[Congressional Record (Bound Edition), Volume 163 (2017), Part 5]
[Extensions of Remarks]
[Page 6219]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       PRESIDENT TRUMP'S TAX PLAN

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                        HON. SHEILA JACKSON LEE

                                of texas

                    in the house of representatives

                         Friday, April 28, 2017

  Ms. JACKSON LEE. Mr. Speaker, I rise to speak for one minute on 
President Trump's Tax Cut Plan,
  As a member of the House Budget Committee, I would participate in any 
Committee's markup of a tax reform bill,
  President Trump's much anticipated tax plan is another 
disappointment; a poor work product; something he should have been 
ashamed to put his name on; and it reveals yet again what many warned 
about before the election,
  This tax plan would receive a failing grade in any school of 
business.
  A one page federal tax cut plan--really is an insult to the American 
People.
  This plan shows no command of the facts regarding our nation's very 
complex tax system.
  Treasury Secretary Steven Mnuchin set out a test for tax reform that, 
``there will be no absolute tax cut for the upper class.''
  But the president's tax plan has failed this test miserably by 
providing a huge tax cut for the wealthy while middle income families 
would receive very little benefit.
  In fact, Trump's tax plan provides a huge tax benefit for him 
personally. Using his 2005 tax return numbers, President Trump would 
save about $28.6 million in taxes under his plan.
  About $27 million of those savings is due to the reduction of the 
passthrough income rate to 15 percent.
  President Trump's tax proposal blows a hole in the nation's deficit.
  It's become painfully obvious that the deficit only matters when a 
Democrat is President.
  The plan is not revenue neutral.
  In fact, early press reports indicate that the Trump proposal is 
likely to add several trillions of dollars to our deficit.
  Busting the deficit the way the Trump tax plan would do puts 
immediate pressure on our other obligations--including guaranteed 
Medicare benefits.
  The President can't pretend to protect Medicare, then leave 
beneficiaries completely exposed by draining our coffers.
  For some context, these tax cuts could fund Medicare for the next 75 
years or more.
  You have to question the priorities of the President--is he working 
to keep his promises to hardworking Americans, or is he abandoning 
those promises in favor of enriching the wealthy.
  Democrats know that the Middle Class deserves the tax cut, not Donald 
Trump and his Cabinet.
  We would focus on growing our economy from the middle out, instead of 
trickle-down economics from the top down.
  The middle class does not need to deal with the consequence of a 
massive tax cut for the wealthy.
  I ask my colleagues join me in opposing any burdensome tax cut plan 
that hurts working families.

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