tv U.S. House of Representatives U.S. House of Representatives CSPAN September 27, 2018 1:59pm-4:00pm EDT
mr. buchanan: mr. speaker, pursuant to house resolution 1084 -- the speaker pro tempore: the gentleman will suspend. the house will be in order. members, take your conversations off the floor. the gentleman may proceed. mr. buchanan: mr. speaker, pursuant to house resolution 084, i call up the bill h.r. 6756, the american innovation act of 2018, and ask for immediate consideration. the speaker pro tempore: the clerk will report the title of the bill. the clerk: union calendar number 745, h.r. 6756, a bill to amend the internal revenue code of 1986 to promote business innovation and for other purposes. the speaker pro tempore: pursuant to house resolution 1084, the amend recommended by the committee on ways and means printed in the bill, modified by the amendment, printed in rt a of house report 115-985
is adopted, and the bill, as amended, is considered as read. the bill shall be debatable for one hour equally divided and controlled by the chair and ranking minority member of the committee on ways and means. the gentleman from florida, mr. buchanan, and the gentlewoman from california, ms. chu, each will control 30 minutes. the chair recognizes the gentleman from florida. mr. buchanan: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and tend their remarks and include extraneous materials on h.r. 6756, currently under consideration. the speaker pro tempore: without objection. mr. buchanan: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized for as much time as he wishes to use. mr. buchanan: thank you for bringing this bill to the floor for consideration.
i rise in support of h.r. 6756, the american innovation act, which supports and encourages entrepreneurs to start new businesses. the united states recently dropped out of the bloomberg list of the top 10 most innovative countries in the world. new business formations in the united states has taken a dramatic downturn since the 2008 recession. between 1977 and 2007, those 30 years, the economy added nearly 120,000 net new businesses each year since 2008. however, the economy has added 2,000 net new businesses since. we should all be committed to making the united states the innovative leader of the world. the american innovation act is a down payment toward reaching that goal. the american innovation act encourages entrepreneurs in two ways. first, h.r. 6756 allows new businesses to immediately deduct more of their startup and organizational expenses.
it simplifies the code. allows businesses to deduct up to $20,000 of their startup and organizational expenses, which their new businesses begin. this doubles the amount of the expenses that a business may write-off in its first year. second, the american innovation act helps new businesses innovate by preserving valuable tax benefits like the r&d credit that are generated from activities conducted in the business' early years as any entrepreneur knows -- the speaker pro tempore: the gentleman will suspend. members, take your conversations off the floor. the gentleman deserves to be heard. the gentleman may proceed. mr. buchanan: starting a new business requires hard work and a lot of capital. during its first early years, many businesses operate a loss and those losses are used in later years when business matures and becomes more
profitable. entrepreneurs and business owners may seek capital from other investors. today, the infusion of new investment may trigger limits on the use of a corporation's valuable losses and credits from the business' earlier years. under the american innovation act, our country's businesses may fund their growth and innovation with equity investments from new shareholders without limiting the use of these valuable losses and credit. the american innovation act supports our entrepreneurs and innovators and facilitates the creation of new businesses. i urge support for this mportant bill. mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman from florida reserves his time. the chair recognizes the gentlelady from california, ms. chu. ms. chu: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized for as much time as she wishes to use.
ms. chu: mr. speaker, i rise in opposition to the american innovation act, but before i talk about the underlying bill, i want to make clear that this bill is part of the republicans' larger tax scam 2.0. instead of increasing opportunity or addressing the income inequality for americans, the republicans are doubling down on their failed policies that benefit the wealthiest americans and are ultimately paid for by the middle class. as a result of the republicans' tax law, 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 the mistake the republicans are doubling down. their second round of tax cuts
for the wealthy will further compromise the future of medicare and social security. depriving seniors the benefits they have earned. not to mention, republicans are cutting taxes for the rich for the second time in less than a year. by simply making permanent the cut to the top individual tax rate, republicans are providing a huge tax cut for just a fraction of the top 5% of taxpayers. at the same time, the republicans have doubled down on their attack on the middle class by making permanent the limits to the state and local tax deduction. in fact, in my you home district in california, 37% of tax filers claim the salt deduction in 2016, and the average salt deduction was $18,517, according to i.r.s. data. this is nearly double the cap that republicans have put in
place, and that means that middle-class families in my district are footing the bill for the wealthy permanent tax cuts. in addition, republicans are also permanently limiting the mortgage interest deduction and casualty loss deduction. furthermore, the so-called party of fiscal conservativism will be passing over $3 trillion in tax breaks in less than a year. because of the republican tax law and president trump's irresponsible policies, the u.s. treasury is now borrowing money at a rate of $5.4 billion per day. 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 tax bill 2.-- 1.0.
in fact, democrats have identified over 100 problems with the republicans' tax law. republicans are doubling down on their flawed policies with this exercise with bills guaranteed to be dead on arrival in the senate. tax scam 2.0 is another reckless tax cut for the wealthy. it leaves behind average, hardworking families. now, i'd like to discuss h.r. 6756, the american innovation act. this bill has never received consideration in the committee hearing. last year the republicans' rushed process had the result of a disastrous tax law that's riddled with problems. yet, rather than learn from their mistake, the republicans are moving forward with legislation without the proper oversight. mr. speaker, i strongly believe in american innovation and
entrepreneurship. as the only member of both the house small business committee and the ways and means committee, i know just how critical small businesses are to the growth of our economy. they create two out of every three new jobs and allow people to be their own bosses. i know that my democratic colleagues and i would have enthusiastically and actively participated in the construction of bipartisan legislation to help small businesses deduct more of their startup costs. this is something i care deeply about because access to capital is one of the biggest challenges facing our entrepreneurs today. however, democrats were shut out of the process once again as the bill was rushed to the floor. with only a few days left for the congress to be in session, the republicans have yet to address rising health care costs and how to pay for innovation and value in our health care system.
they've done nothing to stop the haphazard and reckless trade policy coming out of the white house, and this week the republicans are driving the so-called tax reform 2.0 bills down a road to nowhere. if they were serious about helping small businesses and innovative startups, they surely would have not treated these provisions like an after-thought to their 2017 tax bill. therefore, i oppose h.r. 6756 and encourage my colleagues to do the same. we should work together to ensure that small businesses and innovative startups have the tools to not just survive but actually thrive in the economy. we can do better in a fiscally responsible manner that does not recklessly add to the deficit. i reserve the balance of my time. . the speaker pro tempore: the yeal from california reserves her time.
the chair recognizes the gentleman from florida. mr. buchanan: mr. speaker, i now yield two minutes to the distinguished gentleman from texas, chairman of the ways and means committee, kevin brady. the speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. brady: thank you, mr. speaker. i rise in support of h.r. 6756, the american innovation act of 2018. and thank chairman buchanan and others for his leadership for america's start-up businesses and innovation. the truth is start up businesses are huge contributors to innovation and productivity, as well as job creation here in america. but the business environment since the great financial crisis has been tough for those looking to take a risk and start a business. new business formation here in america took a dramatic down turn during the recession with start-ups only accounting for 8% of all businesses in 2015. hat's cut in half from 1977.
the united states also dropped out of bloomberg's list of the top 10 most innovative countries in the world, and we know that the nation that wins innovation race wins the future. this is a problem and most importantly it's a call to action. the america innovation act led by chairman buchanan will help our entrepreneurs move a business from their kitchen table to the first office. by allowing them to write off more start-up costs in their early years, years where every dollar matters. this bill will also allow start-ups to expand, to go to the next level here in america by bringing in new investors without triggering tax limits on their access to tax benefits like the r&d tax credit for activities conducted in their early years. with the renewed focus on innovation entrepreneurship, the american innovation act will help america's risk takers create jobs, invest in their
communities, and continuing strengthening america's economy. mr. speaker, this is a very simple bill, it can be read in a couple minutes. focuses on america's entrepreneurs and start-up costs. so a yes vote is in support of start-up businesses here in america. a yes vote is for innovation expansion here in the united states, not somewhere else. yes vote is for economic growth. i yield back. the speaker pro tempore: the gentleman from texas yields back. the gentleman from florida reserves. the chair recognizes the gentlelady from california. ms. chu: mr. speaker, i yield two minutes to the gentleman from vermont, congress member welch. the speaker pro tempore: the gentleman from vermont is recognized for two minutes. mr. welch: i thank the entlelady, my colleague from texas. mr. speaker, it's with some sadness that i have to say i believe this is an absolutely terrible tax bill.
