[Congressional Record Volume 163, Number 180 (Monday, November 6, 2017)]
[House]
[Page H8501]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    A MASSIVE WINDFALL FOR INVESTORS

  (Mr. RASKIN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. RASKIN. Mr. Speaker, slashing the corporate tax rate from 35 
percent to 20 percent means one thing: a massive windfall for 
investors. While the champagne flows at the Trump Hotel after-party, 
middle class Americans would get nothing from this plan other than 
their deductions taken away for medical expenses, housing, and college 
loan interest payments. People won't even be able to deduct for most 
State and local income taxes paid, while large corporations would 
continue to do so.
  Here is the real shocker: fully 35 percent of the windfall, between 
$500 billion and $700 billion this decade, will go to foreign investors 
who own 35 percent of American stock. That money will be lost to us 
forever. It won't be there for Medicare or Medicaid or anything else.
  Blowing up our deficit by $1.5 trillion while transferring that much 
wealth to big corporations is a terrible idea. It is atrocious when you 
realize that we won't just be spoiling superrich Americans with 
billions of dollars, we will be spoiling superrich foreigners, too.
  Let's stop this speeding train and come up with a bipartisan tax plan 
that works for all Americans.

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