Legislative Program
Mr. Speaker, I thank the gentleman for yielding. Mr. Speaker, on Monday, the House will meet at noon for morning hour and 2 p.m. for legislative business. Votes will be postponed until 6:30. On Tuesday and Wednesday, the House will meet at…
Mr. Speaker, I thank the gentleman for yielding.
Mr. Speaker, on Monday, the House will meet at noon for morning hour and 2 p.m. for legislative business. Votes will be postponed until 6:30. On Tuesday and Wednesday, the House will meet at 10 a.m. for morning hour and noon for legislative business. On Thursday, the House will meet at 9:00 a.m. for legislative business. On Friday, no votes are expected in the House.
Mr. Speaker, the House will consider a number of suspensions next week, a complete list of which will be announced by close of business today.
In addition, the House will consider H.R. 3043, the Hydropower Policy Modernization Act, sponsored by Representative Cathy McMorris Rodgers. This bill will continue our efforts to improve America's energy infrastructure by streamlining the FERC licensing process for hydropower projects.
The House will also consider two good jobs bills: first, H.R. 3441, the Save Local Business Act, sponsored by Representative Bradley Byrne. This bipartisan legislation will ensure small businesses and franchises across America receive fair government treatment rather than confusing regulations that harm workers.
Second, the House will consider H.R. 2201, the Micro Offering Safe Harbor Act, sponsored by Representative Tom Emmer. As part of our Innovation Initiative, this bill creates a smarter way for entrepreneurs to start new ventures or grow existing businesses.
Now, lastly, Mr. Speaker, additional legislative items are possible in the House. If anything is added to our schedule, I will be sure to inform my friend and all Members.
Mr. Speaker, I thank my friend for yielding.
Mr. Speaker, I thank the gentleman for yielding, and I am excited about his question, because I am excited about this bill.
For more than three decades, we have waited for tax reform. Many people know the challenge of what they have with the government taking more than they should, and the challenge to see individuals raise their paychecks.
Ways and Means has announced that they will start markups next week. I assume that it will take them probably a week to get through the entire bill, going through regular order as we do, and then I would assume that we would bring that to the floor right after. We would like to get this to the American people as soon as possible.
I am willing to talk about the bill, I am willing to talk about the bill in any different manner, because we spent a lot of time working on this.
The very first thing that is going to happen for the American public, come January 1, they are going to get more in their paycheck, because what we do, we take the standard deduction, because in the current law today, a single individual in America, it is only the first $6,000 they have are tax free. Well, that is going to go to 12. For a couple, it is going to go to 24.
We take seven confusing rates and make it four. It is about cutting them. Every rate is lowered except the highest rate.
Then we go and look at: How can we make America competitive? I started my first business when I was 20 years old. Small business is the backbone of this country. Small businesses work harder than almost anybody else. We lower their rate to 25. That is the lowest it has been in 40 years.
Then all this money that is being pushed overseas that we tax too high so people won't bring it back--and there are trillions of dollars there--we are going to have that money come back. And what are they going to do? They are going to invest in America.
Now, the name of our bill is Tax Cuts and Jobs Act. Just yesterday, I was with a company, Broadcom. We went into the Oval Office. I had worked with this company for quite some time. They started in America. Bell Labs was part of it, and others. Three companies got together. They are technology; they were building; they were growing. Then what they found was, America's Tax Code was so burdensome on them, that for them to compete around the world, they became a company that domiciled in Singapore.
Talking to them just the last month or so, laying out our tax bill, they said: You know what, we are so confident in you passing this, we are going to announce that we are moving back to America.
They have $20 billion a year in revenue. They invest $9 billion every year in R&D and manufacturing, those manufacturing jobs we care so much about.
So yesterday, we were sitting in the Oval Office, and this is exactly what the CEO said. You know what he talked about? He grew up in Singapore. He said: When I turned 18, the greatest engineering school in America gave me an opportunity, MIT, but my parents did not have wealth, but they gave me a scholarship.
He comes to America, gets his education, becomes an American, builds a company. He said it broke his heart he had to leave. He wants to give back to this country that has been so good to him, and he said this tax bill is actually doing it.
So we are creating jobs even before we pass it.
So I am very excited, but, if I may, I wanted to do a little research for you. So we have taken all the IRS tax information, and I broke it down in spreadsheets. So any district that wants to know about it, please come see me, and I will walk you through it.
