. so does pennsylvania. and for decades we've allowed that john rossity to continue to show itself in terms of the fact that we get shortchanged in homeland security dollars, transportation and infrastructure dollars, a whole host of other federal funds that disproportionately make its way to other parts of the country, often to states in the deep south. we're generous people.
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but at what point is enough, enough? and today you've crossed the line. by putting a target on the backs of people in new york and new jersey and pennsylvania and illinois and california and several other states, including people who live in places like charleston, south carolina. or other cities. that may have relatively modest state taxes, any at all, but who are taxed at the local level or who pay property taxes. so everyone throughout the united states of america, tens of millions of people are going to be hurt by this republican tax plan. because the limitations on deductibility related to state and local taxes, because of the draconian limitations on
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deducting property taxes. because of the limitations placed on middle class homeowners as it relates to the mortgage interest deduction. you can't make this stuff up. the republican tax plan is nothing more than a ponzi scheme. to provide a dwinsd fall to millionaires aened billionaires. the wealthy and to the well off. to special interest corporations. and to hide it in the notion that it's a middle class tax cut. the republican tax plan won't help the middle class. it will hurt the middle class. it's a ponzi scheme. it will undermine medicare and medicaid. t will impose billions and
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billions of dollars in additional deficit. it will force your children and grandchildren to shoulder in ximately $1.5 trillion additional debt. in this is all being done order provide massive tax cuts to millionaires and billionaires. the overwhelming majority of whom will be the ones who disproportionately benefit from the so-called tax reform plan. yes, it's a ponzi scheme. and why do i say that? because what you're going to hear is that trickle down economics -- economic theory,
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supply side economic theory, or they've t word craft come up with, dynamic scoring. will result in a situation where these massive tax cuts for millionaires and billionaires and special interest corporations will somehow magically result in unprecedented economic growth. sounds good. the only problem is that it's a failed, fraudulent, and fake argument. it's a fantasy. hat has no basis in reality. when ronald reagan in 1981 cut taxes for the wealthy and for he well off, we didn't get unprecedented economic growth.
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we got massive deficits. when george w. bush cut taxes for the wealthy and for the well ff in 2001 and 2003, we didn't get unprecedented economic growth. we got a great recession. the worst economic crisis since the great depression. when the republican governor of kansas moved forward with what he called the kansas experiment, massively cut taxes for the wealthy and for the well off in kansas, so much so that the wealthiest 300,000 folks from kansas didn't pay a single dollar in taxes at all, the people of kansas were promised
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unprecedented economic growth, unprecedented job creation. this is the republican governor of kansas. when he cut taxes, you didn't get unprecedented economic growth. what you got were prison riots, overcrowded classrooms, and crumbling infrastructure. the republican tax plan is nothing more than a ponzi scheme. supply side economics has failed. trickle down economics has failed. dynamic scoring is a fantasy. we would say in brack lynn, don't believe the hype. we will surgically communicate to the american people why the republican tax plan will hurt the middle class, hurt working families, hurt children, hurt senior citizens, hurt those who aspire to be part of the middle class.
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and one last point i'd make, i'm shocked that you would put a target on the back of people who are paying state and local taxes . presumably because you think this is a deduction that the american people no longer deserve. but then in your same tax plan, you allow corporations and businesses, wealthy titans of corporate america, who run these companies to continue to deduct state and local taxes on their corporate tax returns. seriously? you don't even pretend to have equitable treatment? oh, i forgot. corporations are people too. this is an extraordinary scheme that they're going to try to jam down the throats of the american
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people, but we are here as democrats to make sure that the american people understand, you're being offered a raw deal. we're going to present to you and fight for a better deal for middle class tax cuts, for tax cuts for small businesses. tax cuts for working families. and to make sure that people in america continue to pay their fair share. i thank the distinguished gentlelady from washington for yielding to me. i yield back the balance of my time. ms. jayapal: thank you for laying that out so clearly. i don't know how you feel about the idea that we haven't had a single hearing on this bill. we're hearing that we're going to vote on it in two weeks. what's your ex--- your experience, i'm a new member, i thought we had regular order, i thought we had debate, i thought
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the minority got to speak up, maybe we take ideas from both sides. what do you think about the idea that we're going to, they're going to try to ram this thing through in two weeks? mr. jeffries: i think it's a great question, it's deeply troubling. you hear the words "regular order," it's a washington, d.c. phrase but we can translate it for the american people. regular order equals democracy. democracy is being undermined as it relates to the republican tax plan ponzi scheme because they're going to try to jam it down the throats of the american people. not a single meaningful hearing, as was done on a bipartisan basis in 1986. when ronald reagan and tip o'neill got together to reform the tax code in a meaningful way, in a bipartisan way , in a thoughtful way. but unfortunately, regular order, democracy, is being
