Mr. President, I want to thank my colleague Ron Wyden for the excellent job he has done in leading the opposition to this bill. I am incredulous that someone on the other side of the aisle said that this will decrease the deficit. That is…
Mr. President, I want to thank my colleague Ron Wyden for the excellent job he has done in leading the opposition to this bill. I am incredulous that someone on the other side of the aisle said that this will decrease the deficit. That is just amazing. The lack of factual fidelity for what is in the bill and what the other side is saying is unparalleled--unparalleled. I want to thank Senator Wyden for his valiant efforts in pointing that out. I want to thank Senator Sanders and Senator Cantwell as well, the ranking members of our committees, who worked so hard on this bill.
In closing, very soon the Senate will vote for the final time on the Republican tax bill. When future generations look back at the short and messy history of the Republican tax bill, its most enduring lesson will be what it has taught us about how not to legislate. After only a few months of frantic, backroom negotiations by only one party, we are left with a product as sloppy and as partisan as the process used to draft it. Even today, three provisions of the bill were found to violate Senate rules. So now, all of a sudden, the House will have to vote again tomorrow. That is a perfect microcosm of the hasty and reckless process--can we have order?
It is a perfect microcosm of the hasty and reckless process that produced this legislation.
If my Republican friends think these are the only mistakes that will be found in their bill, they are sorely mistaken. Many more will almost certainly be unearthed. But the bigger issue is the failure of this legislation to live up to each and every one of the promises made by Republicans about what it would mean for our country.
What has been sold as a middle-class miracle will instead deliver a hefty windfall to the wealthy and only paltry, temporary relief for some in the middle class. Others will see an increase right from the get-go. So all of the talk--no middle-class person will pay a tax increase--gone, gone. And in a few years, a majority of the middle class will see their taxes go up. What kind of middle-class relief is that?
What has been sold as a deficit reducer will instead balloon the deficit by at least $1.5 trillion, maybe more. Our children and grandchildren will be asked to clean up the mess made tonight by our Republican colleagues in their eagerness to give the very wealthy, the very powerful corporations, a big tax break.
What has been sold as a bill to give people more freedom to choose their healthcare will instead raise premiums and reduce the number of Americans with health insurance by 13 million. The number of people who get a small tax cut and still have to pay more than that tax cut in premium increases is large. What a huge mistake my colleagues made by eliminating that provision in the healthcare bill, because the middle class is going to pay the price.
What has been sold as a job creator and wage-booster will do little of either, as companies--large, big, powerful companies--are already initiating stock buybacks instead of hiring more workers and raising wages. Is that what you intended? Give them more money so they can buy back more stock, increasing the wealth of corporate CEOs, increasing the wealth of the very wealthy, sending billions of dollars overseas to overseas investors. That is what is happening already. Corporation after corporation has said: Aha, with this new money, we will do even more stock buybacks.
Ultimately, the American people will learn that Republicans have squandered their so-called ``once-in-a-generation opportunity'' on corporate welfare and taxes for the rich, financed by tax increases and healthcare increases on the middle class.
The Joint Committee on Taxation just released a report that found that by 2027, nearly 145 million middle-class families earning under $200,000 will either get tax hikes--can we have order, Mr. President?
This is serious stuff. We believe you are messing up America. You can pay attention for a couple of minutes.
Nearly 145 million middle-class families earning under $200,000 will get either tax hikes or a tax cut of less than $100. Eighty-three percent of the middle class will either pay more in taxes or get little but crumbs. Is that what you intended? Is that this great bill that is helping the middle class? Absolutely not.
Meanwhile, according to the Tax Policy Center, the top 1 percent of earners in our country will reap 83 percent of the benefits of the tax plan. The top 5 percent--the top 5 percent--will reap 99.2 percent of the benefits. Is that what you intended? That is what you are doing. The very, very wealthy--the highest spectrum--get almost all the benefits. Some bill for the middle class.
The raw numbers are a staggering indictment of the Republican tax plan, as they have been throughout the course of this debate. The data reveals what the Republican tax plan truly is--a tax scam that will rob middle-class families to pay for corporate tax breaks and giveaways to the wealthy.
In an age of extraordinary income inequality, when the upper echelons of our economy are capturing an ever-greater share of the pie, the Republican tax bill is like pouring gasoline on a raging fire, making income inequality, as bad as it is now, even worse. It will exacerbate all the bad trends in our economy that over the past few decades have produced dramatically more wealth for the already wealthy, while producing less work and less pay for working people. That fundamental imbalance in our economy will be made even more precarious. What a disgrace. That is what this bill is. It is an absolute disgrace.