So I take your district, Maryland's Fifth, currently, 47 percent of your filers in Maryland's Fifth take the standard deduction. They will be better off, because it doubles right off the bat. Another 11 percent of those who itemize their deductions won't have to do that anymore. Instead of spending weeks on their taxes, they will put it on a postcard in minutes. So they are going to get a higher deduction; they are going to get more money. That means even before lowering of the rates, 58 percent of your district is better off from day one.
Now, in addition, we repeal the alternative minimum tax, that AMT. So that costs 13,000 of your constituents in your district an average of $3,750. That is wiped away.
As we lower all the brackets, we will create a great deal of savings for everybody else. So I am excited about this.
I would love to look forward to working with you on it, because just as we just passed the CHIP bill bipartisan and the IPAB with more than 70 Democrats on that, I think this has been a very good week for America.
Mr. Speaker, I thank the gentleman for yielding, and I think this is an excellent question.
So, first of all, you are asking about hearings. I caught you yesterday; I caught you on TV yesterday. You were pretty good. You were asked about hearings. This is what you said: A hearing is when you ask the public to come in and say: What do you think? What are your suggestions? How will this impact you?
Since taking the majority--you know what anniversary it is this week? When we rolled this bill out, it was the seventh anniversary of the Republicans winning on that election day for the majority. This is what we campaigned on.
Now, we have been working quite some time. Dave Camp has retired, but when he was with Ways and Means, he put out a Camp proposal. We have been having numerous hearings in those Congresses and this Congress. It took us to win the White House, it took us to win the Senate, but, you know what, we have kept our promise.
Let me walk you through the rest of what we have done. Since taking the majority, we have held at least 59 hearings on tax reform with witnesses from all sides on everything from simplification, to closing those loopholes that we have talked so much about together, to creating jobs, to accelerating economic growth. That is not to mention the countless town halls and the forums of Members who have held them in their districts all across.
Now, if we need further witnesses on the burden of our Tax Code, look no further than just me. As I told you, I was 20 when I started that first business. You know the three lessons I learned in my first business? I was the first one to work, I was the last one to leave, and I was the last one to be paid.
I remember investing all that I had. It was just a deli. I had six employees. It was early in the morning, the front was all glass, and here pulled up a little truck from the city, and they were knocking on the door 2 hours before I started. I thought maybe they wanted to give me a key to the city for starting a new business. He wanted to give me a ticket for my sign. I thought that was a little odd, because the sign was bringing more people in that paid more sales tax that paid their salary.
I learned the challenges of starting a small business.
What is so great about this bill is there are going to be so many more Americans who are going to take that risk, start a small business, and be successful, with so many more Americans working.
So I am excited about this, because that is what we have been hearing in our hearings--all those hearings we had, all those town halls, all those years we fought so hard to get to this point.
Mr. Speaker, I think this has been a good week.
Mr. Speaker, I thank the gentleman for yielding.
Mr. Speaker, the first lesson, if you ever take debate, if you cannot win the argument on the substance of the bill, argue about process; go to process.
But you know what? This is not the beginning of the process. This is the end of the process. For 31 years, we have been working to get here. We had hearings upon hearings. We have gone to the American people. We went to the American people 7 years ago this week, and they made a very big decision: to change the direction.
We went back in 2014, and they made another big decision, and they made one just a short time ago.
I heard you talk about a lot of Presidents, but I think you missed one. Really, this bill is about growth in this country, about job creation, about raising somebody's paycheck.
The history of America, from the beginning of time until 2006, we always averaged more than 3 percent growth. If you just take the last 8 years, if you take the very best year under Barack Obama--and I will go apples to apples. Let's take Bill Clinton. The growth year under Bill Clinton's worst year is higher than Barack Obama's best year. That is why the middle class is hurting. That is why this tax cut helps the middle class.
What is most interesting, you want to talk about debt? You talked about a lot of Presidents. You can add up all those Presidents, and you know what? Just one President, Barack Obama, added all that money and more to the debt.
What is more interesting to me, if my friend is concerned about the deficit, I want to ask you this: Why did you vote for a budget that increases the deficit by $6.8 trillion over 10 years? Why would you do that this year? Why would you, as a party, bring that forward as your plan.
Do you know what we are bringing forward? We are going right through the rules. We have gone all through the hearings. We know, even before this bill passes, just as yesterday, that the companies are coming back to America; $20 billion a year in revenue, one company has already announced. They are going to put $3 billion every year into research and development and $6 billion into manufacturing.