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undermined by this republican-led congress as it relates to this tax code. >> what strikes me is that when you don't have a process and you don't have discussion and debate and you try to jam something through, it means you're trying to hold a -- hide a whole lot. i just want -- ms. jayapal: there's an article in "the washington post" today about winners an losers in the republican tax plan. s the "washington post" saying this big corporations, number one winner. big corporations. american mega businesses would get a substantial tax reduction. that's not just on one level. that's a number of levels. my colleagues over here know that this is the number one plan here. because there is a clear different of opinion you all think if you invest in these big corporations and in the wealthiest individuals, you would rather put your faith into those folk, rather than middle class families across the
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country who could actually build our economy. so this bill cuts the top rate that large corporations would have to pay. the biggest one-time drop in the big business tax rate ever. biggest one-time drop in the big business tax rate ever. and on top of that, you get some new tax breaks if you're a corporation, you'd get to low you aror -- lower your bills. what i've seen in the polling is that americans across the country think that corporations are already getting too good of a deal and they should pay their fair share and what millions of struggling families across the country want is for somebody to actually fight for them. somebody to fight for people who are going to work every day, who are doing everything they can, to have an american life that pays them enough money to get a job to put food on the table to send their kids to college, to retire with dignity, a better deal than the raw deal that they're getting right now. but that's number one winner.
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the second biggest winner according to "the washington post," the super rich. and that was the estate tax i mentioned. which only benefits 5,500 families across the united states. pay that estate tax. but we'll put hundreds of billions of dollars into repealing the estate tax so 5,400 ,50 -- those families can continue to earn more and more money on the back os of the middle class. and the third, anyone paying the alternative minimum tax. that's donald trurp trump, the biggest part of his tax bill on the one return he release was from the alternative minimum tax. that alternative minimum tax is getting eliminated in this bill to benefit donald trump. it forces those who earn more than $13,000 to calculate their taxes twice. what we see here. oh, there's one more. ey said here, hedge funds,
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doctors and lawyers, that's the fourth one they mentioned as the wealthiest hedge fund managers who are going to ultimately get a sizable discount while under the g.o.p. bill, i'm quoting here, high earning, small business owners would pay a tax rate of only 25% on 30% of their business income. the pass through business rate. the reality is that even though there are some small businesses that are pass through entities, most of those small businesses do not get the majority of their income from that pass through -- as pass-through incomes. the only people who benefit from pass-through is hedge fund managers and folks like that. who are the losers? small business owners. the national federation of independent business, which represents 325,000 small businesses, said uh-uh, we're not supporting the g.o.p. bill. why? this is a quote. it leaves too many small businesses behind.
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so main street is hurting under this proposal. who else? like you said, people in high tech blue states. so say good-bye to most of the state and local tax deductions from states like california, new jersey, new york, connecticut, my state, my home state of washington is really going to be hurt by this. because we don't have an income tax. we have very high property taxes, we have very high other sales taxes. none of that would be -- property tax according to this plan you'd get a tiny little cap on it of $10,000. and who else is a big loser? the working poor. here's what "the washington post" says. while the bill includes a lot of tax breaks for big businesses and the risk, the bottom 35% of americans do not get any extra benefits. so there's one more loser here which is interesting. it says charities, which the national council of nonprofits
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says that charitable deductions, when people, when americans chip in to take care of folks who have been hurt by the disaster, you know, disasters across the country or they contribute to nonprofit or others, those charitable deductions are likely to go down under this bill because interestingly and ironically, the g.o.p., the republicans still enable, and i'm quoting again, the wealthy to continue deducting their charitable giving but most people would not be able to get the tax break because they probably stop itemizing their deductions so you'd lose all of that. the american people i think need to understand what this proposal is and get the word out. mr. jeffries: i appreciate you going through that important list and it can be distilled. the winners of the republican tax plan, the billionaires' oys' club and the losers are
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americans. and you are going to hear this, dynamic scoring. sounds great. trickle-down economics. i figured out that trickle-down economics means for the middle class, you may get a trickle but guaranteed to stay down. because there's no evidence, no evidence from the reagan experiment, no evidence from the bush experiment, nor evidence from the brownback experience in kansas, no evidence that if you cut taxes for the wealthy or well off for special interest corporations, whether you do it directly or through pass-through entities, when you cut those taxes, it results in strong economic growth. in fact, our history tells us precisely the opposite. bill clinton raised the top tax
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.ate on high-income tax earners did we suffer from a recession as a result of increasing taxes on millionaires and billionaires so they would pay their fair share. no. unprecedented economic growth, jobs. ion-plus and bill clinton comes into town and we had a balanced budget, what did we do? deficits don't matter according to the bush administration, we are going to stimulate economic growth by cutting taxes on millionaires and billionaires because of supply-side economics. lower the tax rate from 39.6% to 35%.
