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tv   U.S. Senate Schumer and Baldwin on Tax Reform  CSPAN  December 1, 2017 11:21am-11:35am EST

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daines and wisconsin senator ron johnson. however, maine republican susan collins disputes senator cornyn's claim they have her support for the republican tax bill. with "bloomberg news" reporter laurie lipvan. i can't imagine why senator cornyn is speaking for me, senator collins told her. i speak for myself. again the senate remains in recess. we will have live coverage when they gavel back in here on c-span2. final vote is expected today on the senate version. of course we'll have live coverage. a look now at remarks from senate minority leader chuck schumer and wisconsin senator tammy baldwin as the senate came in to session today. >> now, madam president, on taxes, my republican friend have stretched into two of their, into day two of their debate on the bill which still lacks resolution of some critical issues. after promising over the past few months that their tax bill
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would pay for itself through economicou growth, the joint committee on taxation came out with a report yesterday that showed that these promises were unfounded. way off the mark. even considering economic growth, the republican tax bill will add roughly a trillion dollars to the deficit. and many have said that this dynamic scoring, many economists have said doesn't work at all. the jcp gave credence to the theory of dynamic scoring but then came out with a number that was not the kind of wild exaggerations we're hearing a fm the secretary of treasury, from the president and from some of our republican colleagues, particularly those of the club for growth bent. earlier in this debate, republicans claimed that this would be a tax cut for everybody, and that nobody in the middle class is going to get a tax increase. independent analyses show that these claims were not valid, and
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to their credit, some republicans c corrected the record. now, republicans have gotten the dynamic scoring that they have demanded for years. they're in charge. they put dynamic scoring in place. it is still not good snuff. as recently as this week the republican leader and others claimed this bill would not add to the deficit. we know now that even under the dynamic scoring method, the republican party asked for and received, this bill would add a trillion dollars to the deficit. all. of the claims that tax cuts for the wealthy and corporations will pay for themselves were not correct. it is time for my republican friend to admit the error, and come clean with the american people. received the we dynamic score only a day before a final vote on the bill, shows just how foolhardy it is to rush a bill like this through.
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from press reports, we know that the republicans are making the pass-through provisions more generous, widening what was already a gargantuan tax loophole for wealthy business owners. why should wealthy business owners pay lower rate on personal income, because they pay no corporate tax if they use the pass-through, than the average american? that is what this bill does. hedge funds, lobbiest firms would get lower rate than the average american becauses- of te pass-through. so the average american who 100,000, 200,000, who is already paying in the 30% range, from press reports, you would think maybe republicans would be concerned by the many reports that their bill increases taxes on 60% of middle-class families by the end of the day.
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nope. instead the holdout republicans are concerned that this bill isn't generous enough to corporations and wealthy business owners. and so now, the republican leadership is working to fix that. in the waning hours this bill is tilting even further towards business, even further away from families. every time that the choice is between big corporations and families, the republicans choose the big corporations. and still, and still no one knows what the final bill will look like. why on earth wouldn't you want to spend more than a few hours looking at a bill of this magnitude? what might have been snuck in? what might have beenwh changed y mistake? innocent mistake? so many reasons not to rush this bill through, but we know why it is being done. we know why republican members will only have a few hours at most to read the draft
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legislation before votingat on . it is notching a political win i would say to my colleagues isn't a good enough reason to throw common sense and legislative responsibility out the window. notching a political win isn't good enough to raise taxes and premiums on millions of middle-class families, when there is a much better bill to be had by working in a bipartisan way, democrats and republicans, across the aisles together. my republican friend must know thatss quote, we needed to notca political win isn't a good enough excuse for a constituent who asks, why you voted to raise their taxes but slashed them for big corporations. today may behe the first day ofa new republican party, one that raises taxes on the middle class. the one thing republicans always the middle class we're not going to raise your taxes.