the economy is growing, and it's been a claim made by the proponents of this tax policy. but it's growing for the few. it's not growing for the many. we have the lowest unemployment rate we have had in years. we have had the highest profits in corporations that we have had since before the great depression. yet right now in this country childhood poverty is increasing relentlessly, relentlessly. how does that happen when we have such a great so-called economy? it happens because we have created the hydraulic system that is transferring money from low-income and middle class to the very wealthy. that's what this congress has done. and there are consequences to the children who are now in poverty and will be in poverty.
but also to those everyday families who aren't on the right side of the digital divide and whose wages for the past 20 years have been stagnant or declining. even as the things they need, college education for their kids, prescription medication for their families, those prices are exploding. by the way, phrma gets a huge giveaway. they have the highest profits they have ever had, and we're passing a tax bill that gives them more. we're shoveling money to them where they are sticking price increases to it all of us. this doesn't happen by accident. this has nothing to do with the so-called entrepreneurial economy. this has to do with a congress that has no conscience. that doesn't stand up for everyday people and say we want policies that will let you have a chance. mr. speaker, defeat this bill. i yield back.
ms. chu: i reserve the balance of my time. the speaker pro tempore: the gentlelady reserves her time. the chair recognizes the gentleman from florida. i'm chanan: let me say not sure how the economy works in vermont, can i tell you in terms of the tax package -- i can tell you in terms of the tax package, and original one, florida is on fire in terms of growth. there is more energy and excitement about the tax thing. 90% of people are getting a trach. families of four in my area are $2,400. we have seen little or no growth for the last 10 years. now we're at 2% or 3%. we have real growth and it's tough to get the amount of workers we need in our -- in florida in general. that's pushing paychecks. i don't know what's going on in vermont or different parts of the country, but i can tell you florida it's making a huge difference in terms of the confidence with a lot of start-ups and entrepreneurs. mr. speaker, i'd like to yield two minutes to the gentleman from michigan, mr. mitchell.
the speaker pro tempore: the gentleman from michigan is recognized for two minutes. mr. mitchell: thank you, mr. speaker. i appreciate the two minutes. i'm changing my comments because i was offended by the last speaker. see, i grew up in a family that many mom worked at the salvation army. and in my district alone, people get to keep $2,700 of the money they earned in their pocket rather than sent to the federal government so our colleagues on the other side of the aisle could find a way to spend it. the tax cuts and jobs act was the first major reforms and major tax cuts in 31 years. i was young the last time congress was able to actually do something about taxing people. taxing money that they earned. so we could figure out how to smend it here and some days i'm convinced not well. since that tax cut, jobs have grown, as has noted unemployment is down record levels. across all demographics. so the class warfare kind of of -- kind of amazes me.
this week we're building on a cheefments by advancing three critical pieces of legislation. first, the bill now of the american innovation act will allow start-up businesses to write off, doubles the amount they can write up, to encourage new businesses. the type of people we want to o grow businesses and create jobs. and bring in new investors and doesn't trigger limits on their tax benefits. today we'll consider the family savings act to give broader options for retirement savings for people that go to work and want to know what happens when they get older. tomorrow we'll be protecting family and small business tax cuts which makes permanent the individual tax and small business tax cuts of the tax cuts and jobs act. benefits, tax benefits that were denied in the senate because it was determined needed 60 votes. i'll tell you where the 60 votes did not come in. it did not come in from our colleagues on the other side of the aisle. so we're criticized they are not permanent at this time. it's because our colleagues on the other side of the aisle decided they would use it as a
political talking point rather than make permanent the benefits that would have helped my family, my parents when they worked. i'm co-sponsor of all three bills and i ask my colleagues to support them. thank you. i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from florida reserves. the gentlelady from california. ms. chu: mr. speaker, i yield three minutes to the gentleman from wisconsin, congressman kind. the speaker pro tempore: the gentleman from wisconsin is recognized for three minutes. mr. kind: thank you, mr. speaker. i thank the gentlelady from california for yielding me this time. mr. speaker, i rise reluctantly in opposition to this legislation. i say reluctantly because there are good, decents provision that is are contained in this legislation. the first year expense spencing for new businesses, net operating loss and tax credit carryover to new ownership and small businesses. there is a lot of bipartisan support for doing more to support entrepreneurs and the start-up of businesses in the early stage capital that this bill is meant to address. unfortunately, the process is all wrong. instead of holding hearings, getting feedback, soliciting
bipartisan support, i'm confident that if time was taken in order to build support for this bill, there would be wide bipartisan support, this legislation is being driven for one reason and one reason only. the political calendar. that's maced opportunity. we ought to get back to doing our business on the ways and means committee and start holding hearings, start getting feedback, and doing it in a fiscally responsible manner. this bill, because of no effort to find an offset, will increase our debt by over $5 billion. again, for some press releases leading up to the midterm election, who cares what the impact is going to be for our children and grandchildren or future financial obligation that is our nation shares. apparently that fiscal responsibility's out the window right now based on the tax cut that passed last year anti-next two bills coming up out of the ways and means committee this week. -- and the next two bills coming out of the ways and means committee this week. our good friend from california mr. thompson offered a very
important, thoughtful amendment that would allow tax credit deductibility for small businesses impacted by natural disasters. in my district in western wisconsin just got slammed with major flooding this past month. unfortunately, there's not a lot of help at the federal and state level, whether it's fema or state agencies when it comes to helping small businesses get back on their feet. there just isn't. low interest s.b.a. loans that could go out, no interest loans that the state could offer, other than that there is nothing. representative thompson offered an amendment that said, let's have the federal tax code work with these small businesses rather than against them. instead of that being thoughtfully considered, it was rejected out of hand because of the rush to get this bill on the floor. again, another missed tinet. of how we should be conducting business around here and recognizing the needs of small businesses throughout the country. let's slow down. let's reject what's before us today.
