[Congressional Record (Bound Edition), Volume 163 (2017), Part 11]
[House]
[Page 15527]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   TAX CUTS DON'T PAY FOR THEMSELVES

  (Mr. HIGGINS of New York asked and was given permission to address 
the House for 1 minute.)
  Mr. HIGGINS of New York. Mr. Speaker, Treasury Secretary Mnuchin and 
the President said that their plan would not benefit the rich and would 
grow the economy. They called it the Mnuchin rule.
  If you make $730,000 a year in America, your income would rise by 8.5 
percent, which is $129,000 a year, or $10,750 a month. That is your tax 
cut under the Trump plan, a direct violation of what we were told.
  We are also told that this plan was a middle class miracle. If you 
make $67,000, your income will rise by 1.2 percent, which is $670 a 
year, or a whopping $56 a month.
  This is not a miracle. This is an illusion. This plan will increase 
the deficit by $2.4 trillion over the next 10 years. I am wondering 
where the deficit hawks are.
  We were told that these tax cuts would pay for themselves. News 
flash: tax cuts don't pay for themselves. In fact, economists from 
Goldman say these tax cuts will have virtually no good impact on the 
economy. The Treasury Secretary and the National Economic Adviser are 
both immediately from Goldman.
  This tax cut is a fraud being perpetrated against the American people 
and against the American middle class.

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