Providing For Consideration Of H.R. 1, Tax Cuts And Jobs Act, And Providing For Proceedings During The Period From November 17, 2017, Through November 24, 2017
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 619 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Florida (Mr.…
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 619 and ask for its immediate consideration.
Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Florida (Mr. Hastings), my dear friend, pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.
General Leave
Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.
Mr. Speaker, I want to start by saying that I would offer my thanks and collegial admiration and respect to the members of the Rules Committee who, last night, once again, on an expedited basis, spent time devoted to the duty that they have not only to their party, but also to the House of Representatives acting on behalf of the American people.
The gentlewoman, Ms. Slaughter; the gentleman, Mr. Hastings; the gentleman, Mr. Polis; and certainly our friend from Worcester, Massachusetts, the gentleman, Mr. McGovern, conducted themselves not only in the highest of spirit, but they also produced what I believe was a fair argument, a product that they could be proud of. Each of the witnesses that came before us, including Democratic Members of Congress and Republican Members of Congress, provided, I believe, top-notch testimony and information on behalf of their ideas.
I personally want to thank Judge Hastings for his time last night, which was late into the night, and today. My admiration and respect for his collegial activity is to be respected and appreciated.
Mr. Speaker, I rise today in support of this rule and the underlying legislation. The rule provides for consideration of H.R. 1, the Tax Cuts and Jobs Act.
Last November, the November which was 1 year ago, the American people spoke, and they spoke clearly. I believe they stood up and demanded change and action on our economy. They demanded an increase in understanding about America's lack in GDP growth, and they saw all across the country companies that continue to move overseas. They saw movement in our economy where people moved from one State to another seeking better opportunities.
I believe that the American people have spoken. We not only heard that, but we are trying to make decisions now that would not only help every single area of the country by picking those businesses that might be in the city, in the town and location that they want to be, but by infusing them with the opportunity to stay, to stay because they can not only make a go of it, but they can be competitive in the world market.
Lowering tax rates in this country will help the middle class of this country. It will help jobs and job creation. That is why we are here today. We are here today as a Republican Party where we are trying to work with the President of the United States, the United States Senate, and the House of Representatives to speak clearly about not only what we stand for, but our hopes and dreams for a better opportunity for all Americans tomorrow and in the future.
Mr. Speaker, the Tax Cuts and Jobs Act delivers on those promises that I just spoke of. This is a bold, progrowth bill that will overhaul our Tax Code and unleash the free enterprise system not just in my home State of Texas or in my city of Dallas, but, really, everywhere where business wants to be, it can flourish in an unfettered way because we are now going to be competitive. It lowers tax rates on all businesses of all sizes so job creators can focus on not only their product and sales, but they can hire more people, increasing paychecks and growth.
Growth actually is the key to what we are talking about today. Economic growth brings abundant opportunity: opportunity for people not only to have a job, but to have a career, control their own lives and make sure they can live where they want to live and so they can make their community stronger. That is this Republican viewpoint of what we are trying to get at, Mr. Speaker.
With the highest corporate tax rate in the industrialized world, today's broken Tax Code here in America forces many businesses to move their jobs, research, and headquarters overseas seeking opportunities in a world environment of competition where they can survive and they can become more competitive. A corporate tax rate of 20 percent encourages American companies to bring their jobs back to the United States, opening up opportunity. This decrease is fundamental to making the United States more competitive once again.
The number one reason why America is not competitive in the world is no longer because of energy costs; it is no longer because we have the highest priced employees, no, sir. It is because Uncle Sam, State, and local taxes make it noncompetitive, which creates a higher cost as we compete around the globe.
This legislation will modernize the international Tax Code, also bringing back opportunities for American companies that want to bring their profits back home and encourage U.S. businesses to bring foreign earnings home, unleashing what will be, over some period of time, trillions of dollars that can come back home.
It reduces the tax burden on all passthrough businesses regardless of their structure or their sector. This legislation provides tax relief for job creators and creates capital investments, investments that will drive growth, once again, of paychecks and opportunities for growth. The Tax Cuts and Jobs Act is a direct and immediate boost for middle- income Americans who have been struggling to get by, let alone get ahead.
Mr. Speaker, you will hear today how we are going to have a new tax bracket. All Americans until they, as individuals, earn $12,000 and two working people at home earning $24,000 worth of income will not pay tax on that. It is intended entirely to help the middle class of this country.
