[Congressional Record Volume 163, Number 179 (Friday, November 3, 2017)]
[House]
[Pages H8447-H8448]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                TAX PLAN

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, well, yesterday, the Republicans unveiled 
their tax cuts that they purport to benefit the middle class. Nothing 
could be further from the truth. Then again, I

[[Page H8448]]

guess it depends upon your definition of middle class.
  Eighty percent of the benefits flow to those who earn over $400,000 a 
year. Perhaps that is middle class to that side of the aisle.
  They repealed the alternative minimum tax. We have only seen one 
Trump tax return: $31 million. Eighty percent of his taxes were a 
result of the alternative minimum tax. That is a middle class tax cut?
  Oh, then slashing permanently the corporate rate to 43 percent, that 
is going to really benefit the middle class. They pretend somehow that 
is going to raise salaries. Give me a break.
  Then, under the guise of family farms and small businesses, small 
businesses and family farms, between $11 million and $22 million will 
no longer pay an inheritance tax. That is middle class?
  All of these things are going to drive up the debt by $2 trillion, 
which raises interest rates for everybody who has to borrow money to go 
to college, buy a car, or buy a house.
  Oh, and if you want to go to college, you can't deduct your student 
loan interest anymore.
  Adopt a kid? No, we did away with that deduction, too.
  This is a ruse by the public. We have to kill this turkey before 
Thanksgiving.

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