[Congressional Record (Bound Edition), Volume 163 (2017), Part 14]
[House]
[Page 20150]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TAX CUT NIGHTMARE

  The SPEAKER. The Chair recognizes the gentleman from Oregon (Mr. 
Blumenauer) for 5 minutes.
  Mr. BLUMENAUER. Mr. Speaker, it has come to this: Republicans are 
poised to pass the largest transfer of wealth in our Nation's history, 
financed by mortgaging our children's future with a mountain of 
increased debt.
  What is wrong with this picture?
  Well, first of all, nobody really knows everything that is in this 
bill. It has been written over the last few days to satisfy donors and 
win the final few votes necessary for Senate passage. It is not tax 
reform. It is not even a policy, but a collection of special interest 
provisions being sold on a false set of promises.
  It is, decidedly, not middle class tax relief. It is permanent, 
massive tax reductions for the largest corporations and wealthy 
individuals. Every independent expert agrees and the American public 
understand that the benefits of this bill flow not primarily to the 
middle class, but to people like Donald Trump.
  The vast majority of Americans get little and temporary tax 
reduction, only to see the bottom 80 percent of our taxpayers, on 
average, actually facing a tax increase when the bill is fully phased 
in.
  The permanent, massive tax reduction for the privileged few comes at 
a very high cost for the rest of America. Despite false promises, it 
will not remotely pay for itself through economic growth.
  We start with a massive increase in national debt; increased interest 
costs; a total increase of $2.3 trillion, and likely very higher as the 
accountants and lawyers discover how to fully exploit the many new 
loopholes created by lobbyists.
  This bill is not tax simplification. It greatly complicates the Tax 
Code. Look at trying to understand just the passthrough provisions.
  Also, we have an IRS that is struggling right now because my 
Republican friends have cut its budget 17 percent since 2010. They have 
23,000 fewer employees, an outmoded data processing system, and more 
taxpayers--10 million more returns. It is not clear the IRS can even 
administer this bill.
  Middle America will pay with increased economic insecurity, as it 
will increase insurance premiums an average of 10 percent a year. It 
will destabilize the health insurance market and increase the ranks of 
the uninsured by 13 million people over the next 10 years.
  Most Americans will pay the price with the massive increase in debt, 
making it harder for everyone who wants to borrow money to start a 
business, finance a college education, or buy a home. It increases the 
likelihood of sending even more American money overseas to pay for the 
foreign holders of American debt that has increased.
  It does not address the problem of offshoring our economic activities 
and the resulting revenue loss. It provides more incentives for this to 
continue and even get worse. The increased debt will make it even 
harder to rebuild and renew America and to meet the needs of our aging 
and growing population.
  After the wreckage of the Amtrak train in the Pacific Northwest, 
Trump pointed out the need for infrastructure investment to rebuild and 
renew the country. That is not going to happen.
  It is already triggering an automatic $25 billion cut in Medicare. 
Republicans are scrambling to figure out how to avoid that. We are 
hearing from Republican leadership that this increased debt illustrates 
the need to cut back on programs that meet the needs of average 
Americans and low-income citizens while we are showering increased tax 
benefits on the wealthy.
  It has been a bonanza for all the attorneys, accountants, and 
lobbyists finding ways to further enrich the most privileged. In the 
weeks to come, we will find out more special gifts used to nail down 
the last few votes. I don't know whether the Corker kickback is true or 
not, but it leaves the public wondering why the immediate about-face 
from the Senator from Tennessee when nothing has changed except there 
have been a few provisions added.
  No wonder the American public is opposed. They are right, and the 
Republicans are wrong.

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