It is not just an ideological difference; it is something dramatically opposite of what America needs. There is no reason for a single middle-class family to pay more while every single corporation pays less. If you want to help the middle class, give them a real tax break. The rich get far more dollars back than the middle class. That is fact--an irrefutable fact.
On top of that, as Senator Wyden warned everybody a few minutes ago, this tax bill will endanger Social Security and Medicare. Republicans have already said, led by Speaker Ryan, that they will use the deficit they are about to create as an excuse to come after those earned benefits. The AARP is very reluctant to take stands on bills like this, but it was so bad for the elderly, the AARP felt compelled to publicly oppose it.
Elderly Americans are not the only ones who should be worried, although they certainly should be. If you are 40, 45, or 50, working hard, trying to put money away for retirement while sending your kids to college, and you are counting on these programs to be there when you retire, know this: Cuts to Social Security, Medicare, and Medicaid are likely to fall on your shoulders because of this monstrosity of a bill. The Republican tax bill is the first shoe to drop. The second will fall on the social safety net that allows millions of hard-working Americans to retire with dignity and security.
For all of these reasons, it is not a surprise that in poll after poll after poll, the American people overwhelmingly oppose this bill.
My Republican colleagues have done what is nearly impossible. It is a bad trick, but they have accomplished it.
They have managed to make a tax cut bill even less popular than previous tax hikes. Who would have thought they could accomplish that? Who would have thought? In fact, it is the second-least popular piece of major legislation in 30 years, opposed 2 to 1 by the American people, and the more they learn about the bill, the less they like it. By the way, what was the first? The Republican healthcare bill earlier this year.
It is not hard to understand why the dark heart of the Republican policy agenda easing burdens on those who already have so much, while punishing or ignoring those who have too little, is a profoundly unpopular idea. My Republican friends ought to listen to the American people, the fount of wisdom in our democracy, or there will be a reckoning.
The American people do not believe in trickle-down, as all of you seem to. Give the very top money, and they will create jobs. It hasn't happened. AT&T--do you know what their tax rate was over the last 10 years? Eight percent. Do you know how many jobs they created? Zero. They cut 80,000 people. Let's give them more money while hurting the middle class. It makes no sense.
The American people are saying in a loud, clear voice that they oppose tax breaks for corporations and the wealthy. They don't believe in trickle-down, as you do. They oppose gutting healthcare, as you want to do, and they oppose this one-party approach to legislating. The American people know that a slapdash partisan process will not result in good law. My Republican colleagues ignore the warnings of the American people at their own peril.
In just a short time, Republicans will have a choice whether or not to affix their name to this awful legislation. Although the Republican propagandists may call its passage a political victory, it will be very fleeting and illusory. The substance and polling are so rotten that a year from now, Republicans will be running away from this bill in shame for voting yes this evening.
There is an alternative: Vote no. Come to the table with Democrats. Begin serious, bipartisan talks on tax reform. Get a good bill, and work in the way this Chamber is supposed to work: bipartisan, moderate, thoughtful, open. You have done none of those--none of those.
I have little faith that, at this late hour, my colleagues will choose the better course, but if they do, we could do something great for the country and for this body at the same time. We could return to regular order, where the legitimate policy differences between our parties are argued in broad daylight, and with painstaking effort, we compromise even after we fiercely debate one another. Isn't that what we came here to do?
I challenge a single one of my Republican colleagues to say they are proud of the way this tax bill was written and passed. I challenge a single one. I know this isn't what they would like to see. I know this isn't what so many of you came here to do. I know it is not what you tell your constituents the Senate ought to be. I know so many of you lament the steady erosion of bipartisanship here in the Senate, as do I, as do my fellow Democrats. So rather than resign to the failures of the current moment, I plead--plead--with my Republican colleagues to imagine a better path forward. Vote no. Vote no and prevent taxes from going up on millions of middle-class families. Vote no and stop 13 million Americans from going without health insurance. Vote no, so we don't add $1.5 trillion to the deficit, putting the burden on our children and grandchildren. Vote no and say that you want to have the kind of bipartisan debate befitting the grand traditions of this United States Senate. Vote no. Otherwise, I believe the entire Republican Party and each of you will come to rue this day.
I yield the floor.
I yield back all time.
Vote on Motion to Waive