we still have time. the cincinnati's -- senate's not planning on taking up these bills. talk to one another and find common ground and do it in a fiscally responsible manner so we're not saddling future generation was huge debt, especially given the aging population that we have in our country. what we have before us today is the result of a bad process. we can do better. i encourage my colleagues to reject it. do it the right way. i yield back. the speaker pro tempore: the gentlelady from california reserves her time. the chair recognizes the gentleman from florida. mr. buchanan: i want to mention to the gentleman from wisconsin there were no amendments offered on this bill. if you want to check that. i have a list of also groups that are supportive of the bill and at this time in terms of associated builders and contractors, the chamber of commerce, biotechnology, innovation organization, and angel capital association. at this time i ask unanimous consent that this document be
submitted for the record. the speaker pro tempore: without objection. mr. buchanan: i yield two minutes to the gentleman from illinois, mr. lahood. the speaker pro tempore: gentleman from illinois is recognized for two minutes. mr. lahood: thank you, mr. speaker. i want to thank chairman buchanan for your hard work on this legislation. today i rise in support of h.r. 6756, the american innovation act. over the last nine months, since we passed once in a lifetime tax reform, small businesses have been empowered by those positive changes. to expand operations, hire new workers, reward employees with bonuses or increased pay, and keep jobs here at home. in central and west central illinois in my district, we have seen firsthand how the tax cuts and jobs act have alleviated businesses of the burdensome tax code we were under before. giving companies all across different sectors and sizes the ability to innovate and grow into globally competitive businesses. companies such as rivian automotive who is creating state-of-the-art full electric
powered pickups and s.u.v.'s. they announced in may they'll be manufacturing their trucks in bloomington bringing jobs and economic opportunity to our community. autonomous stuff has evolved into a worldwide leader in the development of innovative it software and engineering technologies that neighbor robotics and autonomy. precision planning in tree month, illinois, is testing agriculture practices so farmers across the heartland can find innovative ways to increase production and sustain equipment, making central illinois the silicon valley of the midwest. with the largest medical community in downstate illinois, the innovative breakthroughs at our local health care system such as the jump trading innovation certainties or the memorial certainty for learning and innovation serve as katja lists for reforming how health care is delivered by making health care safer, more accessible, and affordable. the american innovation act
which we're presenting today after a lot of thoughtful work by the committee builds upon the economic success small business vs. seen over the last nine months. we have seen entrepreneurs, innovative spirit so they can continue to grow, prosper, and succeed. since the recession, creation of new business has taken a significant down turn. and it is time we reform our tax code so entrepreneurs have the ability to achieve their goal -- the speaker pro tempore: the gentleman's time has expired. mr. lahood: i commend the chairmen for their hard work. the speaker pro tempore: the gentleman's time has expired. the gentleman from florida reserves. the gentlelady from california. mr. speaker, i have no further speakers. i'm prepared to close. the speaker pro tempore: the gentlelady from california is prepared to close. the gentleman from florida is recognized. buchanan bike i have no other speakers -- mr. buchanan: i have no other speakers. i'll reserve. the speaker pro tempore: the gentleman reserves so the gentlelady from california will close. ms. chu: first, i'd like to clarify something. i appreciate the comment from
chairman buchanan regarding mr. thompson's amendment, but that does not change the fact that during tax 2.0 and its markup every republican present voted against permanent natural 60. ster relief on h.r. 67 mr. speaker, democrats are strong believers in the power of american innovation and entrepreneurship. democrats support small businesses who are the backbone of our economy and create two out of every three new jobs. my democratic colleagues and i would have loved to have participate in the drafting of bipartisan legislation to help small businesses and innovative startups succeed, but that is not the process that the majority adopted. this bill, just like tax scam 1.0, has never received the scrutiny it deserves in a public committee hearing. a rushed and lopsided process
resulted in the disastrous tax law. yet, rather than learn from their mistakes, republicans are once again rushing through legislation without the appropriate oversight. this process should tell you how serious the majority is about helping small businesses, which is not very. if the republicans were serious about helping small businesses last year, they surely would not have enacted their so-called small business tax benefit to disguise a massive tax cut for millionaires. and if republicans were serious about helping small businesses and innovative startups today, they surely would not have treated these provisions like an after-thought, guaranteed to be dead on arrival in the senate. mr. speaker, i believe we should work together to ensure that small businesses, ranging from mom and pop shops to cutting edge startups, have the tools they need to thrive in
this economy. but we should do it the right way, with hearings and input from stakeholders and in a fiscally responsible manner, not by saddling future americans with more debt. i urge my colleagues to oppose this legislation, and i yield back the balance of my time. the speaker pro tempore: the gentlelady from california, ms. chu, yields back alf her time. the gentleman from florida is recognized for the remainder of his time. mr. buchanan: mr. speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. buchanan: for someone that's been in business for 30 years, i can just tell you that in the last couple years our economy in florida and i think all over america has exploded. people are excited, they're enthusiastic. in fact, i did a roundtable of all women in my district. why did i do that? because 57% of startups in the next 10 years are going to be women led. so why would we not want to support giving them additional
deductions? instead of writing off $5,000 they can write off $20,000. it used to be 100,000 startups-plus a year. i chaired the local chamber in sarasota, florida. i can tell you of the 2,400 businesses, most of them were 15 employees or less, 90%. i also chaired the florida chamber, 126,000 businesses in that federation and most of them were 15 employees or less. many times one, two, three employees. but a lot of them, it's tough when you open a business. usually you have losses for a couple years. so this bill helps to address that, especially as they try to attract capital. they can use some of the losses to attract capital. this is all about pro-business and growth. we had little or no growth for the last 10 years. now we're starting to take off and be much more competitive in the world. that's what this bill is about. let me just close with this
thought. for too many years the united states has been lagging in the creation of new businesses, startup businesses are vital to the american economy because they are significant contributors to inovation, productivity and job creation. together, we should all support the legislation. this makes it easier, less costly for hardworking americans to realize their american dream of starting businesses. the american innovation act does just that. it supports innovators, entrepreneurs, workers and the economy with commonsense policy solutions. with that i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. all time for debate has expired. pursuant to house resolution 1084, the previous question is ordered on the bill, as amended. the question is on engrossment and third reading of the bill. those in favor say aye. those opposed, no. the ayes have it. third reading. the clerk: a bill to amed the internal revenue code -- to amend the internal revenue code to amend the ll
internal revenue code of 1986 to promote new business innovation, and for other purposes. the speaker pro tempore: the question is on passage of the bill. those in favor say aye. those opposed, no. the ayes have it. the gentleman from florida. mr. buchanan: mr. speaker, i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those fairing a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered. pursuant to clause 8 of rule 20, further proceedings on this uestion will be postponed. for what purpose does the gentleman from pennsylvania, mr. kelly, seek recognition? mr. kelly: mr. speaker,
pursuant to house resolution 1084, i call up the bill h.r. 6757, also known as the family savings act of 2018, and ask for its immediate consideration. the speaker pro tempore: the clerk will report the title of the bill. the clerk: union calendar number 747, h.r. 6757, a bill to amend the internal revenue code of 1986 to encourage retirement and family savings, and for other purposes. the speaker pro tempore: pursuant to house resolution 1084, the amendment in the nature of a substitute recommended by the committee on ways and means printed in the bill, modified by the amendment printed in part b of house report 115-975, is adopted and the bill, as amended, is considered as read. the bill is debatable for one hour equally divided and controlled by the chair and ranking minority member of the committee on ways and means. the gentleman from pennsylvania, mr. kelly, and the gentleman from texas, mr. doggett, each will control 30
minutes. the chair recognizes the gentleman from pennsylvania. mr. kelly: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and and their remarks include extraneous material on h.r. 6757, currently under consideration. the speaker pro tempore: without objection. mr. kelly: mr. speaker, i want to yield myself such time as i may consume, and thank you for bringing this to the floor. the speaker pro tempore: the gentleman is recognized. mr. kelly: say -- the speaker pro tempore: the gentleman is recognized is recognized for as much time as he wishes to use. mr. kelly: thank you for bringing this bill to the floor. i rise in support of h.r. 6757, the family savings act, which will make it easier for american families and individuals to save for their future, whether it's retirement, education, or health care. helping them to make sure that they're keeping more of their hard-earned income. more of their own money, and planning for their future. this bill will also help local businesses provide retirement plans to their workers and help
workers participate more in all those plans. now, according to the department of labor and the federal reserve, about 69 million american workers have formal retirement plans, which together has almost $14 trillion in savings for them. this bill will incentivize hardworking american taxpayers to continue to put away more of their own money for their future. one of the things i remember so clearly from growing up is my parents talking to us all, you know the one thing we never want to be for you kids is a burden. we never want to be a hardship for you as we go into our senior years. and i thought to myself at that time, how could anybody look across the table at people who had worked so hard, had come through the great depression, had come through world war ii, had gone through the korean war, had gone through all kinds of difficulties and always provided for us and think how in the world could they ever think they would ever be a burden to me or to my brothers and sisters?
