(This post directly follows the previous post which now focuses on discussion and debate of the new tax bill.)
Mr. LARSON of Connecticut: Mr. Speaker, I yield the gentleman from New York an additional 15 seconds.
Mr. BRADY of Texas: Mr. Speaker, I yield 1 minute to the gentleman from Kansas (Mr. Estes).
Mr. ESTES of Kansas: Mr. Speaker, I thank Chairman Brady for his efforts to get this tax reform bill done.
Our outdated and uncompetitive Tax Code has led to slow economic growth over the past decade in America. Today, we are taking an important step to fix that. The Tax Cuts and Jobs Act will reform the Tax Code and help foster economic growth.
For more than three decades, families have paid a growing cost for our country’s increasingly complex and burdensome Tax Code that is chockfull of special interest loopholes. This is not fair.
The Tax Cuts and Jobs Act will simplify the process of filing taxes by doubling the size of the standard deduction and removing the need for millions to itemize their deductions. It will provide tax cuts to millions of middle-income working families.
The Tax Cuts and Jobs Act also includes many tax reforms for businesses in order to spur economic growth. The bill makes it easier for entrepreneurs to start businesses, and it brings down the corporate tax rate from 35 percent to 20 percent to be in line with our competitors around the world.
This will help spur economic growth by encouraging businesses to move their capital and jobs back to the United States and will help lower prices for Americans, who are the ones who ultimately pay for high corporate taxes through higher prices.
I’m proud that the Tax Cuts and Jobs Act is focused on growing the economy, bringing jobs back to Main Street, and increasing paychecks for workers. This bill is committed to helping families because the family unit is the cornerstone of our nation. We made a promise to families that we’d deliver them tax relief–and we’re holding to it. The Tax Cuts and Jobs Act will fix our bureaucratic tax nightmare and puts families first again.
Mr. LARSON of Connecticut: Mr. Speaker, I yield 3 minutes to the gentleman from South Carolina (Mr. Clyburn), the son of a preacher man, who always speaks truth to power.
Mr. CLYBURN: Mr. Speaker, I thank Mr. Larson for yielding me this time.
Mr. Speaker, the bill before us today is a wolf in sheep’s clothing. Republicans can dress it up and call it good names, but that will not change the fact that H.R. 1 is a scam that will be perpetrated on America’s middle-income families.
This bill will make it harder to own a home, raise a family, and afford a postsecondary education.
It should come as no surprise that President Trump wanted to call the bill: “Cut, Cut, Cut.” That would have been apropos. The first cut is for him and his family, the second cut is for his wealthy friends, and the third cut is for large corporations and businesses that ship jobs overseas.
H.R. 1 certainly does not cut taxes for middle-income families or small businesses; in fact, it does just the opposite.
Under H.R. 1, millions of Americans, middle-income families, will pay more–500,000 of whom live in South Carolina. Middle-income families and first-time homeowners who utilize mortgage interest deductions will pay more, because the GOP scam lowers the cap, making homeownership more expensive and driving down property taxes for current homeowners.
Middle-income families with children in college or recent graduates will pay more, because the GOP scam eliminates deductions for interest on student loans. This includes 12 million American families, 156,000 of whom are South Carolinians.
Middle-income families struggling to pay costly medical bills will pay more because the GOP scam shamefully eliminates that deductibility. This includes 9 million American families, and nearly 140,000 live in South Carolina.
Middle-income families with children in daycare, nursery school, or aging parents will pay more because the GOP scam eliminates the deductions for dependent care assistance.
Middle-income schoolteachers will pay more because the GOP scam eliminates their ability to deduct the cost of the supplies they purchase for their classrooms.
Mr. Speaker, H.R. 1 is an attack on middle-income families. It will subject the good people of this country to a second Great Recession and raise taxes on 36 million middle-income households.
According to the nonpartisan Congressional Budget Office, this GOP tax scam will add $1.5 trillion to the deficit over the next 10 years and trigger massive funding cuts across the government next year. Medicare will see a $25 billion-per-year cut.
