Mr. Speaker, I rise to talk about a bill that poses a great danger to our country and a great danger to our people, particularly our people who are struggling, who are living from paycheck to paycheck, because this bill, contrary to the…
Mr. Speaker, I rise to talk about a bill that poses a great danger to our country and a great danger to our people, particularly our people who are struggling, who are living from paycheck to paycheck, because this bill, contrary to the assertion of our Republican colleagues, will not help them, and we are going to talk about that.
Mr. Speaker, I yield to the gentleman from Michigan (Mr. Levin), a senior member of the Ways and Means Committee, and my friend.
Mr. Speaker, I thank the gentleman for his kind comments and for the information he gave. As a senior member of the Ways and Means Committee he is, I think, as knowledgeable about the history of these tax cuts as anyone can be, so I thank the gentleman for joining us in this effort to educate our friends and colleagues and the American public on the consequences of this bill.
Mr. Speaker, I yield to the gentleman from Connecticut (Mr. Larson), one of the senior members of
the Ways and Means Committee, who has been very focused on sound tax policy, on policy to save Social Security for generations yet to come, who is one of the more responsible leaders in this House, and my friend.
Mr. Speaker, I thank the gentleman from Connecticut for his comments and particularly highlighting how the majority party, in considering this legislation, cut out the public entirely.
Speaker Ryan, when he took the speakership, talked about transparency. He talked about regular order. He talked about doing things so that the people would know what we are doing.
Not only were there no hearings in the House, not only were there no witnesses in the House, as the gentleman knows, there were no hearings in the Senate, there were no witnesses in the Senate.
In a short timeframe, the Republicans are trying to pass a massive increase in the national debt so that, in effect, as the gentleman knows, they say they are cutting taxes. I am going to talk about how that is not really true. Particularly for the middle class it is not true. But they are substantially raising taxes on every one of the children in this country who will become more indebted and in their time will have to pay back the money that is borrowed to give this tax cut.
Mr. Speaker, I thank the gentleman for highlighting those very important facts and I thank him for his service on the Ways and Means Committee.
General Leave
Mr. Speaker, at this time I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and to include extraneous material on the subject of my Special Order.
Mr. Speaker, the subject of my Special Order, as we have seen, is the very dangerous tax bill that this House passed and that the Senate is now considering. In fact, of course, the Senate bill is worse than the House bill, if one can imagine that.
On November 16, the Republican majority in this House passed a bill to raise taxes on 36 million middle class households and place our country another $1.7 trillion in debt.
Now, you will hear $1.5 trillion and you will hear $1.7 trillion.
What is the difference?
The difference is about $200 billion that we will pay in interest to others to effect this tax cut. So not only is it going to be the $1.5 trillion immediately impacted by the tax cut itself, it will be the $200 billion additional that we will have to pay to borrow the money to give the tax cut and, as I am going to point out, give that tax cut essentially, for the most part, to the wealthiest enterprises in America.
227 Republicans voted to do that to their constituents. Every single Democratic representative who was present, joined by 13 Republicans, did what, in my opinion, many of their colleagues wanted to do, but for political reasons, not policy reasons, chose not to do.
They did so, Mr. Speaker, following impassioned remarks by Majority Leader McCarthy and by Speaker Ryan. Both addressed this House and the American people and claimed to be pushing these tax bills in order to help the working people of our country, a worthy objective, an important objective.
Perhaps one could justify this extraordinary escalation of the national debt, probably the largest increase in the national debt of any single bill that has been passed. They cited struggling families and the need to provide a leg up to those in our middle class. Those, of course, are very resonant messages, very important messages. Frankly, we ought to be talking about how we create jobs, not debt. They are being employed to sell a tax plan that would do exactly the opposite of what they say.
In his speech on the floor, Speaker Ryan lamented: ``Seventy-eight percent of our workers in this country today are living paycheck to paycheck. . . . Instead of thinking about getting ahead, families are struggling just to get by.''
He is right about that and he is right to be concerned about that. What he is wrong in is his response.
Those living paycheck to paycheck will be the ones hurt the most by this tax scam. Let me repeat that. The Speaker talks about those living paycheck to paycheck. That concern is an absolute legitimate concern for every one of us in this House and every Member of the Senate.
Unfortunately, he has offered a bill, however, that will hurt the very ones he says that he wants to protect. They will see their taxes go up over the next decade. In that same period, as middle class families are struggling to get by, they will watch the wealthiest get farther and farther ahead.
