Tax Cuts And Jobs Act
Mr. Speaker, my friend from Massachusetts said this is a missed opportunity. This is no missed opportunity. What we are witnessing is the seizing of an opportunity. During the debate, our friends on the other side of the aisle, in 25 hours…
Mr. Speaker, my friend from Massachusetts said this is a missed opportunity. This is no missed opportunity. What we are witnessing is the seizing of an opportunity.
During the debate, our friends on the other side of the aisle, in 25 hours of markup last week, offered amendment after amendment after amendment. I think it was about 25 amendments.
Do you know what every one of the amendments did, Mr. Speaker? It restored the status quo. It put something back in, put another thing back in, defended something else, and so forth. There was no comprehensive offer of an amendment in the nature of a substitute that would have been transformational.
There is no exclusion here. We debated. We are now here, and for the first time since 1986, we are on the cusp of seizing an opportunity and having a transformational moment.
Here is the transformation:
When the Tax Code was last amended 30 years ago--think about it--the internet didn't exist as a commercial enterprise. Yes, it has fully developed, and we have got a Tax Code that was built for yesterday.
The global nature of supply chains were nowhere nearly as intricately interlinked, yet we have got a Tax Code that was built for yesterday.
The shared economy--Airbnb, Uber, Lyft, all of those things--didn't exist, yet we have got a Tax Code that was built for yesterday.
Who does the status quo benefit, Mr. Speaker? It benefits the few. It benefits the privileged. It benefits the folks at the top of the economic scale of things.
So what this is doing is proposing a very different approach. It says we are going to make the United States the most competitive jurisdiction in the world by giving business tax relief and welcoming back commercial enterprise and growth and prosperity and ingenuity and investment--that does what? It creates paychecks and it expands opportunities.
Kids graduated from college shouldn't have to grub around piecing together two jobs and living in their parents' basement. How absurd. We can do much better. We are the biggest, best economy in the world, and it is time we acted like it.
This is transformational. To lean back and away from this and say, oh, this Tax Code is a natural disaster; it is too big and too overwhelming and we can't deal with it is nonsense. We fundamentally reject that.
We are going to be measured in the future, Mr. Speaker, by this moment. I thank Chairman Brady for his leadership in creating this crescendo, because now is the time to act. Let's not defend the status quo. Let's move forward, and let's transform this economy.
Madam Speaker, the good news is that the good people of Georgia's 13th District median household income, family of four, at $80,000 would receive a $1,700 tax break.
Madam Speaker, I yield 3 minutes to the gentleman from Arizona (Mr. Schweikert), former treasurer of one of the largest counties in our country.
Madam Speaker, I yield myself 30 seconds.
Madam Speaker, the good news is it is not just $1,000 for the gentleman's district, it is $1,200.
Let's go right to this student issue. It was the Obama administration that proposed in the 2017 budget for the elimination of the student deduction. I think the sanctimonious need to just walk out of the Chamber.
The other thing is, at a tax rate of 15 percent, an annual $2,500 above-the-line deduction is a $375 tax break. We are proposing something far greater than that with doubling the standard deduction, lowering the rates and so forth.
Madam Speaker, let's just take the student deduction and chuck it in the garbage.
Madam Speaker, I yield 1 minute to the gentlewoman from Missouri (Mrs. Wagner).
Madam Speaker, my friends on the other side of the aisle need to make a decision: Do they want to lionize Ronald Reagan or criticize Ronald Reagan?
I will leave it to them to decide which.
Madam Speaker, I yield 2 minutes to the gentleman from Kentucky (Mr. Barr).
Madam Speaker, as you know, the good news is, according to the Joint Committee on Taxation, 70 percent of the individual tax relief goes to families earning under $200,000, according to their publication on November 13.
Madam Speaker, I yield 1 minute to the gentleman from Florida (Mr. Rutherford).
Madam Speaker, the good news is it is not $1,200. It is not $1,700. It is $1,900 for the median household in California's Ninth District.
Madam Speaker, I yield 4 minutes to the gentleman from Missouri (Mr. Smith), a great friend of agriculture and a great friend of small business.
Madam Speaker, I yield an additional 30 seconds to the gentleman.
Madam Speaker, if you are in California's 36th District and your median household income is $58,000, it looks like a tax cut of $1,090.
I am informed that our friends on the other side have more time, and my suggestion is that our friends use some of their time to get back in balance.
I reserve the balance of my time.
Madam Speaker, there is a message for California's 43rd District, and that is a benefit of $1,395 if H.R. 1 is passed into law.
Madam Speaker, I yield 1\1/2\ minutes to the gentleman from Illinois (Mr. LaHood).
Madam Speaker, I yield myself 30 seconds to just do a quick, little cleanup.
There was a discussion a minute ago by the gentlewoman from Alabama where she was talking about teachers, for example. Let's get right to that. Teachers won't be harmed by shifting the status quo because what they are getting right now is a $250 deduction which is worth about $37 at the 15 percent tax rate, receipts that they have to keep all year long in an envelope and apply it at the end in terms of doing their taxes.
We say: Dump that. Let's get away from that. Let's double their standard deduction, lower their rates, and give them some real money.
Madam Speaker, I yield 4 minutes to the gentlewoman from California (Mrs. Mimi Walters).
Madam Speaker, I ask unanimous consent that the gentleman from Texas (Mr. Brady) control the balance of my time.