H.R. 1 is about the entrepreneur, the family of four, the small- business owner, and the American people. The United States is already the greatest place in the world to live. We are proud to be Americans. But we have to be competitive in the world marketplace.
Mr. Speaker, 70 percent of the tax benefits in this legislation go directly to the middle class. The American people want and need, I believe, to learn not only more about this bill, but how it will incentivize them to Make America Great Again.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I appreciate the gentleman's observations. We don't have 4\1/2\ years to work through the process that he talked about. The American people want and need something done right now.
I say to the gentleman that he is right, the economy is roaring--and it has been roaring since the day Donald Trump won the election--with an expectation of performance.
Why are we doing this now? Why at Thanksgiving? Why at the end of the year?
We are going to see that American business, as it makes plans for the future, is going to look up and say: We have got a better shot at keeping jobs here. We have got a better shot at being competitive here.
I think what is going to happen is you are going to see this boom, this big opportunity that is already well underway, to continue. But it is up to us to deliver that. It will be one party. It will be those pesky Republicans that will get it done. We are going to get it done, Mr. Speaker.
Mr. Speaker, I yield 3 minutes to the gentleman from Texas (Mr. Burgess), a member of the Rules Committee.
Mr. Speaker, I yield 3 minutes to the gentleman from Washington (Mr. Newhouse), a member of the Rules Committee.
Mr. Speaker, I yield 3 minutes to the gentleman from Alabama (Mr. Byrne), a gentleman who participated for hours in the Rules Committee debate last night and is one of our most valuable young Members.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, what a delight it is for me to stand up and say that, the work we are going to do today, the President of the United States will sign. He is encouraging what we are doing today.
Mr. Speaker, I include in the Record a letter of support from the National Federation of Independent Business--that is ``The Voice of Small Business'' in America--and also what is called a Statement of Administration Policy from the Executive Office of the President of the United States.
National Federation of
Independent Business,
Washington, DC, November 14, 2017.
Dear Representative: On behalf of the National Federation
of Independent Business (NFIB), the nation's leading small
business advocacy organization, I am writing in support of
H.R. 1, the Tax Cuts and Jobs Act. This legislation will
provide much needed tax relief to America's job-creating
small businesses. H.R. 1 will be considered an NFIB Key Vote
for the 115th Congress.
Small business is the engine of the economy, and tax reform
should provide substantial relief to all small businesses so
they can reinvest their money, grow, and create jobs. Ninety-
nine percent of all American businesses are small businesses;
the average NFIB member has just 10 employees. Taken in sum,
however, small businesses create half of all private-sector
jobs in the U.S. and contribute half the nation's gross
domestic product.
Three-quarters of small employers are structured as pass-
through entities, meaning their owners are taxed at the
individual rate as opposed to the corporate rate. Crucially,
H.R. 1 reduces the tax rate on the smallest pass-through
businesses to 9 percent over five years, without industry
exclusions or restrictions.
NFIB supports passage of H.R. 1 and will consider it an
NFIB Key Vote for the 115th Congress.
Thank you for your consideration. We look forward to
working with you to protect small business.
Sincerely,
Juanita D. Duggan,
President & CEO, NFIB.
Statement of Administration Policy
H.R. 1--Tax Cuts and Jobs Act--Rep. Brady, R-TX, and 24 cosponsors
The Administration strongly supports House passage of H.R.
1, the Tax Cuts and
Jobs Act. Passing the bill is an important first step in
achieving comprehensive tax reform that cuts taxes for hard-
working families and puts the Nation's economy on a path of
higher economic growth. The President's priorities for tax
reform have been consistent from day one: (1) cut taxes for
middle-income families; (2) simplify the Nation's complicated
tax system; and (3) reduce business taxes so that American
employers can create jobs, raise wages for their workers, and
better compete with foreign businesses.
H.R. 1 would deliver meaningful tax cuts for middle-income
families by nearly doubling the standard deduction, lowering
tax rates, increasing the child tax credit, and creating a
new Family Flexibility credit. It would simplify tax filing
so that the large majority of Americans could file their
taxes on a single page. The bill would also cut the corporate
tax rate to 20 percent--below the average tax rate in the
Organisation for Economic Co-operation and Development.
Finally, H.R. 1 would lower taxes for millions of S
corporations, sole proprietors, and partnerships that pay
taxes at individual rates.
Based on a review of more than 100 academic papers, the
White House Council of Economic Advisors (CEA) estimates that
the corporate provisions in H.R. 1 would grow the economy by
between 3 and 5 percent over the next 10 years, which if
applied to 2027 Gross Domestic Product projections, would
result in an additional $700 billion to $1.2 trillion in
economic output per year. CEA also found that the same
provisions would increase average household income by at
least $4,000 annually.
