tv Senate House Democrats on GOP Tax Plan CSPAN November 5, 2017 10:59am-11:36am EST
>> that same day, house and senate democrats reacted to the gop tax reform bill by suggesting it offered to many -- too many tax breaks to corporations and wealthy individuals at the expense of come americans. this is about 40 minutes. >> that afternoon, everyone. thank you for being here. as you know, today house republicans unveiled a bill that raises taxes on millions of middle-class families and borrows trillions of dollars to give massive new tax breaks to the wealthy and especially to their friends, corporate america. the american people deserve real, bipartisan tax reform that
,uts the middle-class first create good paying jobs, and lowers the deficit. the republican plan does not do anything that. it is a giveaway to corporations and the wealthiest. they brag about saying if you have a simple family and you make as much money, you get a tax break what is important to know is what they give you with one hand, they take away with the other. they are raising taxes again on the liens of middle-class families, hoping the american people will not figure it out because they're going to brace this through. we know there are some members today on the ways and means committee that never had even seen the system. if you are a middle class family, have you judge this? if you own a home or want to one day, you lose. if you have a sick child or a family member with long-term medical care needs, they take a medical
deduction. you lose. if you have student loans are want to have student loans, you lose. if the corporation pay for learning for employees, the deduction is gone. you lose. if your family was an any state -- lives in any state and you don't want your income taxed twice, you lose. if you plan on living past 65 and need medicare, you lose. hidden in the pages are stating plans to raise taxes on working families. encouraging corporations to chip jobs overseas. this is important. costsng jobs overseas less than creating jobs in america. offshore and jobs at the expense jobs at theng
extent of the american worker. this all goes together. is a package from corporate america. in tax breaks for corporate america. the same amount they cut from medicare. 1.5 trillion from medicare and medicaid, $1.5 trillion to corporate america. this is making it cheaper for them to ship jobs overseas than to create jobs in the united date. united states. they adding millions to the deficit. they're streaming up this to obliterate medicare and medicaid tomorrow. this is a ponzi scheme that corporate america will perpetrate on the american people. it is a republican bill written in secret designed to be raced forward before it is truly understood. 1%,ou are the wealthiest
republicans will you be beside, stars atn, moon, and the expense of the middle-class class, the backbone of our democracy. chuckased to welcome back schumer. >> thank you, nancy. when we were in the house, we did not have such a fancy room here and we had a little place up on the third or, which i inhabited regularly. i don't need any add-ons here. we're still pouring through the fine print. one thing is crystal clear. plan is a tax burden that ought to be on the backs of the
wealthy and the biggest corporations. instead, it drops it squarely on the backs of the middle class. corporation, a wealthy individual, you do great. if you are a middle-class person, you suffer. are trying to argue the middle class gets a tax break. what they will not tell you is many, many, many middle-class families will see their taxes go up under this plan. let me give you examples. a family in new york or illinois or virginia. their household and him a 100,000. that's not much. teacher, policemen living together, husband-and-wife, ake over that -- mke ove that. their taxableis, go up.would
below viewing get a huge break. are theike that backbone of the middle-class. they're all over the suburbs of new york and california, illinois, pennsylvania, colorado, many of them in the district of our republican friends. they will pay a whole lot more. us take a poor family, making $40,000 a year. the family could get an increase because the child tax credit does not help us families. instead, the bottom rate goes up and they pay more. middle-class, millions upon millions of hard-working citizens are paying more. i wonder if you could find someone whose income is over $1 million a year who is to pay
-- who is going to pay more. they will not. middle-class base more, wealthy pay less -- pays more, wealthy pay less. people in individual circumstances get clobbered. , youu pay student loans have a mortgage of medical sciences, your taxes could very well go up. they eliminate deduction for the middle-class and increase the to pay of the wealthy less. family after family after family gets hurt. bool give you an example of the families making $100,000 and $30,000 and how much more they pay. -- $40,000 and how much more they pay. this bill is everything america doesn't want. it doesn't want the wealthy to pay fewer taxes.
they know corporations are swimming in money and won't produce any jobs they want middle-class tax relief. . this bill takes away so much of middle-class tax relief. of middle-class families will be in pain from this bill. we what our republican colleagues are doing. the bill comes out thursday, they want to start marking up monday. a enormous complexity that affects millions of people in so many different ways. that is a disgrace. -- to rush aill bill like this through without a hearing, without wars and experts looking at it, all the businesses want to look at it. everyone wants to look at it . they are trying to rush it through because they are ashamed of this bill. republicans know the more this is exposed, the less people like it.