This is not about class warfare. This is about a judgment of who needs help, who needs lifting up.
He talked about the people who need lifting up. The problem is that he didn't lift them up. They will watch the wealthy be lifted up, and they are very high right now. God bless them.
Why, I ask, would the Republican tax plan take $1.7 trillion away from our children and grandchildren and give 62 percent of it to the top 1 percent?
Mr. Speaker, the people get it. The people think this bill is not going to help them. That is what polls show, and they are right.
Under the Republicans' plan, it is wealthy individuals like Donald Trump who win, and regular working Americans and our middle class who are trying to get ahead who lose.
House Republican leaders cajoled their members. Cajoled is a very polite word. They pressured and they scared their members. They said: If you don't pass this bill, you are going to lose the election not because the people are for it, but because, as one Member said from New York, their donors demanded it.
They urged their members to vote for a flawed bill many of them did not want and that none of them believed would become law. They did that so they could hand the reins to the Senate to send back a version no one had yet read or contemplated. They put their House majority on the hook to accept whatever the Senate would pass word for word. We will see whether they do that.
That Senate bill that is now being considered would deeply harm middle class families, particularly those in congressional districts across the country where more taxpayers choose to deduct their State and local taxes, like my State and other States.
Dozens of House Republicans from such districts voted enthusiastically to move the process along. In other words, they voted against their taxpayers and for their party--party above people--to move it along by supporting the House tax bill with the promise that it would be improved in the Senate.
These members would be asked to make further concessions against the interests of their constituents to vote for the Senate bill, were it to come to this floor, because it is worse for their constituents, not better.
That is not how Congress is supposed to work, Mr. Speaker. That is not regular order.
The American taxpayers and American businesses seeking to grow in our economy have been asking Congress to enact tax reform that is bipartisan and permanent.
You heard Mr. Larson talking about the 1986 bill. It was a bill that was worked out between President Reagan; Speaker Tip O'Neill; Chairman Dan Rostenkowski, a Member from the Democratic Party from Illinois; and the gentleman from Oregon, the chairman of the Finance Committee, a Republican.
The Republican bills in the House and the Senate can be called neither bipartisan nor permanent.
So what can we call them?
In his floor remarks before the vote on their House bill, Speaker Ryan called it: ``The single biggest thing we can do to grow the economy, to restore opportunity, and to help middle-income families that are struggling.''
That is not true, Mr. Speaker. However, it is the single biggest thing we can do to put our children and grandchildren further into debt. I have heard so many of my Republican colleagues stand on this floor and say that we cannot spend this money because our children will have to pay the bill, and they are right.
We have a pay-for problem, Mr. Speaker. We ought to be paying for what we buy. Here, we are not paying, we are borrowing $1.5 trillion, as I said earlier, to give to some of our wealthiest citizens; for that is what their plan would do, raise taxes on the middle class today, and on our children and
grandchildren tomorrow, to pay for the wealthiest few to get tax cuts that they don't need and that won't grow our economy.
Let me stress, I think everybody in this room, everybody in the country, would like to be wealthy. This is not talking about penalizing the wealthy. It is simply to say: God bless you. You have done well, but we need to make sure that others do well as well.
The University of Chicago's Booth School of Business released a survey, Mr. Speaker, on November 21, just a few days ago, in which 42 expert economists were asked whether the Republican tax bill would produce the higher economic growth promised by its authors; 42 of the most prominent economists. Only one--only one--said that it would do so and, ironically, later admitted he had misread the question.
None of the 42, not one, agreed that the tax cuts for the very wealthy included in the Republican bill would eventually pay for themselves; and that is why we say, it is one of the greatest debt- creating pieces of legislation that any of us have considered.
Former Treasury Secretary Robert Rubin, who presided over the basis for 4 years of balanced budgets, so he has some real credibility on how to bring balance to our fiscal posture in America--he served at the time of historic budget surpluses. He pointed out this fallacy in his op-ed in The Washington Post on November 15. He said this: ``The tax cuts,'' he wrote, ``will not increase growth and, given their fiscal effects, would likely have a significant and increasing negative impact.''
He went on to make several compelling arguments about the dangers of the Republican tax proposals. Mr. Speaker, I include in the Record a copy of his op-ed piece.