If H.R. 1 were presented to the President, his advisors
would recommend that he sign the bill into law.
Mr. Speaker, the President's priorities and tax reforms are consistent and have been from day one.
Tax cuts for middle class families, simplifying the Nation's complicated tax system, and reducing the burden of taxes so that American employers can create jobs, raise wages, and better compete with foreign businesses, that is what we are going to do.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I am waiting for a speaker, and I reserve the balance of my time.
Mr. Speaker, I continue to reserve the balance of my time.
Mr. Speaker, I continue to reserve the balance of my time.
Mr. Speaker, I continue to reserve the balance of my time
Mr. Speaker, I continue to reserve the balance of my time.
Mr. Speaker, I yield 4 minutes to the gentleman from Pennsylvania (Mr. Rothfus), a gentleman who serves on the Financial Services Committee and a distinguished young Member of our majority.
Mr. Speaker, I yield 5 minutes to the gentleman from Pennsylvania (Mr. Kelly), from the Ways and Means Committee. At this time, we are putting the A-team up.
Mr. Speaker, I yield an additional 1 minute to the gentleman.
Mr. Speaker, I reserve the balance of my time until the gentleman has closed.
Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, I want to thank my colleague, the gentleman from Florida, Judge Hastings, for his exemplary work and the work of his colleagues on the Rules Committee and my colleagues also on the Republican side.
Mr. Speaker, our previous speaker, the gentleman from Butler, Pennsylvania, Mike Kelly, had it best when he said: `` . . . an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget, just as it will never produce enough jobs or enough profits. Only full employment can balance the budget, and tax reduction can pave the way to that employment.''
What he did not say is--that will be in the record--is that John F. Kennedy said this on December 14, 1962, 55 years ago, in an address to the Economic Club of New York.
Mr. Speaker, in fact, there have been a lot of people here who have given testimony, I think testimony that they intended to sway the voters and those listening in this country that the Tax Code that we have works just fine, but then they spoke about the frailties of that and they talked about jobs going offshore, they talked about jobs and economic activity going somewhere else.
I, being from Dallas, Texas, hear stories every day about people who are coming to Texas, coming to north Texas, coming because of the economic climate that will allow them and their companies to have a better shot at not only being competitive, but, as Mike Kelly said, to be winners in this economy, at the very top of the heap rather than at the bottom of the heap.
What this common denominator is, is that my State of Texas does do the things that this bill does also. It keeps taxes low, it creates opportunity.
By the way, how many poor people create jobs?
I don't know.
How many of those who really have incentive and entrepreneurship create jobs?
A ton of them.
We are going to grow entrepreneurs out of today. We are going to grow young people getting out of college, veterans leaving the military coming back and seeing where they can make a go of it. Instead of it being a 95 percent failure rate of new business--which is what it is, it is a heavy bar because of rules, regulations, and taxes--we are going to make it easier.
The White House Council of Economic Advisers based their review, as they provided the economic outlook to us, on more than 100 academic papers, estimates that corporate provisions in this tax bill alone will grow our economy, not leave us in 23rd place, as Mike Kelly said.
Who wants to be in 23rd place?
If you want to be in the top 25 and you are comfortable, sorry.
We want to be at the top. We want to Make America Great Again. We want to be able to say that businesses all over the United States stand a chance, and that is what this does.
The Council of Economic Advisers says that this will grow the economy between 3 and 5 percent.
Whoops. They got comfortable with 1.2 over 8 years. I am not comfortable and the American people aren't comfortable either.
We are going to add some $700 billion to the economy this next 10 years. That is the guess, that is what Republicans want to do, but it is based on a lot of factors, it is based on hard work.
America has the best, most innovative workers in the world. We want to put this together with an opportunity, because we have a great place to be: the United States of America, any of our States. We have the best energy policies in the world and we have the best price. We have the best workers. We have tool kits with our universities. Our industry will grow back and reinvest in themselves.
We are going to take our Tax Code and take what is $5.6 trillion worth of tax areas and move that where it will boost our economy. We will become pro growth again. Yes, we heard that it was John F. Kennedy, it was Ronald Reagan, and it is going to be making America great again.
Mr. Speaker, for that reason, I urge my colleagues to support this rule and the underlying legislation in order to boost middle class Americans.
Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.