it was unimaginable for me, but that's what they thought. that's what they worried about. they never wanted to be a burden to anybody. just think about that for a minute. that generation, often described as the greatest generation, was telling us the next generation that they never wanted to be a burden. what they were talking -- what we're talking about today is releaving the burden on the next generation by making it easier for people to go into their retirement feeling that they have enough income to actually enjoy their golden years. .r. 6757 would allow for every american worker at all income levels to save money in universal savings accounts in which those earnings will be tax-free and can be taken out at any time without a penalty. how unique, to be able to take your money out without being penalized by the federal government. it would also allow americans to use their 529 plans to pay for costs associated with
homeschooling, apprenticeships, just like they can for primary and secondary schools, thanks to the tax cuts and jobs act. and if one sibling has more money in the 529 than he or she needs, another sibling can use some of that money to help pay down their student loans. this bill will allow younger taxpayers to take out some of their own money in their retirement account without penalty when they have a new baby or have an opportunity to adopt a child. this way younger americans will feel secure and starting to save for their retirement knowing the money could still be there for them at one of the most expensive times in their lives. h.r. 6757 would also make it easier for small employers to pool together and offer retirement plans to their team, to the folks they work with, their associates. this would help bridge that divide between what benefits large employers might be able to offer to their employees but smaller employers only want to wish to do it but can't.
the bill also allows for older americans to continue saving in their i.r.a.'s if they choose to continue working in their later years and allows them to keep their own money in their i.r.a.'s if those accounts are relatively modest. for those workers who want their savings accounts to be in conservative investments, such as annuities, this bill reduces the cost of doing it. finally, this bill will also help our brave men and women in the reserves put away more of their retirement by allowing them to contribute the maximum amount to their military retirement accounts while also contributing to a retirement account from the private sector. but let me tell you why we're really here today. we're really here today because of the overwhelming success of the tax cuts and jobs act. it has worked. it is incredible the growth in our economy. the number one priority from the beginning of everything we did was about a pro-growth legislation that actually made it easier on hardworking american families. and you know what, despite what you may hear and the rattle
from the other side, it worked. it is working every day. when seek it in every measurable event what's happening in america. now, thanks to tax reform, middle income families in western pennsylvania and across america are seeing bigger paychecks, more take-home money. how odd we allow them to keep more of their own money. that's who we are as americans. democrats have decided to thwart this success. republicans are choosing to secure the tax by making the tax cuts for middle-income families permanent. i hear, yeah, you are not taking care of them. the -- using identity politics every day is deplorable. tax reforms 2.0 is all about that. the truth of tax cuts and jobs act is its success. the saddest part of it all is not one of our democrat colleagues voted for it. and for that, they will continue to distort the future and use identity politics.
mr. speaker, i'm going to reserve my time right now, and i think we have other people that want to talk on this, but i'll reserve right now. the speaker pro tempore: the gentleman from pennsylvania reserves his time. the gentleman from texas, mr. doggett. mr. doggett: mr. speaker, i'd yield myself five minutes. the speaker pro tempore: the gentleman is recognized and is recognized for five minutes. mr. oggett: thank you, speaker. america does in fact face a retirement crisis. nearly half of americans approaching retirement years have absolutely no retirement savings. there's not much gold in their golden years. and four out of 10 americans, in a recent survey, indicated that they're living paycheck to paycheck. they're barely making ends meet. they had little or nothing available in reserve. when they were asked if they could meet a sudden unexpected $400 medical emergency, four
out of 10 americans said they could not even do that. those are the individuals that certainly do not have the resources to save enough to set up a standard of living and retirement comparable to what they had before retiring. so as usual, i our republican colleagues are masters at naming bills. it's what they put in the bills that's a problem. this is a good example. this is the family savings act, but who's family gets the savings? well, if you're out there listening, probably not your family. for families that have little or nothing in savings, this bill does nothing. much like the bloated republican tax scam and its sorry sequel that aarp condemned this very day, this republican bill is all about helping those at the top and doing little or nothing for those who are struggling to
have a golden year in retirement. . there are some modest measures they got tucked in this bill that i support, that aarp supports. and i agree with aarp that we should encourage more small employers to offer retirement plans. i am all for the little good parts in the bill. it's just the giant omissions that i'm opposed to. the first of those omissions is the almost half of americans that they forgot about, that they left out of this bill. as usual, the second big problem is they haven't got the slightest care about how this bill's paid for. they are going to go out and borrow more money from the saudis and the chinese and anybody else we can beg for to pay for the debt to pay for this. they don't pay for a penny of it. that's consistent with their approach. the proud success of this past year adding trillions of dollars to the public debt
because they don't care about any more. all their budget deficit hawks, they flew south for the winter and stayed there. the people that are out there that can't save at the moment for retirement, they are the folks that rely on one of the most important programs, incentive programs this congress ever approved. and that social security and medicare. over republican objection. now everybody seems to be for those programs, but they are jeopardized when you add trillions of additional dollars to our debt. and that's what this bill contributes to. it adds almost $9 billion in debt, nearly half of its cost is for what they call universal savings accounts. they should be better known as universal tax shelters. and they will do little to increase retirement savings. rather, they will be universally exploited by people who already save to get a --
saving to get a little more tax benefit. over the next five years existing tax incentives, before this bill is ever approved, those that are already in the law, existing tax incentives for retirement savings will cost us over $1 trillion. and one study found that 2/3 of the benefits of this $1 trillion of tax expenditures goes to the top 20% of americans. i don't begrudge any of them. one of them is me. one of them is every member of this congress. i think we need to encourage members of congress and all americans to save more. but i expect that those of us that are using these tax advantaged accounts now don't need a great deal of additional incentive to use them to the maximum. what we do need is to help those americans who couldn't afford that $400 emergency, or who have nothing in retirement savings except their social security check.
