Tax Reform
Mr. Speaker, I thank our whip for trying to whip some common sense into this debate. I want to focus on the claims of the Republicans that this is a middle class tax cut. Halloween is over, but the masks of the Republican are still on. I…
Mr. Speaker, I thank our whip for trying to whip some common sense into this debate.
I want to focus on the claims of the Republicans that this is a middle class tax cut. Halloween is over, but the masks of the Republican are still on. I think the largest and the most dangerous one is the claim that this is a middle class tax cut.
Mr. Speaker, I want to quote the President: ``It is a tax bill for middle class.''
Again, the President: ``We will cut taxes tremendously for the middle class--not just a little bit, but tremendously.''
The Speaker: ``The focus is on middle class tax relief.''
The chairman of the committee: ``The truth is this is whole tax reform is designed for the middle class family that is working so hard or that Main Street business that is working so hard.''
The majority leader in the Senate:
To keep growing again, like we need this code to do, to get
new jobs, opportunity, and significant tax relief for the
middle class.
Mr. Mnuchin: ``On the personal tax side, middle-income people are getting cuts and rich people are getting very little cuts or, in certain cases, increases under the Republican bills.''
Mr. Mnuchin again: ``Any reductions we have in upper income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class.''
Senator Hatch: ``Tax reform will provide relief and bigger paychecks to low- and middle-income families, make America a better place to start and grow a business, and allow American businesses to compete in the global marketplace.''
The Joint Tax Committee and other entities have shown that this is not at all a middle class tax cut. The main beneficiaries are the very, very wealthy.
Also, in terms of passthrough, there is so much talk that this will help the small-business person. The truth of the matter is that the vast majority of the benefit for passthroughs is going to go to the very wealthy.
Mr. Speaker, Mr. Hoyer has been taking the lead on this and I salute him.
Mr. Speaker, I just want to close by saying one thing about the deficits. You know, I don't think they called Mr. Hoyer a deficit hawk because he always wanted a balance, and he always said: ``Look, deficits by themselves aren't the only issue, but they are deeply relevant.''
Mr. Hoyer and I have stood together with others. When bills came up, which seemed so attractive, but were unpaid for, hundreds of billions of dollars, we said to the Republicans and anyone who voted with them: ``You are increasing the deficit, and it is very risky.''
Mr. Speaker, as true as that may have been--and Mr. Hoyer and I thought it was some years ago, or last year included--it is now even more relevant and more dangerous because here we have a proposal in the House and it is going to be duplicated in the Senate. It is going to increase the deficit at least $1.5 trillion, and the notion is it will be taking care of growth.
Mr. Speaker, I close by saying maybe that is the second biggest Halloween mask on the bill here and in the Senate. The notion of ``Don't worry about tax losses all of a sudden, don't worry about the deficit increasing, because growth will take care of it,'' we have seen that mask before.
Mr. Speaker, I just wanted to join Mr. Hoyer, but also to salute him for his dedicated and endless determination to really talk sense and talk the truth.
Mr. Speaker, I thank Mr. Hoyer for yielding to me.
And I will keep doing it.
And now Mr. Hoyer is going to yield to another champion who has worked how many years on these issues?
Don't say it is a long time.