fish.ll is like a if it stays in the sunlight too long, it stinks. they do not want that to happen. our republican friends want to avoid the spotlight. the last time our tax code was reforms, it was so different. both parties worked together at length. proposers were vetted. i was there. i worked on that bill. with the chairman. there were countless hours of hearings. problems that existed in the initial draft were changed and perfected and modify so it could be a bill that everyone was product. republicans are not proud of this ill. if they were, they marched the bill down the streets of america say,a big brass bands and look at our bill. instead they are hiding the bill and that is because they are not doing text. reform. doing -- tax
they're doing tax giveaways to the wealthy and powerful, and telling the middle-class take a hike. you are on your own, baby. we will fight this bill tooth and nail. i think we will prevail, even in the short time they try to rush it through. tax legislation is extremely complex, and you cannot have a successful build if you rush group in the dark of night. opportunity.missed as a missed opportunity because i want to highlight what happens back in 86 specifically. there were 30 hearings in the full ways and means committee. there were more in the subcommittees. more than 450 witnesses the market took 26 days. a reminder, we have not even mark.he chairman's
we're likely to see that maybe tomorrow. as of the moment, we have not seen the distribution tables. we have not had a chance to go through anything other than what they presented by a press conference. we do know the following. they are going to say on one hand that they are giving $1150 to the average family and then simultaneously taking away by capping deductions that they have for home ownership. how about the fact that there is $1 trillion worth of student y're in america and their] taking it away from students to tax on interest. urban issues? getting rid of newmarkets tax credits and talking about stimulus? is from new markets tax credits.
that is how it is done. be all assuredn of today, this is anything but simplification of the tax code. you have a chance to or through these cells during the worst of .he next few hours we are all anxious to see this distribution tables so we can finally figure out who gets what. it is very -- it is simply not true. >> thank you. good to be with the speaker and my leader, senator schumer. i think it is important to recognize what this bill is really all about. it is designed to offer what crumbs for be enough in orderle-class folks to distract from the multi-trillion dollar giveaways the big corporations that ship
jobs overseas and the mega-wealthy. let me give you an let me give you an example. say you have a family that makes a little bit over $50,000. on a good day, maybe, just maybe, that family might get an itty, bitty sliver. but if they have to send a kid to school, or they have to pay medical expenses, which they could no longer write off, this bill leaves that family behind. and that is going to be the message we are going to be getting out over the next couple of days. my colleague says the overwhelming winners in this bill are the people who have the power. the people who can hire all the technicians and all the experts who are already thriving in an economy that leaves so many
working class people behind. now we know that there is a lot still to be evaluated. i think it takes your breath ony to believe that you can, monday, talk about a bill, actually consider it formally that would make the american with such flimsy amounts of information that are available. what i am going to be stressing -- i appreciate leaders recognizing us west coast are -- west coasters have flights --- i hve four meetings. if you want to do a tax bill right you do not start with a double standard. the corporate tax breaks are permanent.
set in stone. but look at the bill. so far a lot of families are going to be settling for temporary tax cuts. there is a double standard on double taxation. the corporations are still going to deduct state and local taxes but individuals and families will not. recent can't -- recent college graduates lose their deduction for student interest loan interest raymond -- payments but the multinationals who ship jobs overseas still get to deduct their interest payments. ow, what could be more clear evidence of the kind of double standard that my colleagues and i are talking about? the last point i want to mention is deeply personal. i have talked about with my friends over the years. panthersector of the
many years ago back when i had full hair and rugged good looks. anti-senior as it relates to the change in the medical deductions. a senior who has got inexpensive health condition. a rare cancer or a dental problem that requires frequent treatment. they lose under this proposal the ability to deduct those medical expenses. but corporate tax breaks for expenses will get even bigger. let because you something -- president trump did not tell seniors in america during the campaign that they were going to lose the opportunity to be able to afford health care. along with my colleagues he said it very well, this is going to be a full-court press because what they want to do is get this bill out before americans have had the chance to put a dent in the holiday shopping.