it's not that they don't want to save, it's that if you can't pay $400 for a doctor bill you didn't expect, you are not going to have much when it comes time to retire. surely this congress can do more for these families. i must say i don't mean this congress, i mean the one that's coming in january that cares about the retirement crisis we have now. not the one that has shown indifference to it half of americans. what we get today is just another tax incentive for shifting retirement savings around. to take fully advantage of this bill you need -- i yield myself another two minutes. the speaker pro tempore: the gentleman is recognized for two minutes. mr. doggett: to take full advantage of this bill you need to have about $100,000 in income. if you even look at this bill as the joint committee on taxation has done, you will see that two out of three americans are not expected to use it at
all, because it doesn't help them. and what about the 1/3 who will use it? they are the people like me, like the other members of congress, who earn on average twice the median income in this country. so it does help those of us who have been successful, those at the very top who are the wealthiest. it it doesn't help the rest of america. for those with the resources, joint tax looked at the huge price tag on this bill and they said that what we're basically looking at, i quoted, it derives from taxpayers shifting savings that are allocated to other types of taxable accounts into these so-called universal savings accounts. just moving the money around. and we now have a study that really shows what a great job these guys have done with reference to this concept. it is a study that shows for every dollar of additional debt you get, little bit of similar
program that was studied, you get one penny of additional savings. that's the bargain they are offering us today. spend a dollar, borrow a dollar from the chinese, and you will generate one cent of additional savings. under this so-called universal tax shelter, the earning returns from their investment portfolio allow them to avoid some capital gains tax, cost the treasury, but the republican universal, the republican universe just doesn't include many ordinary americans. it is those who don't have retirement savings in tax advantaged accounts who rely on medicare and social security. we need to protect that basic framework for retirement and you don't protect it by borrowing ourselves into further debt. i yield back. the speaker pro tempore: the gentleman reserves. the gentleman from texas reserves his time. mr. kelly: i would like to lee
mind my friends on other side that a rising tide lifts all boats. there happens to be 6.9 million jobs for somebody to build them. when we talk about going into retirement, could we please stop trying to divide, divide, divide america. could we please start being united states of america instead of the divided states of america? every single american benefits from the tax cuts and jobs act. that's the fact. i'm sorry you don't sign on for t we'll give awe second chance today to show your true colors which need to be red, white, and blue not just blue. at this time i'd like to yield three minutes to a good friend of mine, a gentleman from ohio, mr. renacci. the speaker pro tempore: gentleman from ohio is recognized for three minutes. mr. renacci: thank you, mr. speaker. i rise in support of my good friend, representative mike kelly, h.r. 6757, the family savings acts. mr. kelly and i have been champions of helping more americans gain access through retirement savings since coming to congress in 2011 and i'm proud of the bill before us today. included in this legislation is the bipartisan retirement security for american workers act that i introduced along
with my friends, representative buchanan, neal, and kind for the past two congresses. unfortunately, there are still too many americans who do not have access to retirement savings. through their employer. nearly a third of the private sector work force lacks access to an employer-sponsored plan with even less americans having access if they work for a small business. not having access to an employer-sponsored plan significantly increases the chances that an individual fails to put aside money for retirement. for many americans, this means that they are vastly unprepared to retire comfortably. from the employer's perspective, not being able to offer a retirement plan makes it much more difficult to recruit and retain employees. i heard from cbic as financial service and business consulting company headquartered in cleveland, ohio, that too often small businesses want to provide retirement plans for their employees, but that the cost and administrative burden are significant roadblocks when
making this decision. that is why it's important that congress act to remove some of the red tape under current law that makes it difficult for business owners to provide retirement savings. the retirement security for american workers act that's included in this bill before us today will help do just that. this provision will allow two or more companies that may not be able -- may be in the same industry to join together to offer either defined contribution retirement plan or e.r.a., offend referred to as open multiple employer plans. under current law, department of labor interpretation, employers who do not have a nexus are not able to band together and provide a retirement plan. by eliminating this requirement, this bill will allow more companies to provide retirement plans by allowing business, especially small businesses, to take advantage of the costs and administrative efficiencies that often prevent businesses from offering a 401-k. additionally, the open m.e.p.'s language will provide leaf from
the one bad apple rule that punishes all employees in a pool retirement plan if one employer fails to meet requirements. this legislation will incentivize more businesses to join together and provide retirement plans to it their employees. these commonsense proposals along with the other provision that is are within the family savings act will unlock the opportunity for more americans to save for their future. i thank my friend, mr. kelly, for his leadership in bringing this legislation to the floor today. i encourage my colleagues to support this legislation. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from pennsylvania reserves. the gentleman from texas. mr. doggett: thank you. before yielding to mr. davis, let me yield to myself another 30 seconds. this is not about lifting all boats. it's about lifting all yachts. and the 40%, 50% of americans who only have a leaky rowboat going into retirement don't get dime out of this bill. as to the tax bill as a whole, republicans came out and bragged the president put it in writing, you'll get $4,000 in
additional income trickleling down to you every year from this corporate tax cut. now we know that only 4.4% of americans have gotten a dime of additional compensation as a result of this tax bill. if you have a' got anyone in ohio, in pennsylvania, or in texas who got their $4,000, i hope you'll call us because i'm looking for the first person. with that i yield my own time back and yield to mr. davis, distinguished member of our committee, five minutes. the speaker pro tempore: the gentleman from is recognized for five minutes. -- the gentleman is recognized for five minutes. mr. davis: i thank my colleague. only 39% of americans have enough savings to cover an emergency costing $1,000. the median savings of workers earning the median income of $54,000 in my congressional district, is only around $2,000. the median savings of women is
$2,000. the median savings of african-americans is $1,000. and of latinos, it's $1,500. yet this bill bestows tremendous tax benefits on the wealthy who can stockpile tens of thousands of dollars in multiple savings accounts, leaving the working class out in the cold. when hard work and one or two jobs isn't enough for most americans to escape poverty, because wages have stagnated for decades and because recovery from the great recession is concentrated in the small percentage of americans who invest in the stock market, when we know that low and moderate income families have a harder time saving for college because they have less extra cash available to put away in a savings account, the republican solution embraces the
privileged and fails the working families. what is absent from this bill is telling. the 529 plan does not cover childcare for apprentices. one of the number one costs they face with training. this bill throws crumbs to apprentices by allowing 529 plans to cover minor training expenses like books and supplies. given that employers pay for the course work of apprentice, the remaining education costs are relatively small. that is why apprentice advocates asked for, and why the original bill included coverage for childcare. yet childcare is not covered in this bill. what also is absent is the jenkins-kind provision to help middle class families save for college by allowing employers match up top $600 a year in
529 contributions, which could help families who can't afford to put much aside for kohl ledge or increase their savings. i cannot understand how -- college or increase their savings. i cannot understand how when our citizens are struggling under crushing debt student loan, the republican solution is to allow the elite with impressive 529 plans to pay off their student debt while leaving the working class out in the cold. absent is a true investment in helping working and middle class families pay for college. rather than helping working families, this republican bill additionally ideologically attacks the we productive freedom of women by unnecessarily defining unborn children as beneficiaries of 529's. i agree that we should help families cover the cost of
needed health services, to help students learn such as speech and language services, occupational therapy, or physical therapy. yet rather than requiring that insurance companies cover these health services that help students learn, the republican solution is to allow the privilege with thousands of dollars in savings for least cost while working in middle class a families must for-go the services. when 67% of americans say that they are outlive their retirement savings, the republican solution is helping families pay for expenses associated with the new child or adoption is to undermine these families' retirement security. the republican tax approach gives corporations and millionaires tens of thousands of dollars directly, but working americans must take
money from their retirement. . the wages have stagnated. this bill fails that charge. and i yield back the balance of my tile. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from pennsylvania is recognized. mr. kelly: i yield three minutes to the gentleman from ohio, mr. wenstrup. the speaker pro tempore: the gentleman from ohio is recognize ded for three minutes. mr. wenstrup: i stand here in support of mr. kelly's bill. my colleague on the other side of the aisle gave us sad statistics that so many fellow americans when it comes to savings in their lives. i'm surprised they would want to keep the things the same. tax reform has brought opportunity and hope and a positive energy to america. our national economy is booming, wages are on the rise.
