Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, this big, beautiful bill must be so beautiful that we are debating it at a quarter past 4 in the morning to avoid the scrutiny of the public for a piece of legislation…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, this big, beautiful bill must be so beautiful that we are debating it at a quarter past 4 in the morning to avoid the scrutiny of the public for a piece of legislation that was authored just hours ago.
I would challenge some Members on the other side to take an exam on what was added to this legislation before we have a chance to vet it.
The chairman, my friend, said how challenging his modest youth was. I share a similar story. Do you know what? We can both thank Franklin Roosevelt's New Deal for those opportunities.
When the chairman was talking about growth rates, I thought he was going to say bring back Bill Clinton because that is where those growth rates came from.
The cat is out of the bag: $2.3 trillion was borrowed in 2017 to pay for a tax cut that overwhelmingly went to people at the very top.
What are we about to do this evening, or this morning, or last night? We are going to borrow $4 trillion--and with interest payments over the next 10 years, $5 trillion--to justify a tax cut for the billionaire class. That is what this is about.
As the gentleman from Kentucky, no raving liberal, said, you are talking about adding $30 trillion to the debt over the next few years.
Mr. Speaker, 14 million people are going to lose their health insurance to pay for this tax cut for wealthy people. We gut Medicaid, food assistance, childcare, and healthcare.
Do you know what? Everybody in this Chamber, every Member of this House, should call their local hospitals and ask them to lay out the formula for how their pay works in terms of reimbursements. Overwhelmingly, it is almost two-thirds for Medicare and Medicaid. This is going to lead, particularly in red States, to closures.
Mr. Speaker, let me give you some numbers that I think are really intriguing, despite the argument that we heard from the other side about how all of this money is going to go to people at the lower end. Their slogan ought to be: We are rich, and we are not going to take it anymore. That is where this argument is headed.
Mr. Speaker, let me give you some numbers. If you made a million dollars last year, you are going to get $81,000 of tax relief. If you made less than $50,000--guess what?--you are not quite so lucky, but do you know what? A dollar a day goes a long way. That is where the numbers land.
When they talk about broken promises, I listened to a Republican tonight on TV, a younger guy. He said that they reject what CBO has had to say.
In the Ways and Means Committee and in the tax world, this is scripture. That is how important it is. We might not like the answers we get from time to time and might be upset about it, but we know that the people who delivered it are not Democrats, not Republicans. They are economists, tax attorneys, and CPAs.
Let me just remind everybody on the Republican side about a couple of other things that I think are really important. Most of them supported postal reform; that cost money. Republicans voted for the CHIPS Act; that cost money. They voted for the infrastructure bill; that cost money. Thirty of them voted for the Butch Lewis Act; that cost money. How about the PACT Act for our veterans? That cost money.
The Inflation Reduction Act, despite their efforts to deride it, their Members are going to groundbreakings and taking advantage of it right now. One piece of testimony the other night in the committee said that there is one congressional district that is receiving $6 billion of investment. Boy, I would hate to explain that to my constituents that I was sending $6 billion back to Washington.
I call attention to this because they supported these issues along the way, and now they want an excuse to cut taxes for the people at the very top. That is where these cuts are going, to the people at the very top. That is not to be denied.
I hope as we listen in the next few minutes, we hear the contrast that we would offer if we were in the majority, so we could agree tonight on the very basic fact that I am going to offer. We could agree with 98 percent of the tax legislation if they kept the number at $400,000 and fewer. People under $400,000 would keep their tax cuts, and people at the top would go to 39.6. Those are Clinton-Obama rates, and they worked fine for the country.
We all have some degree of honor to keep here. How about those soldiers from Afghanistan and Iraq? They deserve our care. They are closing veterans service organizations. I just did a townhall with veterans. They are astounded by what is happening already.
I am looking forward to the next 25 minutes of debate on this side and the next 25 minutes of debate on the other side because they are trying to sell Americans, at 4:22 in the morning, a bad piece of legislation.
Mr. Speaker, I reserve the balance of my time.
Mr. SMITH of Missouri, Mr. Speaker, I yield 1 minute to the gentleman from Nebraska (Mr. Smith).
Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson), a recipient of the Purple Heart, who knows something about veteran issues.
Mr. Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Pallone), the ranking member of the Energy and Commerce Committee.
Mr. Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Davis), who has worked in the adoption space and is a model for America.
Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. Sanchez).
I always do, Mr. Speaker, thank you. I yield 1 minute to the gentlewoman from Alabama (Ms. Sewell), whose hospitals I have visited.
Mr. Speaker, I yield 1 minute to the gentlewoman from Washington (Ms. DelBene), who really knows something about the child credit.
Mr. Speaker, I remind the gentlewoman that the SALT deduction that we offered in our tax bill on a secret ballot would have gotten all the Republicans from New York, New Jersey, and California.
Mr. Speaker, I yield 1 minute to the gentlewoman from Wisconsin (Ms. Moore), who nobody has ever walked away from saying that they think she is undecided.