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a good number of my colleagues from the other side of the aisle, senator from texas, i heard him talk about, the junior senator from texas, said he doesn'tai want to raise taxes on any middle class person but this bill does it. the republican party is abandoning its long-held principles to please its political paymasters. it is a bad move for the republicans as well as a bad move for america. again, we needed a notch. we needed to notch a political win, is going to be no excuse when your constituents complain why they, are getting the short end of the stick in this tax bill, and wealthy corporations, richest people are not. so, democrats remain united, against any middle class tax increase. and, we will fight to reverse
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that. the stakes are too high. our economy is already stacked against working men and women. corporate profits and stocks have reached all-time highs. the top 1% captures 20% of the national income, higher than anytime in our history since the roaring 20s. meanwhile, to too many americans the american dream is slipping away. hard-working americans who get up every morning, worried about paying the bills, making the mortgage payment, the tuition payment, the health care bill, they're not getting help they need in this bill. instead it is going to the wealthiest, biggest corporations on theory of trickle down which almost everyone except right-wing economists agrees has never made sense. any moral tax bill would focus on giving a leg up to middle-class americans, to working class americans. instead, this bill directs
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lion's share of its benefits to those at very top, already wealthy, the already powerful. it makes health care less affordable andaf less accessibl. it will deprive the government of resources needed to support the military, scientific research, education and infrastructure. the hole it blows in the deficit, will, make no mistake, endanger,, social security, medicare, medicaid. republicans including president trump openly admitted they will seek changes in this program after the tax bill. senator sanders has outlined eloquently how dangerous this bill is to the future of social security and medicare. and i know our republican colleagues came down to argue against t him, were all on defensive. all the things our president and republicans say they wanted to do, are not happening, and this bill moves in the opposite direction, not only helping wealthy, not helping middle
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class in the way it need, but also endangering social security and medicare. most insidious of all, the bill hides a ticking time bomb of middle class tax hikes at the center of our tax code. who could want to vote for that? . .ed it's a something they have never believed in before or republicans have an alternative. they can step back, step back
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from the brink and work with democrats on a bipartisan tax reform bill to deliver across-the-board tax relief to the middle, as. a bill that makes art businesses more competitive while closing egregious corporate loopholes that grows our economy without putting a penny to the deficit. bipartisan tax reform, not this cynical bill, not this partisan exercise, nothi this bill that seems to please the 1% t, but nt the rest of america is possible. but, only if my friends and colleagues abandon this bill and reach out forac a better kind about politics. i yielded the floor. >> senator from wisconsin. >> madam president, i rise to offer emotion and amendments to do something that this tax plan fails to do.
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make a good on president trump's promise to close the carried interest tax loophole. of this amendment has the support of senator whitehouse, donnelly and van hollen. i think we need to make our tax system simpler and more fair for hard-working families, businesses particularly small businesses and manufacturers and that's what i have been working for. unfortunately, this is not the plan presented today by senate republicans. lets be honest with the american people. this bill is largely a tax giveaway to the wealthiest few and big corporations while millions of middle-class families will get a tax hike.
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with that this partisan bill from across the aisle big corporations get permanent tax breaks, permanent, while middle-class families will see tax increases. in fact, most americansca earnig less than $75000 a year will see tax increases and that is simply not fair. it's also not fair that the top 1% will end up with over 60% of the benefits and in exchange 13 million more will lose health insurance. health care premiums will by 10% and medicare and medicaid a have been put on the chopping block to pay for it. in addition, with the senate
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republicans plan, powerful corporations can still deductti their state and local taxes, but they completely eliminates the state and local tax deduction for individual taxpayers. this deduction ensures households are not taxed twice by the federal government on money they have already paid in state and local taxes including property taxes, but with the current senate plan nearly one in three west consummates will lose their personal income, sales and property tax deductions. >> we will leave these remarks and turn live to the floor of the u.s. senate. mr. nelson: madam president, are we in or do i need to do a


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