americans are taking home bigger paychecks and businesses are investing more in their employee. how can we help families invest in their future, invest for their retirement? the opportunity is now. wages are up. now is the time. today, 40% of americans say they cannot cover an uncovered expense of $400. many americans are not prepared for upcoming retirements, a social security check that may be spaler than expected. others may be unprepared for a medical emergency. sadly, 32 years ago when i started my business, $32,000 in debt, i was advised to pay off my student loans and pay off my debt. as i looked down the road, don't count on social security to even be there. we need to use the economic success that we are seeing today to alleviate the widespread
savings crisis in american communities and american families. the family savings act of 2017 is part of tax reform 2.0 is one opportunity to do just that. millions of americans would gain access to new savings vehicles, universal savings accounts offer withdrawals at any time in any amount for any purpose. joint 401-k's to pay for apprenticeship, home schooling or student loan debt. this is the opportunity to break down the barriers that limit businesses ability to offer retirement plans and individual's ability to save is enhanced by eliminating the maximum age limit for i.r.a. contributions and exempting individuals from making mandatory distributions. this legislation encourages workers to save and enables them to do so. these reforms offer flexibility
to save when able and spend when needed and offer options from employers, to provide retirement plans for their employees. let's help our fellow americans be on the path to financial security especially during our later years. thank you. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from pennsylvania reserves. the gentleman from texas is recognized. mr. doggett: i'm pleased to introduce the congressman from wisconsin, mr. kind who has been a leader on retirement issues and one of the sponsors of the original form of this bill, which has changed a good bit and other retirement legislation three minutes. the speaker pro tempore: the gentleman from wisconsin is recognized for three minutes. mr. kind: i'm an original sponsor of the original bill which became the basis of this bill. unfortunately today this bill is not that bill. a lot has changed and a lot was taken out and a lot was removed from it because the process is broken. we didn't have hearings, we
didn't have consultation or the back and forth that's needed to build bipartisan support information an important measure such as this. we have retirement savings in this country and can be doing more to make it easier for individuals and small businesses to offer retirement savings plans for their employee. i'm proud to work with my friend from pennsylvania, mr. kelly, on legislation to try to correct it. part of the original bill is based on legislation that i have offered for years with my friend and colleague from washington state, mr. reichert, another member of the committee. in fact, the original bill when it was up before the recent senate finance committee passed. unfortunately this bill does not reflect what was done there. an important provision that would have provided premium pension relief from rural electric co-ops or boys and girls club of america or jewish federation of north america and
christian schools of north america was mysteriously stripped from this legislation with very little explanation. that is a problem we could fix right now, as one example. another problem we have is that the pay-for that was recognized and identified in a bipartisan manner, so-called stretch i.r.a.'s that we could be paying for was also stripped. the fiscal responsibility is out the door with the majority party. they don't believe in paying things. when we come up with a pay-for and they still can't accept it, it tells me not only do they care about fiscal responsibility but hostile to fiscal responsibility. this is one of three bills that the committee is bringing to the floor no opportunity for amendments or other amendments to contribute. they are here before us in what's called the closed rule and no amendment opportunity and
none of the bills will be paid for, which according to the joint committee on taxation will when these three bills are implemented cost our nation over $3 trillion in new debt. and this comes on the heels of the tax cut 1.0 that passed late last year which again wasn't paid for, which will add $2.3 trillion to our national debt. i don't know about you, you give me the opportunity to write $5 trillion worth of hot checks and i'll give you the illusion of wealth in this country. but there is a day of reckoninging that will come from all of this. this is happening at the wrong time. we have growth and got virtually employment and you can't throw enough fiscal stimulus at this economy. you are taking our fiscal tools away from us. additional two minutes. the speaker pro tempore: the gentleman is recognized. mr. kind: when there is another recession and there will be, unless somehow we repeal the
economic cycle in this country, the federal reserve will be the only institution that can take corrective action probably with extraordinary measures, which we all hated in 2008 and 2009. if this bill and the three bills this week that are before here are here before us for three reasons, because of the election calendar and the mid terms coming up in early november. and vulnerable members' names being attached to these bills so they can do their ads and press releases back home knowing it's not going to go anywhere in the senate. and timely, we are here this week because tax cut 1.0 went over like a wet blanket because they knew what it was about. 83% of that tax cut is going to wealthy corporations and the wealthiest 1%. what do the corporations do? they are doing exactly what they said they would do.
share buy-backs, executive compensation salaries. they are all buyinging private jets because of the additional money they have from their conservatives. very little has gone into salary increases and this is what corporate america said they would do. i say let's slow down here and think about the fiscal future of our country and the fiscal future of our children and grandchildren. we have 10,000 baby boomers retiring every day and these three bills fully implemented, all 70 million baby boomers will be invested drawing on social security and medicare and we have set those programs for failure with these reckless tax cuts that aren't paid for which will lead huge cuts to social security and medicare because guess what? we don't have money anymore to support those programs. we still have time to correct it
because the senate it's not going to take it up. vote no. let's do it the right way. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from pennsylvania. mr. kelly: i share my colleague's concerns. i started to become alarmed with it under the obama administration from being $10.6 trillion to nearly $20 trillion in debt. i just wonder where were you when this was going on and why no alarms sounding then. this is politics massacre aiding as fiscal decline. i would like to yield three minutes to my good friend from kansas. mr. estes: i rise in support of the family savings act. since the tax cuts and jobs act was signed into law, our country has seen historic economic growth and millions of families have more money in their pockets. in kansas, middle class family
of four will keep $2,144. thanks to the law, families from the heartland in kansas are better off now. we know there is more to do. with historical low unemployment and more americans going to work, now is the time to continue growing our economy and help families prep for the future. as my colleagues mentioned earlier, far too many americans have saved for their key life events such as retirement, emergencies or education. this bill makes savings a reality for these americans. as part of the tax cuts reform 2.0, this family savings act will help family save for all of these events by expanding access to new savings methods. to help business provide for retirement, the bill allows small businesses to create 401-k plans and gives employers to put new retirement plans in place
and simplifies the rules for participation in employer plans. it also includes reforms to help workers participate in retirement plans such as exempting small retirement accounts. eliminates the age limits on i.r.a. contributions and allows military reservists to maximize their retirement contributions. the bill allows provisions that helps families start saving earlier and save more throughout their lives including creating a universal savings account to offer a flexible savings tool that families can use it when it's right for them. expanding education accounts with families to use their education savings to pay for apprenticeships, home schooling and pay off student loans. i can attest to the value of helping parents saudi arabia for their children's education. and it creates new baby savings
allowing families to access their retirement accounts when welcoming a new child into the family whether by birth or adoption. all together, these measures will help families in kansas and around our country to prepare for retirement and save for squeags. i urge my colleagues to support this bill. and i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from pennsylvania reserves. the gentleman from texas. mr. doggett: mr. speaker, i would yield three minutes to the gentlelady from california, ms. chu, a voolude member of our committee. the speaker pro tempore: the gentlelady is recognized. ms. chu: i rise in strong opposition the family savings act. it is outrageous that after our markup, a provision was snuck into the bill behind closed doors through a manager's amendment that seeks to further an extreme anti-choice agenda and has no place in this bill.
chairman brady's manager's amendment offered behind closed doors have added language that would allow parents to open 529 college accounts for unborn children. the term unborn children is defined as a child in out row at any time carried in the womb. this provision is completely unnecessary, parents can open 529 plans in their own name and change the name of the beneficiary after the birth of their child. the implications of this insertion however is serious. ap the landmark supreme court decision in roe versus wade, the court declared that the word person as used in the 14th amendment does not include the unborn. let me say there is no ambiguity here. this is a thinly valed attempt to circumvent the supreme
court's decision by inserting the word unborn child in of all places the tax code so that it codifies in law a legal concept of the unborn child therefore establishing the fetus separately from the mother. this is the same language that anti-choice advocates tried to insert into the g.o.p. tax scam bill 1.0, but where the language was ultimately stripped out. . at that time a spokesperson stated that h.r. 1, the g.o.p. tax scam bill, that we hope that this is a first step in expanding the child tax credit to include unborn children as well. this language is there are r therefore obviously attempt -- is therefore obviously an attempt to late groundwork to undermine the woman's constitutional right to abortion plain and simple.