I think the debate on process is over. This bill is less than 500 pages.
You talk about us bringing it up? Yes, so the whole American public can see the bill and read it. It is much different than when we talk about your ACA--more than 2,000 pages, and I was here. I watched what was brought right to the floor and jammed through. And you are right; the ACA doesn't work.
We believed in doing something different. We made a promise to the American public--3 days for public viewing. It is longer than 3 days.
We made a promise to the American public that we would make sure you keep more of what you earn, we would create more jobs. You know what happened after that last election? We just went through the second quarter of 3 percent growth.
You and I just talked about the number of hurricanes we just watched, the devastation. People say it probably knocked off 1 percent of growth. You know what the Atlanta Fed just came out with? They are predicting, they think we are going to go to 4\1/2\.
Do you know what? The best days of America are in front of us because of the work we have done. Let's not argue about process, because we know we have been through this process for 31 years. We know what the American public has said. We know in the hearings what they have told us, and we have listened. Now I think is the time to have the courage to lead. Let's take what we heard in those committees and put it into a bill, exactly what we just did.
To have the returns before the bill is even passed of jobs coming back, to me, like I said earlier, this is a good week, but this is going to be a great month.
I thank the gentleman for yielding, because you did ask a question in there.
When you talked about Bill Clinton, you asked: What did he have?
Well, when he first came in, he had Democrats in the majority, but all that growth happened because he won a Republican House and a Republican Senate. That is when we turned it around with John Kasich as the budget chair. That is when we balanced the budget in those 4 years.
We had to send him welfare reform how many times?
Three times. He vetoed it all the other times and claimed some glory.
But also there is another question you asked. I love a good debate. I love to pick just facts when you don't want to look at the whole picture. The best thing to even just look at if you want to go: Did the election matter? Did the election matter to the American public?
Well, I heard a lot of pundits on the other side say: Oh my God, if President Trump got elected, the market is going to crash.
You know what? Most everyone in America that invests for retirement invests in the market, and President Donald Trump has given them all a raise because we set new records, more than 60 times; that is because of the belief of what they think he could achieve.
When you look at what he has been able to do with regulation, unbelievable.
The few headlines you didn't announce during Obama, when you were doing those jobs, you didn't say anything about Nabisco leaving the country, or Burger King went and domiciled someplace else. Why?
What was the answer that President Obama would have when companies were leaving America because the taxes were too high? We will pass a law to say they can't.
You know the difference that election has made?
We just proposed a tax bill. Companies are now coming to the Oval Office to say: We are coming back. And all that means is more jobs, more money for Americans.
I understand that we are going to probably have a philosophical difference of agreement. I believe Americans should keep more of what they earn. I know what you said a few weeks ago. My friend cast his vote in favor of a budget that calls for ``$3.9 trillion in revenue enhancements.''
You know who I think needs the revenue?
The American public. That is why we doubled the standard deduction, and that is for every American. On day 1 they will get more in their check.
Small businesses, lowest tax in 40 years. All that money that those companies were being pushed out are going to come back.
We can argue all you want about this, but for 31 years we have had this argument. I think the American public is waiting for us to lead.
Mr. Speaker, I thank the gentleman for yielding. I have great respect for the gentleman.
It is true, we just recently traveled to look at the hurricanes and we had a lot of discussions. We disagree philosophically at times, but I think there is a place that we can find agreement upon.
I listen to you when you speak. I did just hear you ask right before: ``Why couldn't you do it when you controlled everything?''
I kind of ask my friend the same thing. When you controlled everything, the White House, the House, and the Senate, you had a self- proclaimed master legislator as Speaker. You had an opportunity.
But I know this is the window, and I know President Trump wants to get it done. That is why he put out things that he wants to see done as well. We talked about chain migration. We talked about border security.
We have been meeting--the Speaker and I just had a meeting yesterday with a number of Members about this. We would like to solve this problem overall, and I think it is a place everybody can work together, to secure our border, work on the chain migration problem, and solve this problem for others.
Now, I know there is a 6-month time period here, and I don't want to confuse issues because I would like to focus on this issue as well, but I don't want to have the government shutting down over an issue. You and I know we both discussed things like that, and I never think that is productive with whatever we do; but I look forward to continuing working with you to solve this issue.