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what happened? we lost more than 500,000 jobs in eight years of the bush presidency. barack obama comes into town. and all of these doom and gloom projections from my good friends on the other side in terms of what was going to happen, he campaigns on millionaires and billionaires paying their fair share raises the top tax rate 12 million 39.6%, jobs created during the obama presidency. i say the republican tax plan is nothing more than a ponzi scheme sed on a phony theory of trickle-down economics that has no basis in reality. and i thank the distinguished gentlelady from washington for yielding such time and being so
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generous and thoughtful in her discussions. >> i thank the gentleman from new york. i would draw your attention to who is the real big winner here. it's mr. moneybags and you have money in bags, millions of dollars, if you are a large corporation, if you are a billionaire, you are going to benefit from this plan. and you know who is going to pay for that is middle-class working families across the country who are going to see their taxes go up, going to see their services cut, who are going to be part of the plan that has three parts. number one part of the republican plan is number one, transfer trillions of dollar to go to the wealthiest in the country who don't need two, explode the deficit. there is no way to pay for it.
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and number three, use the exploding deficit as an opportunity to cut spending even more, raise raid social security, raid medicare and medicaid. this is part of the budget that was passed last week by republicans. and there were 20 republicans that voted against that budget and i congratulate them for their courage. it was a close vote. if we had gotten a couple more, we would have been able to defeat that budget and at least require a more thoughtful process for how we move forward on tax reform. because part of what that are vote did is allow this process to move forward with less democracy, with less vetting, with less knowledge for the american people. and i would say the only reason to do this without a real debate to rewrite the american economy, without a real debate, is if you want to hide who is going to
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benefit from it. we know who is going to benefit. mr. moneybags, working people are going to suffer. i know that we democrats are absolutely committed to making sure that working families across this country, the vulnerable, the low income, the folks who are struggling every day who are just making it, who feel like this economy is not working for them because it's controlled by corporations, by lobbyists, by folks who are here not working for the american people, but working for their own special interests. we know that americans want that to stop. and unfortunately, this plan does not do that. democrats are going to fight every step of the way. we have our own peoples' budget, we have a real proposal for how to invs in infrastructure, in the jobs, education, health
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care, to make sure that americans across the country can -- whether you are in a red state or blue state, whether you are a republican or democrat, whether you are in rural america or urban america, i actually believe we all want the same things, which is we want to be able to put food on the table and put a roof on our heads and want to be able to go to a job and feel dignity about that job. we want to be able to send our kids to college or to higher education so they can get the skills and training they need and not be meyered in student debt, $1.4 trillion of student debt, even larger than credit card debt. we want to retire with dignity. and ultimately, my friend, what we are going to have to do as democrats and i hope there are republicans across the aisle who want the same things and know this is a bad deal for hid
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will-class families, working families, for folks who are just struggling to make it, who want to have that better deal, better jobs, better future, we democrats are going to fight for that and i hope we have colleagues on the other side of the aisles that they recognize that constituents will suffer if >> the 429 page tax plan would cut corporate tax rates by 50% and would roughly double the standard deduction for families. it would also make several changes to deductions for state and local property tax deductions would be cap to add $10,000 and medical detections and student loans would be discontinued. of the the full text bill as well as although the debate on the proposal in our congressional chronicle. just go to and click
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on the link in the top left corner of the page. next week, coverage from the house ways and means commute -- committee. 10 months into his first term, president crump nominated jerome powell to replace janet yellen as chair of the federal reserve. thatew york times reports powell has consistently voted with janet yellen. colleagues consider him a centrist and a pragmatist. the president announced his choice from the white house rose garden, yesterday. pres. trump: thank you very much. please.


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