based on this language alone, women's groups like naral and planned parenthood are opposing this bill. this is nothing more than a political gimmick, conducted in secret, in order to score political points for republicans trying to play a kate their extreme base. i strongly urge my colleagues to re-- placate their extreme base. i strongly urge my colleagues to reject this bill. jackson lee back. the speaker pro tempore: the gentleman from pennsylvania is recognized. mr. kelly: i yield three minutes to the chairman, kevin brady, the gentleman from texas, the hero of the tax cuts and jobs act. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. brady: i rise in support of this act. thank you to chairman kelly for leading this important bill. that helps families saving earlier and save more throughout their life. something each party should be in support of. far too many have struggled to save for key life events for
retirement, educational, unexpected emergencies. i know back home almost 40% of americans say they wouldn't even be able to carry and cover a $400 emergency expense. the promoting family savings act will help more middle class americans and younger workers ave for key life events by spending access to new and existing savings vehicles. for example the bill includes expanded education savings accounts, 529 accounts as we use in our family, to give families the flexibility to use their education savings to pay for apprenticeship fees for those trade schools, to cover the cost of homeschooling, and to help pay off for the first time student debt with their own savings. it also includes a new usa accounts, universal savings accounts, which offer a fully flexible saving tools families can use any time for what's right for them. we think this is very important to millennials entering the
savings culture. this bill will also help families by allowing them to access their own retirement accounts on a plenty-free basis, to use in developing a new child in the family, whether by birth or adoption, allow them to replenish those retirement accounts in the future. it seems to me that we have heard two complaints today. one is that this small provision adds to the debt. but i'll tell you where were democrats when they and president obama doubled america's national debt? they had a $2 trillion, $2 trillion -- they added $2 trillion, $2 trillion in the debt in one year. that was adding debt when they were spending your money. now under tax reform when we allow families and small businesses to it keep more of what they earn, all of a sudden they are concerned about the national debt. they are really not worried about tax cuts for the wealthy. they are worried about tax cuts for middle class americans
because if you are earning -- your earnings and your dreams come first, democrats' dreams and washington's dreams come second. so this is a small investment to help families and small businesses and younger workers save. it does more than that. the gentlelady from california is confused. this bill is extremely family friendly. one of the ways we do it is the educational savings accounts which we use for our two boys is expanding. this amendment simply makes clear families can set up a 529 account and designate an unborn child as a beneficiary. so the moment you know we're pregnant, you can begin saving. mr. kelly: additional minute. mr. brady: you'd think it would be bipartisan thing to start saving early. we think starting to save early is a good thing. this amendment simplify it is for families. right now when you learn those
magic words, we're pregnant, nd you want to begin savings we force families to set up an account for someone else and later they transfer it to the child after birth. all this does, this eliminates that extra step, reduces the paperwork, and makes savings for family and that new addition, whether it's by birth or adoption in our case, it it makes it easier to do. and the savings bill by mr. kelly for the first time allows families who welcome that new child to access the retirement, if there is extra medical costs. if your child has special needs and new equipment. you want to simply stay home some time with your family, maybe the business you work for can't afford to pay you for the first time millions of americans r american families will have a tax code that works for their young family not against them. you would think that would be supported by both parties. i urge members of congress to
setaside this silly partisanship and join together to help families save more. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from pennsylvania reserves. mr. kelly: i would like to engage in the colloquy with the chairman. the speaker pro tempore: the gentleman from pennsylvania is recognized. mr. kelly: one topic that's been discussed in the context of this savings and retirement bill is the level of premiums paid to the pension benefit guarantee corporation, by royal could he ops, and charitable organizations. i know the ways and means committee, included a study intended to provide information relevant to the proper level of pbgc premiums, that study was removed by the manager's amendment. could the chairman provide insights how this will be resolved? mr. brady: if the gentleman would yield. the gentleman from pennsylvania, mr. kelly, you are correct. the study was removed. the question of pbgc premium levels is not directly within
the jurisdiction of the ways and means committee. here in the house, the committee of jurisdiction is the education and work force committee. i have had numerous discussions with the excellent chairwoman of the committee, dr. foxx of north carolina. she knows that our interest in determining the proper premium levels for these organizations. premiums, as you know, too low threaten the ability of the pbg to provide protections for the workers and beneficiaries. at the same time if premiums are set too high, they really impose imappropriate burden on pension plans and the workers who participate in them. this issue will come up again as we negotiate a final agreement with the senate on the overall retirement and savings package because many are also interested in finding the right level of premiums. i would say the gentleman i have full confidence in chairwoman foxx and her colleagues, the committee of jurisdiction, will be engaged in working on the overall retirement security agreement and will work to provide
appropriate input in determining the right outcome. mr. kelly: i thank the chairman as always for his insights and clarity. and i reserve the balance of my time. the speaker pro tempore: the gentleman from pennsylvania reserves. the gentleman from texas is recognized. mr. doggett: mr. speaker, i have no further speakers. i will close at this time it and initially yield myself five minutes. the speaker pro tempore: the gentleman is recognized. the republican tax bill has given us trillions of dollars of additional debt. and so tomorrow they propose to freeze in some additionalle provision that is will add hundreds of billions of additional debt to what they have already incurred. they would depart for the elections, carefully timed with tomorrow's debate, so that the last thing the voter hearings is that the republicans have passed another tax bill. of course almost none of its provision also affect any american for seven years. that's what they have to offer
us. freeze in some inefficient provision that is are not really targeted to ordinary american families that have a special provision in there specifically for donald trump and other real estate magnets, a provision they hid and tucked in in the conference committee and then put in the final law. one special interest provision after another. they want to freeze all that in and offer the american people the mirage of relief in seven years. this bill that they signed into law as their big tax deal will cost this generation and future generations a huge amount of money. just paying the interest on the debt that they have achieved. and having done nothing in this congress to advance retirement security, having done nothing in this congress to encourage more savings by more americans,
they come here on the eve of our departure for the elections with this big family savings account bill. it also proposes to it borrow more. it it has a great new universal savings account in it. the only problem is that 2/3 of americans won't take advantage of this universal savings account because it offers them no advantage whatsoever. they have, as usual, those americans have been excluded for the -- from the republican vision of what a universe of americans really is. an the cost of doing this is not only in terms of new debt but a very inefficient approach where you pay as indicated by the study of a similar program, you have $1 lost, $1 cost in this borrowing and you get one penny of additional real savings. now, i have been amused a
little bit to hear my colleagues come and agree with me about the challenge that american families face at not having $400 to meet an emergency medical expense. how in the world are any of those americans going to benefit in the slightest from this proposal? it advantages people who have $100,000 or more with the universal savings account. they are not in that category. if they can't afford a $400 medical expense, exactly how much savings do you expect them to have under this bill? a big zero is what we're talking about. it's a big zero in large measure because despite this great tax bill they approve, real wages in america have remained stagnant during the trump administration. he has not been able to raise real wages because he continue its to engage in supporting programs just like the one before us today that are aimed
at those at the top and think somehow the benefits will trickle down to everyone else. it is those people who will not benefit from today's legislation, who are excluded from the great universe that republicans see. it is those people who rely on security and medicare -- on social security and medicare, which republicans have discussed a variety of ways to trim them that we can't afford them in the current form. what precisely have republicans accomplished about medicare in this congress? well, they have a rather significant accomplishment, i have to note. as a result of their tax bill, they have reduced the solvency of the medicare trust fund by three years. three years taken right off the medicare trust fund's future as a result of their tax bill by a variety of independent sources that have evaluated the impact. meanwhile, they are using that
tax bill and the debt they have accumulated with reference to the amount of money that we have for pell grants and other student financial assistance, for medicaid and the role that it plays, and for other vital services saying we just can't afford them because we borrowed these trillions of dollars from abroad and we don't have the resources to meet our other needs. with every tax policy that they propose, republicans seem to insist on leaving working families behind. and they have the gall to turn around and tell those same working families, you have to pay for it it in interest and in cuts to medicare and medicaid and other services. now, there is another really important point about this to which -- which mr. kind addressed, because just like the bill we will take up tomorrow, just like the bill we're taking up right now, just like this huge republican tax sham, there is much in common. number one thing in common, not
one official in any of the departments, in the trump administration, had the guts to come over and face our committee and answer questions about it. they did not bring a single trump administration official to discuss ex-- discuss, explain, justify, see how any of this conforms with all of his campaign promise, none of that, on any of these bills. and they kept their bills in secret until the last minute after having no public hearings, inviting no businesses, no academic experts from around the country, they plop these bills out and rush them through just as quickly as possible so they'll be as little consideration as possible. then they talk about the desire for bipartisan comity after doing this kind of thing. there are many bipartisan ideas out there that could have been considered. mr. kind's proposal that is designed to help poor people, working people save for college retirement and give them some incentive for that, that's an