that's because this bill cannot stand the light of day. that weing to make sure take to the american people with this bill is all about. >> i just want to make one correction. i left out, a $100,000 family. mine, a states like married teacher and police officer may considerably more than that. they did a state and local taxes , student loans and medical expenses. ticket typical amount for each of those deductions. to $44,397ome falls and it would owe 5700 $27,000 in taxes. get 3000 dollars in child tax credits of the tax burden $993to $2727, which is more. $100,000, people making $40,000 and lots in between pay a lot more in taxes
while big fat cats -- want to put three fax together here about corporate america. because you said the president did not say this or that during the campaign. he did not say to america's workers that we are going to trillion tax break to corporate america, the same amount we take out of medicare and medicaid. cheaper for them to send jobs overseas been to create jobs here. than to create jobs here. and while individuals in the states cannot deduct state and local taxes, corporations can. and even corporations who make that money overseas. it is a total rip. it just remind you of a big banquet. powerful, big and
throwing crumbs. it has to be rejected. you have to help us get the word out. any questions? workny of you follow the done on that, having done it phd on it -- on amt, we took care of the middle class -- the middle class is not pay amt anymore. it is limited to the highest income americans. 4.5 million families is all that are going to pay amt. skin move this without you guys. so what is your role here? >> same role we had an health care. let the american people know about the bill. they will not like it. as a result they will not get
enough votes to pass it. this bill is so against what the average american wants. and they are beginning to see it. most of the polling data shows that people are now against the truck tax plan. --trump tax plan. these folks are going to go home and many of them are invulnerable districts and their -- are in vulnerable districts. and they will know they are hurting voters to help the wealthy. no one buys that except the thousand people in the right wing contributions and think tanks and law school sick pay. pay.hools they the public is not going to like it. there will be huge pressure on republicans not to vote for it. democratic unity was extremely powerful on obamacare.
the idea you guys did not lose any members. this by accounts should be a harder left. >> 45 of our 48 asked for three things. no tax breaks for the top 1%. second, budget neutrality. do not increase the deficit. holetax bill lows a huge to the deficit. and third, work with us, do not use reconciliation. even the three who did not vote for it -- it did not sign our letter agree with those three principles. this is very far -- just listen to what they say about it. >> i went with the five democrats to the white house about 10 days ago. they were the five democrats up for election in 2018 in the states that donald trump won.
all of them very specifically backed up the principles that leader schumer just mentioned. first thing out of their mouth, we have to get this to the middle class. second, cannot get wealthy. when they brought up the president said we do not want to go to people like myself and it would not clobber social security and medicare. forpoint he has stressed the very ones that the finance democrats in states that the president won, emphasized when they were with the president. >> you have an interesting dynamic. in the house you have a lot of republicans from suburban well-off districts who are going to get clobbered by this bill. to get the past, i don't know if they will be able to do it, they have to make the deficit worse by getting rid of the few -- in the senate you have a good number of senators who are
deficit hawk republicans. they do not want to vote for something that has a multi-trillion dollar hole in the deficit. what helps them pass in the house hurts them to pass it in the senate and vice versa. they are in a very difficult position. >> in addition to our internal unity we had unity with all those outside who are paying attention to what is happening in health care. that was a tax bill to skies as a health care bill what they did before. that was defeated. now to have a tax bill that seriously undermines the good health of the american people. many of those same people we gas willlls into the be making calls into republican districts about -- many of those same people will be making calls into republican districts. they are very activated in republican districts. unity internally is good for our
own -- this is really everything on the line. >> why are the california republicans supporting this bill? they are in the same spot that new york and new jersey republicans are. >> that's a good question. earlier today we had our california delegation lined up and 14 of them read what it meant in different districts. how many people were affected, with the average deduction would be. in one district it is over 18,000 people, around in the deduction as he voted for it.
