Neal Delivers Floor Remarks Opposing House Republicans’ Second Tax Scam
(As prepared for delivery)
Mr. Speaker, I rise in opposition to the Republicans’ Tax Scam 2.0. It’s been eight months since the Republicans passed their massive, unpaid-for tax cut bill without a single Democratic vote. At the time, Democrats and independent experts warned that their so-called tax reform plan that wasn’t paid for and that was so heavily skewed to the wealthy and big corporations would harm our economy and damage important programs like Medicare and Social Security.
And now we’re beginning to see what many of us feared is coming true. Health insurance companies in state after state are announcing higher premiums for next year, while health coverage for those living with pre-existing conditions is on the chopping block. To make matters worse, the Medicare Trustees cut three years off the life of the Medicare Trust Fund because of the Republican tax bill.
But instead of backing away from their mistake, the Republicans are doubling down. And their second round of tax cuts for the wealthy will further compromise the future of Medicare and Social Security, depriving seniors of the benefits they earned.
Today’s bill also once again demonstrates that the Republicans are not the party of fiscal conservatism. The original Republican tax law adds $2.3 trillion to the debt so that big corporations and the highest income earners can receive tax cuts. Now, Republicans want to give the most well-off and well-connected Americans even more tax cuts with their new proposal, a policy that would add an additional $3 trillion to the debt.
The Republicans also are doubling down on its tax law’s attack on the middle class. For example, the Republicans’ new tax proposal would make permanent the $10,000 cap on the State and Local Tax deduction for individuals, even while corporations will face no limits on their SALT deductions. This at the same time the bill eliminates many tax incentives that help middle-class families get ahead.
And once again, this package, like the one before it, is being rushed through with no hearings and no input from stakeholders. A rushed and lopsided process resulted in the disastrous tax law. In fact, my staff has identified over 100 problems with the Republicans’ tax law.
The Republicans’ tax 2.0 legislation is another reckless tax cut for the wealthy that leaves behind average, hardworking families. Therefore, I oppose HR 6760 and encourage my colleagues to do the same.
I reserve the balance of my time.