[Congressional Record Volume 171, Number 84 (Monday, May 19, 2025)]
[Senate]
[Page S2960]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                 TAXES

  Mr. SCHUMER. Mr. President, on the tax scam, on Friday, Moody's 
Ratings downgraded the U.S. Government's credit rating, citing rising 
fiscal deficits, soaring interest costs, and fears that Republicans are 
about to make things worse. You would think Moody's announcement would 
be a wake-up call to the so-called party of fiscal responsibility to 
stop their multitrillion-dollar giveaway to the ultrarich.
  But nope, last night, Republicans cleared another hurdle to pass 
their billionaire boondoggle, one that adds trillions to the national 
debt. Republicans have forfeited any credibility when it comes to 
complaining about government waste. They are now the undisputed kings 
of reckless spending, and their ``big, beautiful bill'' is their crown 
jewel.
  Permanently extending these billionaire tax giveaways could add as 
much as $50 trillion to the national debt in the next 30 years--$50 
trillion. No matter what Republicans say, these tax breaks are not 
going to pay for themselves. The last Trump tax cut certainly didn't. 
Why will these be any different, particularly given the economic chaos 
Donald Trump has created with tariffs?
  Americans have to be wondering: What are we getting in return for 
this fiscal timebomb?
  The answer is this: more tax breaks for those at the top. That is it.
  Those at the bottom, meanwhile, are getting ripped off. A study from 
Wharton released on Friday found that many Americans making less than 
$51,000 a year would lose after-tax income under the Republican 
proposal. You heard that right. Many making less than $51,000--that is 
a lot of Americans--would see their incomes go down. Future 
generations, meanwhile, would be condemned to a lifetime of higher 
borrowing costs, incurable inflation, and diminished economic 
potential.
  This is the entire goal behind the Republican's so-called ``big, 
beautiful bill'': Help the ultrarich today; screw the middle class 
tomorrow.
  That is not beautiful; that is ugly.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Texas.

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