our governor sent letters to them, we have lots of press on about it. they are hoping their constituents do not know what is happening here. that is the point he leader made earlier. they are just hoping they could masquerade as fiscal conservatives and the rest. i said i indict them for what they are doing to their own constituents. costing them money. why? why is always a question. why? so they can give tax cuts to the high-end and corporate america. ship jobs overseas acted vantage, take their deduction. -- at an advantage. they will be hearing from their constituents on it. let's hope they were just enabling the process to go forward. let's hope that's the case. or maybe ideologically they are just trickle down guys and the
constituents will have to make a judgment about that. leadershipblican oldham did not stop it now. let it go forward and let's see what happens. and it is going to get worse. they may be living in the old world. gave huge00 if you tax breaks to the wealthy and crumbs to the middle class the middle class would say i'm getting something. the world is different. with income distribution the way it is, with the populism and anger that propels donald trump to the presidency, you cannot get away with that anymore. you cannot say i will give the middle crass -- middle-class a crime -- >> what do you think the finance committee will do on this bill? how is it different from of the house? what we have been led to believe is after the
legislation gets out of the house ways and means committee, chairman -- 10 still lay down his own mark. chairman tends to lay down his own mark. we don't know what he will do. my hope is he will see how many of his constituents in utah get hurt, how damaging this is to the middle class, how harmful it is to students. he will say, i don't want to go that route. now, i cannot tell you what the odds are, but one of the reasons that we are going to be working around the clock right now, particularly with this unheard where you have to have a markup of a bill on monday with virtually no information. bill bradley called up the other day, friend of all of ours, intimately involved in the 1986
bill. he was incredulous. took dayse committee and days to try to find common ground. they were on the floor of the senate for weeks in an effort to try to come together. the point i just made to the chairman was i said, you know, if you decide you will not accept our principles, focus on the middle class, not at the people at the top, not wrecking social security and medicare, you are not going to get a bipartisan bill. if you just pass this on a you mightfframp only, be able to get a sugar high, but you're going to see that you and your party having a lot of problems in the days ahead. what we're trying to do is generate as much visibility and focus on what this bill actually neal so that after richard
and the ways and means committee does everything they can, we can build on it and hopefully in the senate or do something different. --reduce something different in the senate produce something different. >> house republicans are proposing to eliminate house utility bonds which are used for airports and other things. you are part of a group of 20 democrats who opposed the bill earlier this week -- >> i also lifted the cap on private activity bonds. it is stimulus. it is stimulus. anyone who has been in an , it was eithert build america bonds or lived in the cap on the private utility bonds. even now when you go through,
they shaved back the exemption on municipal bonds. they are not going to be as attractive as they once were. i cannot wait till mayors and others look at this information. say, the want to deficit has been a big problem. many americans will know what it means to them in their lives. it is bad news. in terms of our country and our responsibility, the increased in the national debt is huge in his 10 year periods. in the out years it hemorrhaging is money. it is a hemorrhaging bill. those of you who care about deficit -- we supposedly have deficit hawks in the congress but they are becoming an endangered species -- they have - theow that we always - first 10 years, the second 10 years. the second are very detrimental.
it is almost no turning back from what they want to do. we have to stop them now. >> one other point. two former members of the house -- >> both class of 1980. another issue about jobs, not only to private activity bonds -- getting rid of them hurt jobs, hundreds of thousands of construction jobs, but housing is hurt badly by this. that is why the realtors are against it, homebuilders are against it. i just saw a reuters story that the indexome index, of companies that have to do with homes, furnishings and everything else, their economy went way down after this bill came out. they are talking about jobs but small businesses are happy -- are not happy with it.
the realtors and homeowners showing the housing industry is not for it. -municipaluasi finance, they are not for it. and the job gains that they think they are going to get, we had the head of the democratic leader of the kansas legislature come in and tell us the andrience when the governor the richest member of kansas past huge tax cuts and midi same promises our republican friends are making today. it was a disaster. they not only put kansas in a huge deficit but cut back on services. some schools had to go to 40's a week. and they lost their election. in a certain sense this is win-win for us. god for bid they pass this awful bill. they will pay a huge price. the public will know about it a year from now.
they can rush it through now we are going to fight it tooth and nail. just like health care. we thought if they passed health care they would pay a price because it would hurt so many people. but we know how bad this is for the country and that is why we are going to fight it. state and local tax deductions are concerned, how much responsibility to state legislatures really have? these are highly taxed states. >> they made a choice. you go to long island, they have great education. they are willing to pay more taxes for education. that should be their choice and they should not have to pay double tax because that is their choice. our republican friends generally believe in state's writes but apparently not stay in local to duck the ability. right, but's apparently not state and local
deductability. >> [inaudible] what is your reaction to that? >> i'm going to wait before reacting. i have only heard news reports. >> senator harris and a few others -- we are all of a view that we are going to do everything we to passstop the bill -- the bill. i think it is going to do better than people think no matter what donald trump says on a given day. >> i have a quick question about taxes. i wanted to ask you about the reaction to the donna brazile article today. >> i haven't seen it. someone asked the already. >> do you believe there is corruption in the dnc? >> i am going to read the article.
last one. >> is it going to be tougher to get any kind of concessions from the republicans on salt in the senate and house? because there is no one from the -- while manysalt, senators dislike it, it will -- there will be more house members reluctant to vote for the bill because of salt than senate members. is it interesting dynamic. in the senate you have a lot of deficit hawks. they have now seem to have given that up. although pete peterson today said it would be horrible for the deficit. it is a different dynamic. it said in them and that makes it harder to pass the bill. what you have to do to win over the house is harder to win over the senate. thank you. everybody.