idea that could have been considered. mr. neal, the ranking member of our committee, has advanced some other important ideas concerning savings to expand the savers credit that would help many of these working families get the savings that they need to prepare for their golden years. mr. larsen, mr. larson has worked on cutting taxes on social security and seeing those who have been more successful pay the same rate on all their income that those who are not at the the of the economic ladder pay on theirs. he has a plan to ensure that social security will be solvent through the end of this century. those are the kind of createtive proposals that we've advanced, but we can't get a hearing on them, can't get an opportunity under today's bills to offer an amendment to add them. the only way we are going to have an opportunity to address
those creative proposals and do something for a universe that we define includes all americans and not just those perched up comfortably on the economic ladder, the only way we will do it with a new congress and people willing and caring to listen and try to come up with a truly american answer to resolve this retirement security problem. i believe that those americans who are working out there today trying to make ends meet, want benefit from this bill are worried about the tax breaks that have gone to those up at the top, how they will threatened, all they have worked and paid for and their future and callous indifference it shows to their children and grandchildren that will be saddled with this republic can debt for decades. a distinguished servant of our
state, ralph i can't remember breaux talked about putting the jam on the lower shelf so everybody can reach it. this bill puts the jam at the top for the one-third of america cangs at the top who will use some portion of this bill and will leave out 2/3 who can't reach that high. this bill is not what it needs to achieve retirement savings. republicans are ignoring the needs of working families and ignoring prescription price gouging. they are ignoring our health care needs. in fact their tax bill significantly weakens access to health care and jeopardizes americans with higher premiums as a result of a health care provision that snuck into their tax bill. they show no concern for a living wage for americans. this bill is just part of that same narrow mindness and to look at a sune versus that applies to
americans. they are leaving americans that struggle to meet ends meet. they are not able to access. let's reject this bill and look forward to a day, a very hopeful day for americans in which all americans can have their say and get a congress that will resist the injustices of the trump administration and will reach out to support a better future for our country. and with that, i yield back and urge the rejection of this bill. and i would close at this time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from pennsylvania is recognized. mr. kelly: i thank you, mr. speaker. i would like to submit to the record, a letter from the aarp in strong support of this bill. the speaker pro tempore: without objection, so ordered. . mr. kelly: interesting i have been here on the floor to hear two differing views of america. and i really appreciate about puting the jam on the lower
shelf. we have actually put it on the table with the lid off so every single american has benefited. people are entitled to their own opinion. what they are not entitled to are their own facts. the facts are under the tax cuts and jobs act, every single american has benefited. this isn't about democrats or republicans, this is about americans and i'm hoping that americans are watching what's going on here right now, where the game plan is always if we provide them we can win. if we don't have any facts, let's come up with anything and throw it out there and maybe we use the effect in the health care plan, and ask americans to look beyond what's going on. i tell you what. in every segment of our society, we are seeing the lowest unemployment in history. it doesn't matter -- i don't
know why we have to be this way, not white, not black, not tan, yellow. but red, white and blue americans the same people that provide every single penny to run this marvelous government of ours. what we are proposing today is to allow these same hard working people the opportunity to not to have to rely on a government program but able to rely on their own hard-earned savings. what an incredible, unusual idea to come out of this house. look, we know that it's actually crucial that as more and more americans enter their golden years they have the security and peace of mind to enjoy those and not worry about whether they sabed enough money. we should help them save more of their hard-earned money for themselves and their families. h.r. 6757 does that by giving
every single american the tools that he or she needs to help them save for their future and save for their retirement. heard today the tax sham. i heard today about growing deficits. i have heard today about the rich, the elite, the people who have private boats, the people who have jets. but what i haven't heard today is that this incredible piece of legislation the tax cuts and jobs bill, how it has increased and how our economy has taken off. you can say anything you want -- and i understand why you are upset not one of you could vote for this. if you couldn't vote for it and you have to be the team that says we could have done it better, we could have done it better. where the heck were you in the previous administration? when were you when the debt grew from $10 trillion to $20
trillion. you are saying my god, the debt is increasing it's because of the republicans. they want hard-working american taxpayers to keep more of their own money. that's not the way washington works. and i thank god every day that i didn't start off as a local politician and then move to a county position and then a state position and wander into washington that we are going to put this on the backs of our taxpayers. we never tell these people that the hand they feel in their back pocket is the government taking their walt out. we decry and say my goodness, how can we ignore the debt. thanks for waking up. where were you? why did you let it get to $20 trillion before the bells went off? there is so much in this bill that makes sense. this bill was not crafted for
democrats. it wasn't crafted for republicans. it was crafted for americans. hard-working americans who put all their lives into a job and look forward to retirement and we're giving them that opportunity not to rely on some government program that may or may not be there when they reach retirement. we are telling them you get to keep more of your own money now and put it in a lot of pre-tax opportunities and you can draw down on some of that money without being heavily taxed for needing it. why we decry all these inequities, it's always about the rich and elite and those who have more than you do. that's what it is about. it's about helping every american get to retirement. good lord, how did we get to this position? america's history that we will
pick and choose and we will decry anyone who has been successful, the rich, the elite, the horrible people that did so much with their lives. they don't deserve that. this is america. and there are more stories in this country of people who started with absolutely nothing but an funt, an equal opportunity. not guaranteed an equal outcome but guaranteed an equal opportunity. what we are doing today is guaranteeing for every hard-working american out there that you can put your money into a retirement plan that serves you. now every time we come on this floor, i hear this. divide, divide, divide. we can't possibly be the america that 1.4 million of our americans died to protect. no. this isn't about america's
future. this is about mid-term elections. we are more worried about getting re-elected than changing the direction of this country. i would ask my colleagues, i know you are sorry you didn't vote for the tax cuts and jobs act and say this is horrible. what did happen, we are giving you another chance to hop on this train. no, i will not yield. i will not yield. i will not yield. please, this is my time. please. the speaker pro tempore: the gentleman from pennsylvania is recognized. kell kelling i have heard enough in eight years coming from the private sector where you have to make it on payroll and put food on your table and a roof over your heads. i don't want a government program. i would like to save my own money and allow me to save for my wife, kids, grandchildren. this is what this is all about today, mr. chairman. it's plain and simple.
what group thinks the whole idea of government is to make each and every citizen rely on them for their very existence? we are offering a chance for every single american. i don't care where they are from, how they vote. i worry that their hard-earned money is going to be accessible to them. this is what what this is all about. i'm hoping america's watching. i'm hoping america's watching. i'll go back to what i said in the beginning. i remember very clearly my mom and my dad sitting there and saying, the one thing we pray for is that we're never a burden for you and your brothers and your sisters. and i repeat what i said today, i could not believe that the people who raised me, who fed me, clothed me, thought that somehow they would ever be a
burden to me, my brothers or my sister. the one thing i know they were sure of, they could save on their own and get ready for their future. that's all what we are trying to do. we are trying to make sure that every american keeps more of his or her own money without the government taking advantage of them. so, i have no further speakers. but i still have the passion to bring this forward. and i have the passion and i have the belief that if you can get beyond politics and talk about people, that you can come to a conclusion that this is a solid bill that helps our fellow americans going into their retirement. i know that's in your heart and i know you can't speak it sometimes because we are so polarized, but that's a shame. today we have the opportunity. everybody's name and put a green
yes on there, which says i'm voting for america's future and voting for america's retirees or put a red on there and say you know what? i would have voted for it, but it wasn't my bill. if it's not my party's bill, i can't vote for that. i can't vote for that, because there is an election coming up. i know i'm out of time but not out of breath and not out of passion. i know what this means for everybody. i thank you and i yield back. the speaker pro tempore: all time has expired. pursuant to house resolution, the previous question is ordered on the bill as amended. the question is on engrossment and third reading of the bill. those in favor say aye. those opposed, no. the ayes have it. the clerk: a bill to amend the internal revenue code to encourage retirement and family sayings and for other purposes the speaker pro tempore:. the question is on passage of the bill. those in favor say aye. those opposed, no. the ayes have it and the bill is
passed. >> i ask for a recorded vote. the speaker pro tempore: the gentleman requests the yeas and nays. yeas and nays. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered members will record their votes by electronic device. pursuant to clause 8 of rule 20, this 15-minute vote on passage of the bill will be followed on passage of h.r. 6756. this is a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.]