[From the Washington Post, Nov. 15]
Op-Ed: The Republican Tax Plan's Five Worst Dangers
(By Robert E. Rubin)
The deficit-funded tax cuts advancing through Congress are
a fiscal tragedy for which our country will pay a huge price
over time. While the details of the tax plan remain in flux,
its fundamental contours will not change. Nor will its $1.5
trillion of deficit funding, the amount stipulated in the
recently passed budget resolution.
Perhaps it's hopeless to expect those in Congress who have
long bemoaned deficits and the debt to oppose the plan. If,
however, as a matter of conscience or renewed reflection they
decide to take heed, here are the fiscal dangers posed by the
plan.
To start, the tax cuts will not increase growth and, given
their fiscal effects, would likely have a significant and
increasingly negative impact. The nonpartisan Tax Policy
Center's latest report estimated that, over 10 years, the
average increase in our growth rate would be roughly zero,
counting the crowding out of private investment by increasing
deficits but not counting other adverse effects of worsening
our fiscal outlook. The Penn Wharton Budget Model, using the
same approach, estimates virtually no increase in long-term
growth. Goldman Sachs projects an increase of 0.1 percent to
0.2 percent in the first couple of years and an average
increase over 10 years of just 0.05 percent per year, not
counting any of the adverse fiscal effects.
These estimates reflect three underlying views held by
mainstream economists. First, individual tax cuts will not
materially induce people to work more. Second, corporate tax
cuts will likely have limited effect on investment or
decisions about where to locate business activity, given the
many other variables at play. Third, deficit-funded tax cuts
will have little short-term effect on growth, except perhaps
for some temporary overheating, because we are at roughly
full employment.
With no additional revenue from increased growth to offset
the tax cuts' cost, the publicly held debt of the federal
government would increase by $1.5 trillion. An additional
danger is that the actual deficit impact would be increased
by abandoning the Congressional Budget Office's nonpartisan
evaluation that has been used for decades by both parties in
favor of partisan calculations by those pushing the tax cuts.
Adding $1.5 trillion or more to the federal debt would make
an already bad situation worse. A useful measure of our
fiscal position is the ratio of publicly held government debt
to economic output or gross domestic product, called the
debt/GDP ratio. In 2000, the debt/GDP ratio was 32 percent.
The ratio is now 77 percent. Looking forward, the CBO
projects the debt/GDP ratio to be 91 percent in 2027 and 150
percent in 2047. After $1.5 trillion of deficit-funded tax
cuts, those future ratios have been estimated to increase to
roughly 97 percent in 2027 and 160 percent in 2047. These
estimates likely substantially understate the worsening of
our fiscal trajectory. That's because they do not account for
the increasingly adverse effect on growth of the difficult-
to-quantify effects of fiscal deterioration.
Exacerbating our already unsustainable fiscal trajectory
with these tax cuts would threaten growth in five respects.
These are highly likely to be substantial and to increase
over time.
First, business confidence would likely be negatively
affected by creating uncertainty about future policy and
heightening concern about our political system's ability to
meet our economic policy challenges.
Second, our country's resilience to deal with inevitable
future economic and geopolitical emergencies, including the
effects of climate change, would continue to decline.
Third, funds available for public investment, national
security and defense spending--a professed concern of many
tax-cut proponents--would continue to decline as debt rises,
because of rising interest costs and the increased risk of
borrowing to fund government activities.
Fourth, Treasury bond interest rates would be highly likely
to increase over time because of increased demand for the
supply of savings and increased concern about future
imbalances. That, in turn, would raise private-sector
interest rates, which could also increase due to widening
spreads vs. Treasuries, further reflecting increased concern
about future conditions. And even a limited increase in the
debt/GDP ratio could focus attention on our fiscal
trajectory's long-ignored risks and trigger outsize increases
in Treasury and private-sector interest rates. The ability to
borrow in our own currency, and to print it through the
Federal Reserve, may diminish these risks for a while, as
might capital inflows from abroad. But these mitigating
factors have their limits; at some point, unsound fiscal
conditions almost surely would undermine our currency and
debt markets.
Finally, at some unpredictable point, fiscal conditions--
and these market dynamics--would likely be seen as
sufficiently serious to cause severe market and economic
destabilization.
We have an imperative need to address our unsustainable
longer-term fiscal trajectory with sound economic policies.
Few elected officials want to face this fact, but, at the
very least, they should not make matters worse. We can only
hope that responsible elected officials will prevent this
irresponsible tax plan from being adopted.
