Sen. Udall Votes Against Trump-Republican Tax Plan
"The Trump-Republican tax bill will line the pockets of
"In order to give the richest Americans a massive tax break,
"The Trump-Republican tax bill does nothing for working families in
The following is the full text of Udall's remarks on the Trump-Republican tax bill, as prepared for delivery.
Mr. President. Working families in
But, Mr. President, the
The Republican tax plan overwhelmingly benefits the rich - by giving huge tax breaks to their campaign donors - to the super wealthy, big corporations, multinational businesses, and hedge funds.
But the biggest problem is that the Republican plan will drive up the debt by
This is not a responsible or fair tax plan. It's a hocus-pocus tax sham. And I oppose it.
The
When it comes to legislation this consequential to the American people, we must follow regular order. We must see a full analysis by the
We must hear from the best tax experts in the country. The American people must understand the plan. Heck. Every member of
Even
The American people are not blind. They aren't fooled by the administration's fake numbers, and they oppose this plan.
Let's look at some cold, hard numbers. First, we know that the
This chart shows the difference between the federal deficit under current law and the massive increase in the deficit under the
To pay for this debt, the government will have to borrow - by selling
The American people will be on the hook for
This is the new federal debt that would be taken out in every American's name every year by the
So much additional borrowing by the federal government can also drive up interest rates. Higher interest rates mean higher costs for the government to borrow.
The
Increased interest rates have real consequences for the average American. A rise in rates can price out a first time homebuyer. It can determine whether a young person can afford to buy a car. The average American consumer does not want to see interest rates go up.
And increased government borrowing and interest rates can take up the economy's lending capacity -- and discourage the very private investment the
Giving massive tax cuts to the wealthy also will force massive cuts in revenue coming into the federal government. When I first arrived in the
The committee majority developed a budget framework that
He showed us many charts that day. One showed that the government had had a budget surplus for only five of the last 50 years. That was in 1969, 1998, 1999, 2000, and 2001. In those years, revenues were close to 20 percent of gross domestic product.
Around that same time, the bipartisan Simpson-Bowles budget commission concluded that the federal government needs revenue equal to 21 percent. But the
Former Treasury Secretary
And
He's referring to the myth that tax cuts lead to robust economic growth.
In other words tax cuts won't spur economic growth. They will create more debt, squeeze consumers, and mean steep cuts to vital government programs. So why is the majority pushing for them so hard?
There's really only one reason: for their donors. Representative
Making the super-rich even richer doesn't justify burdening our kids with huge government debt. It doesn't excuse threatening Americans' health care, retirement security, and other vital programs.
But cutting vital federal programs is exactly the price that middle class and working Americans will be expected to pay under the
And Speaker Ryan is already talking about where they will cut. He said, "We're going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit. Frankly, it's the health care entitlements that are the big drivers of our debt, so we spend more time on the health care entitlements -- because that's really where the problem lies, fiscally speaking."
He wants to starve the treasury to benefit the wealthy. And then he wants to slash critical programs that create jobs, support innovation, secure our nation, and help people pay for housing, food, and medicine.
I want to support tax cuts for middle class families. I want to help make sure working people can take home more of their pay. I also want to make sure we can pay for roads and bridges, schools and scientific research and national defense. Mr. President - this bill doesn't do that. It does the opposite. It takes money from middle class families and gives it to the ultra-rich. And then it leaves us with little to support our communities. Little for infrastructure. Little to make sure
This bill also fails Indian Country. While giving billions of dollars of tax breaks to corporations, this bill does nothing to spur economic growth or attract investments in our native communities. Not even basic, low-cost provisions to ensure that Tribes receive the same tax benefits as other governments. Once again, Tribes have been overlooked by the majority despite early and vocal Tribal input on tax parity in Indian Country.
Mr. President, I am prepared to roll up my sleeves and work with
I yield the floor.
Sen. Roberts Issues Statement on Senate Passage of Tax Reform Legislation
Sen. Sanders Demands Congress Protect Dreamers, Fund CHCs & CHIP Before Going Home
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News