Mr. President, tonight, once again, Congress is proving to the American people that Washington is broken. This bill is not a product of deliberation of the world's most deliberative body. It is a not a product of meaningful public…
Mr. President, tonight, once again, Congress is proving to the American people that Washington is broken. This bill is not a product of deliberation of the world's most deliberative body. It is a not a product of meaningful public hearings. It is not a product of compromise or months of hard work among multiple committees. It is certainly not the product of a grand legislative idea that was desperately needed to meet the demands of the public. The bill in front of us is the product of dysfunction, partisanship, and political desperation.
Thirty years ago, the Senate passed President Reagan's tax reform 97 to 3. After the conference committee had worked it over, it passed overwhelmingly with 74 votes. That could have been the case today, but there was never an attempt to have an honest debate about this bill, and there was no attempt to get bipartisan buy-in. I reached out to lend my perspective and Montana's perspective--the perspective of rural America--but my offer fell on deaf ears, and I never heard back.
I asked the President to work with me. I raised my concerns early, and they have never made an attempt to address those concerns. There was no effort to reach across the aisle and build consensus for this bill.
Once again, the leadership of this body chose to draw a line in the sand. They chose to empower the fringes and leave those in the middle out in the cold. As a result, the first major tax bill in Congress in a generation will likely pass with the support of only one party. That is not what the Founding Fathers had in mind.
As for me, I wanted a tax bill that would ensure that hard-working Montana families and businesses had a say in this process. I wanted to construct a bipartisan bill that provided folks with tax relief without adding to the debt. I wanted to simplify the Tax Code without gutting provisions that would help build our middle class. Today, we are stuck with this final bill that does none of those things, and our options are yes or no.
There are some things in this bill that are good--three, to be exact. This bill keeps in place important medical deductions that benefit seniors and help them pay for care as they age. It expands the child tax credit to provide a boost to families across the country. It lowers income tax brackets to keep a few extra bucks in your pocket each year. But when we look at the bill, we have to weigh the good and the bad.
Speaking of those individual tax cuts--the ones I just talked about a few seconds ago--well, they are only temporary. They are short-term promises that will disappear with the wind. Estimates show that more than 80 percent of this bill's benefits will go to the top 1 percent; 60 percent will go to the top one-tenth of 1 percent of our population. In fact, hard-working families will actually see a tax hike within 10 years.
But for this country's biggest corporations, this bill makes their tax cuts permanent. So at the same time that taxes start rising for teachers and farmers and electricians and nurses
and working folks, large corporations and big businesses will still be reaping the benefits from the giveaways in this piece of legislation. On top of huge benefits, this bill makes no attempt to ensure that these corporations will use the savings to create more good-paying jobs.
This bill also destroys the foundation of our healthcare system. Because of this bill, 13 million Americans will become uninsured, and everyone else's premiums will go up by about 10 percent. It will be more expensive to see your doctor. It will be harder for rural hospitals and clinics to keep their doors open. More folks will end up in emergency rooms--the most expensive medical treatment. They will be sicker, their treatment will be more expensive, and the rest of us will be forced to pay for it.
The bad list doesn't stop there. It forces a $25 billion cut to Medicare. This bill pushes millions of people out of itemizing their deductions--reducing incentives to buy a home or donate to a charity. It caps State and local income tax deductions, and this targets middle- class families. It changes the way we adjust tax brackets for inflation, which will force future generations to play catchup. It will force State budgets into the red and put critical healthcare, education, and law enforcement initiatives on the chopping block. It opens up the Arctic National Wildlife Refuge for oil drilling, but that is not the worst thing about this bill. The worst thing about this bill is it saddles our kids and grandkids with more crushing debt.
In 2008 and 2009, this country was going through one of the worst economic crises since the 1930s. The debt was increased in that period of time. People often say that the government needs to be run like a business. Well, if you have a business, and income is not coming in, you have to borrow some money. That is what happened. With the economic downturn, the money wasn't coming in, so our debt went up. On the other side, if you are in business and you are making a few bucks and times are better--and they are good--you pay that debt down. Well, this country is in a lot better shape now than it was in 2008 and 2009. We should be paying that debt down at this moment in time, not adding $1.5 trillion to it.
I am going to tell you, as sure as I am standing here today, within the first quarter of 2018, there will be folks standing up on the other side of the aisle saying that we need to cut Medicare, we need to cut Social Security, and we need to take away subsidies for everyone, whether they be farmers, mothers, young families, the disabled, or veterans. Money that is used to keep our public lands in public hands, dollars that are used to make education more affordable, dollars for healthcare overall--they will tell us that we simply cannot afford them because our debt is so high. But today we are going to tack on $1.5 trillion for the sake of giving the richest of the rich a tax benefit and middle-class families a temporary benefit that will go away over the next 10 years.
How they have so quickly forgotten the fiscal restraint that we talked about when Democrats controlled this body. Our national debt is already above $20 trillion. This is more than $64,000 for every man, woman, and child in this country. The path we are on is truly unsustainable.
It is not the first time we have been down this road. Bush tax cuts were sold to the American people, and we were told that they would pay for themselves. Guess what. Today those Bush tax cuts are directly responsible for one-third of that $20 trillion debt. We know this to be true. Yet here we are, about to swipe the credit card one more time for over $1.5 trillion--to put our kids and our grandkids on the hook to pay it back while we get temporary relief and the large corporations get permanent relief.
For those of us who were ignored during this process, this is what we are stuck with. There are some good things but a whole bunch of bad things--more than I can count on my hands. We can't celebrate the good things and ignore the bad. Just because we ignore it doesn't mean that it is not going to come true.
This bill will not strengthen the middle class. It will not improve our schools. It will not lower the cost of healthcare.
Let's call it what it is. It is a tax giveaway to the wealthy masked as tax reform, and those who vote yes on this bill will do so at the expense of our kids and our grandkids. They will be paying this tab long after we are gone. What is ironic about this is that most of the people who serve in this body say: I am here to make sure the next generation has an opportunity. We are taking away their opportunity with this bill. It will limit their opportunity. It will cap their potential--all for what? I am not really sure because when I go back to Montana every weekend, folks aren't stopping me on the streets and telling me that the corporations and the wealthy need a tax giveaway. What they do tell me is this: We need to make sure programs like CHIP are around. We need to make sure Medicare and Social Security are there for future generations. We need to protect our public lands. We need to pass a farm bill that works. We need to invest in infrastructure. Folks, this tax bill takes away all of that potential.
We have been at war for 16 or 17 years. The military needs rebuilding. It makes it much tougher. Everyone knows what is going on in North Korea. The potential to have to spend a bunch of money there is real. Infrastructure--whether it is broadband, highways, bridges, or water systems--is in dire need of help.
The fact is, the tracks are greased; this bill is going to pass. Rather than working on the pressing issues around here, the next excuse is going to be entitlement reform, which means we are going to do our level best, in the name of the debt, to gut Medicare and Social Security. Who knows what else will be put on the chopping block to be ripped away from working families?
This bill ties our hands and prevents us from making the kinds of investments we need to build a strong middle class, which has been the envy of the world, and it puts our most vulnerable at risk.
I am going to vote no on this bill because it is a step backward. It raises the debt. It does nothing to solve the income inequality in this country, and it pushes the American dream further out of reach.
I yield the floor.