Mr. Speaker, furthermore, according to the Joint Committee on Taxation, a nonpartisan group, Speaker Ryan was flat wrong, flat out wrong, to say that their plan would ensure that ``the average family at every income level gets a tax cut.'' The Joint Committee on Taxation says that is not true.
I presume the Speaker was misinformed, because taxes would go up on all income groups below $50,000. Perhaps the Speaker misspoke.
Speaker Ryan said: ``I am a chart guy.''
Well, I like charts myself, Mr. Speaker, and I want to bring up this first chart. I will bring this a little closer so I can explain this.
The Speaker claimed that a family of four making $59,000 would get a ``$1,182 tax cut in the first year alone.'' Well, now if you hear that, that sounds, I suppose, like a pretty good deal.
Unfortunately, for that family, their cut would shrink every year. This is the shrinkage. And then it would drop precipitously. By 2024, it would become a tax increase, increase, increase, increase. And, as you see, that increase escalates the 4 years: 2024, 2025, 2026, and 2027. So starting in the seventh year of this program, middle America, $50,000, you get a tax increase.
But guess what? That is not what happens to the wealthiest in America.
It is even worse. The Speaker mentioned the family making $59,000 a year, and what he said is: They get $1,182 a year in a tax cut. What he didn't say is what the upper 1 percent get. They get $1,198 per week-- 52 times more than the middle class families that the Speaker spoke about and lamented the fact that they needed more dollars in their pocket.
He didn't talk about the wealthiest. He didn't say what they got. I don't blame him because, in his bill, he decided to give $1,198.52 a week to the wealthiest, and $1,182 a year to that middle class family he says is struggling and living paycheck to paycheck.
What kind of fairness is that? What kind of rationale is that? What kind of real help to the middle class is that?
That is about, by the way, $25 per week versus $1,198.52 per week.
Speaker Ryan showed us a chart that highlighted how, under the House bill, those middle class families promised a tax increase get to see an extra $1,182 in savings the first year. We put it down, and then we put 52 layers above that for the people in the upper 1 percent.
Under that same plan, as their cut shrinks--you saw that in the last
chart--the wealthiest taxpayers would see an average tax cut of $1,198 every week. And it is even a wider disparity under the Senate bill. Now, that is a gulf of disparity, a gulf of unfairness, a gulf of not helping the average working person in America. But the Senate bill--the Senate bill--is even worse.
The Senate GOP tax scam would increase taxes on 82 million--remember I said in the House bill, 36 million middle class taxpayers got an increase? Well, the Senate has doubled that, actually more than doubled that. Eighty-two million middle class households will get a tax increase under the Senate tax bill.
And with substantial tax increases on 36 million middle class households over the next decade in the House bill, it is hard to imagine a worse plan, yet, somehow, Senate Republicans achieved it.
The Tax Policy Center, another nonpartisan analytic group, found that, under the perverse structure of the Senate bill, sunsetting individual benefits in a few short years, even as it offers permanent-- get this, follow this. We are talking about--Speaker Ryan spoke from that rostrum, talked about these struggling Americans living paycheck to paycheck. He offered a bill, and the Senate is now doubling down on the proposal of making sure those struggling Americans got, over the life of this bill, less and less and less, and then finally, paid more and more and more, while the wealthiest had no cut.
The Tax Policy Center said that the sunsetting individual benefits in a few short years, even as it offers permanent corporate tax cuts, 82 million middle class individuals and households will pay more in taxes than they would under the current system.
Mr. Speaker, I want to make that point again. The Tax Policy Center says people are going to pay more under this tax bill, some 82 million of them, than they would under the current system.
On top of that, the nonpartisan Congressional Budget Office has pointed out that, under the Senate bill, undermining the Affordable Care Act--so not only will their taxes be increased over the life of this bill, but 13 million Americans would lose their healthcare under the Senate bill--not the House bill, but under the Senate bill. And that is what the House is going to be asked to vote on. I hope the Senate doesn't pass that.
Mr. Larson talked about sequester and the PAYGO Act requiring a $25 billion cut in Medicare as a result of this bill. The Senate has added in there legislation to adversely affect the Affordable Care Act, which will adversely affect 13 million Americans; some of them may be the same people who get the tax increase, some may not. They would kick 13 million off healthcare.
So the Republican tax plan is not bipartisan, and it is not permanent tax reform. The way you achieve those, as I said at the beginning, is through bipartisan cooperation. But, as Mr. Larson pointed out, there was no intention to do that, no intention to include the public, no intention to have markups over a period of time. They did have markups, but they were very short in duration, and no American had the opportunity to weigh in and give their opinion. There were no hearings, and there were less than zero witnesses. I guess there can't be less than zero. There were zero witnesses.
