Signers of the Community Letter
The Community Letter in Support of Nonpartisanship, signed by more than 5,500 organizations from every state and every segment of the charitable and foundation communities, makes a strong statement in support of nonpartisanship and urges those who have vowed to repeal or weaken this vital protection to leave existing law in place for nonprofit organizations and the people they serve.
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Mr. HENSARLING. Mr. Speaker, for almost a decade, Americans suffered under Obamanomics. Their savings remain decimated, their paychecks were stagnant, and their American dreams were diminished. But, Mr. Speaker, a new day has dawned. Under the leadership of President Trump, Speaker Ryan, and Chairman Brady, we are on the precipice of passing a fairer, flatter, simpler, and more competitive Tax Code, one built for 3-plus percent economic growth. The American people can now imagine a Tax Code that brings jobs and capital back to America. They can imagine a Tax Code that is simplified from 70,000 pages to 500, where 90 percent of Americans can fill out their return on a postcard. They can imagine a Tax Code swept of all the special interest loopholes. They can imagine a Tax Code creating lower rates for working Americans and small businesses, and they can now imagine a Tax Code that is all about economic growth. All my friends on the other side of the aisle can offer is the politics of division, envy, and class warfare.I am proud to support the Tax Cuts and Jobs Act because it is all about better jobs, fair taxes, and bigger paychecks.
Mr. NEAL. Mr. Speaker, 17,000 people in Mr. Hensarling’s district will now pay higher interest on their student loan deductions.Mr. Speaker, I yield 2 minutes to the gentleman from Wisconsin (Mr. Kind), who is a great advocate for the heartland of America.
Mr. LARSON of Connecticut. Lastly, Mr. Speaker, I include in the Record a letter from the Congressional Budget Office, which details out the other shoe to fall in this legislation.
Congressional Budget Office, U.S. Congress,
Washington, DC, November 13, 2017
Hon. Steny H. Hoyer,Democratic Whip, House of Representatives,
Washington, D.C.
Dear Congressman:
This letter responds to your request for information about the effects of legislation that would raise deficits by an estimated $1.5 trillion over the 2018-2027 period, specifically with respect to a sequestration–or cancellation of budgetary resources–in accordance with the Statutory Pay-As-You-Go Act of 2010 (PAYGO; Public Law 111-139).The PAYGO law requires that new legislation enacted during a term of Congress does not collectively increase estimated deficits.
The Office of Management and Budget (OMB) is required to maintain two so-called PAYGO scorecards to report the cumulative changes generated by new legislation in estimated revenues and outlays over the next five years and ten years. If either scorecard indicates a net increase in the deficit, OMB is required to order a sequestration to eliminate the overage. The authority to determine whether a sequestration is required (and if so, exactly how to make the necessary cuts in budget authority) rests solely with OMB.
Mr.LARSON of Connecticut. Second, Mr. Speaker, I include in the Record a letter out of a cross section of constituents who are directly and adversely impacted by this tax increase.
MIDDLE CLASS CUTS
Ms. Diane Hebenstreit–West Hartford, CT 06107
I am a lifetime resident of Connecticut, and I ask that you do not vote for the proposed Federal Tax plan. From what I see, it’s providing large tax breaks that benefit the rich and the corporations. The estate tax benefit we have now is more than generous, only the very wealthy will benefit from repealing the estate tax. The proposed caps on state and property tax deductions combined with the increased standard deduction, will cause myself as well as others to use the standard deduction instead of itemizing. This will eliminate the financial benefit of owning my home, and I am concerned it will negatively affect its value.
At the time, I was the Senate majority leader in Michigan under the last administration, overseeing the only Republican branch of government. I saw firsthand how the administration pursued targeted tax credits, one after the other, that favored one industry over the other.
It was a classic example of government picking winners over losers, and as expected, it failed miserably.
As we see at the Federal level today, in Michigan, these targeted tax benefits were paid for by everyone else in the form of tax increases, and not only did it fail to attract growth in emerging sectors as they had hoped, but it caused our economy to go into a tailspin, a very serious tailspin.
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What did we discover in the aftermath of that?
Almost 20,000 layoffs in the weeks after it. The money was used for stock buybacks and dividends with no employment gains across the country.They keep telling us: Well, you are going to get 3 percent, 4 percent, 5 percent, and the President says 6 percent growth. I want to find that economist who says we are going to get 6 percent growth. Most projections are that we are being asked here today to participate in the following, because this is the context of the argument this morning: They are borrowing $2.3 trillion over 10 years for the purpose of giving a tax cut to people at the very top of our economic system.
We should be investing in human capital, community colleges, vocational education, internship programs, and aligning the American people with the skill sets that are necessary, as the Department of Labor reported this week, for the 6 million jobs that are available. That is the most gainful way to do long-term investment. Mr. Speaker, I reserve the balance of my time.
Mr. BRADY of Texas. Mr. Speaker, I would note that a family of four in Massachusetts’ First District will see a tax cut of nearly $2,000 under this bill.
Mr. Speaker, I yield 3 minutes to the gentlewoman from Kansas (Ms. Jenkins), one of our key leaders on the Ways and Means Committee who is really all in on growth and savings for America.
This series originated from the House of Representatives Congressional Record on the Tax Cuts And Jobs Act. TaxConnections provides this important document to you in a multipart series to educate tax professionals and taxpayers.
The SPEAKER pro tempore. Pursuant to clause 1(c) of rule XIX, further consideration of the bill (H.R. 1) to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018, will now resume. The Clerk read the title of the bill.
The SPEAKER pro tempore. When proceedings were postponed on Wednesday, November 15, 2017, 1 hour 58\1/2\ minutes of debate remained on the bill. The gentleman from Texas (Mr. Brady) has 61 minutes remaining, and the gentleman from Massachusetts (Mr. Neal) has 57\1/2\ minutes remaining. The Chair recognizes the gentleman from Texas. Mr. BRADY of Texas.
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