Mr. Speaker, I thank my friend, Mr. Garamendi, for allowing me the opportunity to speak about this. You have FDR on the poster. He also said December 7 was a day that would live in infamy. This is a day that will live in infamy because of…
Mr. Speaker, I thank my friend, Mr. Garamendi, for allowing me the opportunity to speak about this.
You have FDR on the poster. He also said December 7 was a day that would live in infamy. This is a day that will live in infamy because of the tax bill that was passed today.
I don't like to speak in this hyperbolic way, but what was passed by the Republican House, and soon by the Republican Senate, is something none of us has ever seen before.
Let's just do some easy math so that people understand how unbelievable the numbers are on this.
Let's take Speaker Ryan's numbers. He said an average family of four making some $60,000 are going to save about $1,183. Okay. Of the four, that is about $275 per person. That is nice. I like it.
What he doesn't tell you, and what the Republicans refuse to talk about, is how much money is put on the credit card of the Nation for the current generation and future generations to have to pay. At best, it is $1.5 trillion.
That is a number that none of us can really understand how big it is. But let's say there are 300 million Americans. Divide 300 million into $1.5 trillion and that is $5,000. Let's do the math. You get to save $270, but you put $5,000 on the credit card.
Wait a second. That doesn't sound quite right. Where does that $4,730 go?
Well, it goes straight up to the wealthiest among us.
So all of us, as a country, as a nation, and as a people, have the obligation to pay this back.
And who gets it?
Just a very slim few. We get $270, but we have $5,000 on a credit card.
Mr. DeFazio talked about some of the opportunity costs that are lost from this $1.5 trillion. If the $1.5 trillion were out there to benefit all of us and just put in infrastructure, we would basically fix every road, every water work, every electric grid issue that we have; we would put broadband across the country, and all of us would benefit and make this country competitive for the next 50 years.
Instead, we say: We don't need that money. Let's just give it back to the wealthiest people in America.
Wrong. Terrible.
I serve on the Science Committee. We did some numbers in the Science Committee.
The entire budget for solar energy for our laboratories, in any given year, is about $207 million. We were having this testimony and the Republicans were picking on the managers of the solar budget line and said: You have really got to shrink this. This is costing too much money.
Well, do you know how many times 207 million goes into $1.5 trillion? Do you know how many years worth of budgets that is?
It is 7,480 years worth of solar energy budgets.
I have really been working on getting our astronauts to Mars. We have been advised that that is going to cost about $200 billion over the course of the next 16 years, to 2033, which is when the orbits of Mars and the Earth come close together and saves us a lot of space time, travel time, and is safer for our astronauts.
We could send our astronauts to Mars and back and start from scratch eight times for this tax cut that is going to be received by the rich.
It is not right. It is not American. It is the opposite of what FDR said when he said: ``The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.''
There has been some talk about how real estate developers and others are really going to benefit by this tax cut that nobody has seen until the last day or two. This is a giant piece of legislation.
One of the things the Democrats have asked for for a year now is that we want to see the President's tax returns. He has refused to disclose his tax returns. So we know he was a real estate developer, we know he is a very wealthy guy, and we know he is going to benefit in a large way--or, he might say in a huge way--by this tax cut. But we don't know how much it is going to be because he will never disclose his tax returns.
The ink is just barely dry as to how this is all going to work out. What has transpired today is really a shame. I really am disappointed in my Republican colleagues in how this matter has been rushed through.