So the bill is not a tax cut. Speaker Ryan has also tried to describe it as a job-creator. Now, again, we are talking about, correctly, the folks in this country who are living paycheck to paycheck and having a hard time, and we need to help them. We need to work on creating them jobs.
By the way, there is no jobs bill that has been sent down here from the President, but they claim this is a jobs bill. As a matter of fact, they claim that it not only explodes the debt, costs taxpayers $1.9 trillion, but it would create, they say, 890,000 new jobs.
Now, in order to create what they say are 890,000 new jobs--and, by the way, going back to Secretary Rubin, he does not believe that will happen. He is the one that led us to balanced budgets.
In fact, every one of those jobs, every single job is going to cost $1.9 million to create. That is what the Speaker said. This is going to create 879 million, we are going to borrow $1.7 trillion to do it. By golly, you could give everybody 100,000 bucks, and you would be way ahead of the game. But that is not what was done.
We are creating large, large debt, and we will not create the jobs the Speaker said. And if we did, they would cost $1.9 million per job.
According to the conservative Tax Foundation, using the most optimistic model projecting economic growth so far presented, that may be technically true, over 10 years now.
But with a price tag of $1.7 trillion in added debt over the same period, that means that each job would cost $1.9 million, while 82 million working Americans, those struggling Americans of which Paul Ryan spoke, would get a tax increase under the Senate bill--nearly $2 million of added debt to create a single job. Nearly $2 million of added debt to create a single job. So this clearly isn't a jobs bill either.
This has already been discussed, but let me reiterate the key point I made earlier.
It can't be called bipartisan. Republican leader after Republican leader after Republican leader has lamented the fact that we passed the Affordable Care Act without it being bipartisan. The difference, of course, was we had literally thousands of meetings, scores--well over 60--of hearings, amendments offered by Republicans and Democrats. It took over a year of consideration by the country, well vetted-- controversial, but well vetted. This bill has been rushed through without hearings, without any kind of consideration and input from the public--in 1986, 30 hearings; in 2017, zero hearings.
I am repeating what Mr. Larson said, but it is important to understand the dramatic difference: a bipartisan bill with President Ronald Reagan and Speaker Tip O'Neill leading the way for bipartisanship and agreement on a bill that, by the way, was revenue neutral, it did not create any new debt, as opposed to the $1.7 trillion--that is with a T, trillion--that will put every child in America deeply in debt for decades to come.
In 1986, 450 witnesses; in 2017, zero.
Bipartisan support, yes; bipartisan support, no.
Markup, I mentioned markup. That is when you put the bill together, when you give it thoughtful consideration. You offer amendments. You try to perfect it. Twenty-six days in 1986; 4 days in 2017.
This is a bill of over 600 pages. I remember everybody saying how long the Affordable Care Act was and you possibly couldn't do it. Again, over a year and a half of consideration of that bill; 4 days, introduced, the next week markup, 4 days, on the floor.
I was here in 1986, Mr. Speaker, the last time we rewrote our Tax Code. That was a truly bipartisan process. I hope everybody read the remarks of Senator John McCain when he came back to the Senate and voted to move the process forward on the Affordable Care Act but then voted against the final product.
He voted, and he gave a speech in which he said, speaking to the president of the Senate:
Mr. President, I have been here for some period of time,
and my experience has essentially been that, when we did
things in a partisan way, they were neither lasting nor very
good. But when we do things in a bipartisan way, they are
much better and they are much more permanent. There is much
more competence in that product that was reached in a
bipartisan way.
Speaker Ryan made a point in his remarks about how long overdue we are for a tax overhaul, and he said it has been 31 years since we last did this. Now, of course, he didn't say: I was chairman of the Ways and Means Committee for 11 months and didn't report out a single tax bill.
I am not sure why, but that was the case.
We did bipartisan in 1986. We did permanent tax reform. We did it together, and we did it in a way that was paid for. That is not what this is. Neither the House bill nor the Senate bill achieves those key aims.
The Republican tax overhaul process is dangerously flawed precisely because it is partisan, because it rejects the benefits of compromise in favor of the pitfalls of expediency.