Mr. Speaker, I yield 2 minutes to the gentleman from Massachusetts (Mr. Lynch), the ranking member of the Oversight Committee and my friend.
Mr. Speaker, I yield 1 minute to the gentleman from Virginia (Mr. Beyer), who really knows something about the bond market.
Mr. Speaker, I yield 1 minute to the gentleman from Illinois
(Mr. Schneider), a very thoughtful member of the Ways and Means Committee.
Mr. Speaker, I might say that the former President was writing historic legislation in the Oval Office and at least signing the products that came from these committees.
I yield 1 minute to the gentleman from California (Mr. Panetta), a very important member of the Committee on Ways and Means.
Mr. Speaker, I yield 1 minute to the distinguished gentleman from California (Mr. Gomez), a valuable member of the Ways and Means Committee.
Mr. Speaker, may I inquire as to how much time is remaining.
Mr. Speaker, I yield 1 minute to the gentleman from Nevada (Mr. Horsford), who is a terrific advocate for the people of his constituency.
Mr. Speaker, I yield 1 minute to the distinguished gentlewoman from Massachusetts (Ms. Pressley).
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, before I yield to the Democratic leader, I want to talk a little bit about what I began with.
First of all, let me just say as a courtesy and as a member of the Ways and Means Committee for 33 years, this debate should be taking place during the day. I know the Members on the other side feel the same way.
There is no reason at 10 minutes after 5 o'clock in the morning to debate a bill of this consequence. It is as simple as that. These were legislative courtesies that we once extended to each other. There is no reason for it to play out at a time when most Americans can't dial in to hear the debate.
Mr. Speaker, there is no getting away from the fact that the Republican Party, the party of fiscal rectitude, the party that has lectured us for decades on spending patterns, is about to borrow $4 trillion for a tax cut that is overwhelmingly going to go to people at the very top including the billionaire class.
What is troubling about it is that if we look back at these tax cuts, as I noted, it is $10 trillion of tax cuts from 2001 to this moment. In 2017, it is borrowed money. It is $2.3 trillion of borrowed money.
This is $4 trillion. When we are done paying the interest on it over the next 5 years, as the bond market reminded us again today, it is closer to $5 trillion, and the Republicans are the party of fiscal rectitude.
I call attention, again, to this because we would say that if you kept these tax cuts for people under $400,000 a year, Mr. Speaker, then you would get a buy-in from us. We are okay with that. We object to the idea that people who are about to derive the biggest benefit don't need it, and in most instances, they weren't asking for it as well.
The theology that tax cuts pay for themselves is nonsense. We have heard that forever, but it is that continued effort that Republicans have to suggest that no matter what happens, a tax cut should be the most important consideration.
There were two wars, Iraq and Afghanistan, two tax cuts during those
years? During the years of the collapse of Wall Street, there were $2.3 trillion of tax cuts?
Ronald Reagan had the good sense when he found out what the tax cuts meant against spending cuts, he reversed the position during that time.
However, Mr. Speaker, the current Republican Party subscribes to this notion that you can be for infrastructure--you can take defense spending now that is heading over $1 trillion, you can vote for the infrastructure bill, you can vote for the CHIPS Act, you can vote for postal reform--and, yes, 30 Members voted on that side for the Butch Lewis Act--and you can do all these things and simultaneously cut taxes.
No, Mr. Speaker, you can't, and we know that.
We are in a position to argue, I think, with great force for the American people because I know what happened. For all their talk about what happened in the tax cut of 2017, we easily won the House the next year.
The American people don't buy this. That is because they know where these tax cuts are going. They are intended to help people at the top when it is really the people at the bottom and in the middle who need help.
Hospitals are going to close. Children are going to go hungry, and healthcare is going to be denied, but the billionaire class is going to pick up a considerable number of dollars.
Again, the number that I cited earlier, Mr. Speaker, was that if you make $1 million, then you will pick up 90,000 additional dollars. That is almost 10 percent. If you make under $50,000, Mr. Speaker, you are getting $1 a day? Is that what this tax package means?
Defeat this bill. Send it back to the Ways and Means Committee. Compel that committee to negotiate. We can come up with a plan where the middle class would get the tax cuts, and then we would address subsequently the debt that is plaguing this Nation.
This legislation will take us to $40 trillion worth of debt, and they are going to lecture us on debt?
It is the old story: On Monday they blame us for debt, and on Tuesday they add $4 trillion to it.
Mr. Speaker, I reserve what I have remaining of time unfinished, but I will yield at the appropriate moment to the Democratic leader.
Mr. Speaker, I thank you for the fair manner in which you have done this, as well.
Mr. Speaker, I had not intended to rebut, Mr. Speaker, however, our tax bill had an $80,000 cap on SALT, and it passed the House of Representatives.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, let me say to my friend, the majority leader, everybody on this side was cheering for the success of that young man defeating cancer. The way we are going to defeat cancer is not to cut
Mr. Speaker, I yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.