Mr. BRADY of Texas: Mr. Speaker, I yield 2 minutes to the gentleman from Maryland (Mr. Harris).
Mr. HARRIS: Mr. Speaker, I wish to engage the gentleman from Texas in a colloquy.
We should not be satisfied with the historically low economic growth rates of the past decade. This tax reform bill that creates jobs, increases paychecks, grows our economy, and increases American competitiveness can help Maryland families and businesses.
The bill we are considering today has many positive elements that will benefit our country in many ways. However, I am concerned about its impact on some of my constituents in Maryland who pay high State and local income taxes. I ask you, as the Ways and Means chairman, to continue to work with me to ensure that families and job creators in my district will all be helped by this legislation.
Mr. BRADY of Texas: Will the gentleman yield?
Mr. HARRIS: I yield to the gentleman.
Mr. BRADY of Texas: Mr. Speaker, I thank the gentleman from Maryland for yielding.
The intent of our tax reform bill is to achieve tax relief for individuals at every income level in every State. I agree with the gentleman, there are still some areas where we will and can make improvements. If the gentleman is willing to help us continue to move this process forward today, I am happy to commit to working with him to ensure we reach a positive outcome for his constituents to reconcile our differences with the Senate.
Mr. HARRIS: Mr. Speaker, I thank the chairman for agreeing to work with me on this as we move forward. I will be voting for this bill today, and I urge my colleagues to vote for this bill to increase American competitiveness.
Mr. LARSON of Connecticut: Mr. Speaker, I yield 1 minute to the gentleman from New York (Mr. Engel), the lead Democrat on the Foreign Affairs Committee who understands the impact of double taxation from a donor State.
Mr. ENGEL: Mr. Speaker, someone near and dear to me once said that the Republican Party is the party of rich men and women, and the Democratic Party is the party of working men and women. Nothing proves that more than this tax scam today.
I have been around here a long time. Of all the bills I have seen, this is one of the worst bills I have ever seen on the floor of this House. It is actually a disaster. It raises taxes on the middle class and on millions of families across America. It adds trillions to the debt to give tax cuts to America’s wealthy families and corporations while stripping credits and deductions from middle class families.
What ever happened to the fiscal responsibility of the Republican Party?
This budget ransacks Medicare and Medicaid of $1.5 trillion, and the GOP will use the new deficits to justify further devastating Medicare and Medicaid.
Finally, it is a terrible disaster for my New York constituents who already pay their fair share of taxes. New York is a donor State, meaning that we pay more to the Federal Government than what we get in return.
This will reduce or eliminate key deductions, such as curbing or eliminating deductibility of State and local taxes, mortgage interest deductions, college debt, student loans.
We are a high-tax State. This is a disaster. Scrap this disaster. Go back to the drawing board and write a bill which is fair to middle class taxpayers.
(Congressional Record – Tax Cuts And Jobs Act Part 1)
(Congressional Record – Tax Cuts And Jobs Act Part 2)
(Congressional Record – Tax Cuts And Jobs Act Part 3)
(Congressional Record – Tax Cuts And Jobs Act Part 4)
(Congressional Record – Tax Cuts And Jobs Act Part 5)
(Congressional Record – Tax Cuts And Jobs Act Part 6)
(Congressional Record – Tax Cuts And Jobs Act Part 7)
(Congressional Record – Tax Cuts And Jobs Act Part 8)
(Congressional Record – Tax Cuts And Jobs Act Part 9)
(Congressional Record – Tax Cuts And Jobs Act Part 10)
(Congressional Record – Tax Cuts And Jobs Act Part 11)
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(Congressional Record – Tax Cuts And Jobs Act Part 14)
(Congressional Record – Tax Cuts And Jobs Act Part 15)
(Congressional Record – Tax Cuts And Jobs Act Part 16)
(Congressional Record – Tax Cuts And Jobs Act Part 17)