I called it, in my speech in opposition to its adoption, ``reckless and feckless.'' It was reckless because it would
heap that $1.7 trillion with a T, $1.7 trillion of additional debt on our party, on our country, on our children, on our people. Bob Rubin, in that column which I referred to, said that that debt would undermine expansion because it would rob the capital markets of money that could be used to build small businesses and to build medium-sized businesses and invest in large businesses to create and keep jobs.
It is feckless because the same people who used to call themselves fiscally responsible--Senator McConnell, Speaker Ryan, Senator Hatch, others whom I could name--have all stood on the floor of the House or in a press conference and said we need to have the debt reduced, and yet they offer a bill that adds $1.7 trillion to the debt; feckless because the same people who used to call themselves fiscally responsible are now choosing to ignore fiscal sustainability in favor of a short-lived political win.
This is not about policy. It is about politics. It is about appealing to a relatively small group of very, very connected people, but it is our country that will lose.
I told people during that speech that I have been in office for some time. I served in the State senate and now in the House. It takes no courage--no courage--to vote for a tax cut. What takes courage is to pay for what you buy, whether it is national security, which I support, whether it is education, which, if we don't invest in, our country will not be great. It is great in part because we have invested in our education system.
Unless we invest in the health of our people, which is the health of our society, we will not be great, and unless we invest in the security of our people domestically, in law, in order, enforcement, in protection for our people.
It will not be great unless we invest in basic biomedical research to make sure that the diseases that exist now and that may exist in the future can be met with medical cures and palliatives.
We will not be great if we sink our country deeply, deeply, deeply into debt and do not have the courage to say, in this generation, we will pay for what we need and not simply buy and pass the debt along to our children and to our grandchildren, because that is what we are doing in this tax bill.
It is not only an intellectually bankrupt policy, it is an immoral policy that we pursue. As the Senate version takes shape, Mr. Speaker, Republicans who voted grudgingly for the House bill ought to be deeply concerned; and I hope, for the sake of their country, they are good people.
There are good people on both sides of this aisle. There are conscientious people on both sides of this aisle. There are Americans on both sides of this aisle, Americans who have sworn to protect and defend the Constitution of our country and have, as well, sworn to protect the people of this country.
There ought to be deep concern among people of good conscience, concern that it does not meet the very same criteria that Speaker Ryan set forth in laying out what tax reform ought to achieve and what he claimed their House bill achieved. Neither does it adhere to the Speaker's clear promise not to package together separate matters into the same legislation.
Make no mistake, the Senate bill House Republicans will be asked to vote for isn't just a tax hike for the middle class, although that it is. It is also a repeal of a significant component of the Affordable Care Act, which will hurt that same middle class. It may have been difficult for Republicans to cast their votes for vague promises on November 16, but I suggest to you, Mr. Speaker, it will be even more difficult to do so for a legislative product that puts their constituents, those the Speaker talked about struggling just to get by, people who, if they have a $500 debt, are not sure they can pay it, it will affect those folks and put them in even greater danger should the Senate bill make it back to the House.
Mr. Speaker, I urge my colleagues in the Senate to reject this bill. I urge my colleagues in the House to look deeply into their souls and not at their polls and reflect upon what they are doing to their country by perpetuating the fiscally irresponsible policies of borrowing, of borrowing, of borrowing and not having the courage to pay this generation's bills now and not pass them along to our children and to our grandchildren.
Every Member of this House and of the Senate, Mr. Speaker, ought to look themselves in the mirror and say: When I gave those speeches, when I referenced that to the press, was I being honest? Am I following a policy today that is consistent with that assertion? I think they will come to the inexorable answer: No. If I vote for this tax bill, I am not.
Therefore, I hope that all of us will reject this partisan piece of legislation that vastly increases our debt, increases the taxes on middle class workers, threatens Social Security with a $25 billion cut, and threatens our economy.
Let us have the courage to serve our people honestly and take the tough vote and then come together in a bipartisan fashion and do what we showed we could do in 1986: pass a bipartisan bill that, yes, makes our corporations competitive internationally and, yes, gives the bulk of the tax cuts to those who the Speaker referred to as struggling. They are the ones who need relief, and we could do that in a bipartisan fashion, and we can pay for it.
David Camp showed us the way. I didn't agree with all of his bill, but he showed the courage--a Republican from Michigan who was chairman of the Ways and Means Committee--and put up a bill on tax reform that was paid for. The Republicans were in charge of this House and they dismissed it out of hand, too tough.
Mr. Speaker, let's do the right thing. Let's reject this bill.
Mr. Speaker, I yield back the balance of my time.