tv Senate House Democrats on GOP Tax Plan CSPAN November 2, 2017 5:27pm-6:07pm EDT
[inaudible conversations] . >> the g.o.p. tax code cancel $23 billion of credits and claims for illegal immigrants the tax bill will allow churches to endorse political candidates. the republican plan delivers permit corporate tax cuts. here is the house leaders on the proposal. [inaudible conversations]
[inaudible conversations] >> good afternoon thanks for being here. as you know today the house republicans unveiled a bill to raise taxes on millions of middle-class families borrowing trillion's from the future for massive tax breaks to the wealthy and especiallespeciall why to their friends of corporate america. the american people deserve real, a bipartisan tax reform putting the middle class first with a good paying jobs to reduce the
deficit that this republican plan does not do any of that. they say they have a sample family with this much money this much taxes which is important to know what
they're doing what they give with one hand they take away with the other. raising taxes on millions of middle-class families hoping the american people will not look at this. members are on the floor of the house who had never even seen this bill. if you are a middle-class family if you own a home or want to you lose. if a sick child or family member with long-term medical care needs they take away the medical care deduction if you have stallone's or credits for
lifetime learning, you lose. if a corporation wants you to pay for averting that deduction is gone. any state you don't your income taxed twice that you lose. if you live past 65 you lose with medicare. they will raise taxes on working families to encourage corporations to shifted jobs overseas and this is very important. of shoring jobs at the expense of the american worker. 1.5 trillion the all those together 1.five bin tax
breaks the exact same amount they cut from medicare with 1.5 trillion that is a gift to corporate america with the additional fee to lower the cost to make it cheaper to ship jobs overseas and even after ransacking the republicans are still adding trillions to the deficit so they pileup that to obliterate medicare and medicaid tomorrow this is a ponzi scheme from corporate america to perpetrate on the american people designed to be raised for word with those benefits to the middle-class but if you are the wealthiest 1 percent they will give you the sun and the moon and stars.
all of that as the backbone of our democracy so now we go
to senator schumer. >> such a fancy room here. >> we're still pouring through the fine print of the house republican tax plan but one thing is crystal clear, this plan is a tax burden on the backs of the wealthy and the biggest corporations but instead dropped squarely on the back of the middle-class your wealthy individual you are a
middle-class person republicans try to argue the middle-class get the tax break but they will not tell you that many middle-class families will see their taxes go up under this plan. i will give you two examples. family in new york or illinois or virginia having household income of 100,000 which is not much because teacher or police man living together as husband and wife make over that. if you take that typical amount of those deductions of the taxable income for income falls at 44,397 meeting this family pays $5,727 of taxes while the wealthy get a huge break the
backbone of the middle-class are all over the suburbs of new york, california york, california, illinois pennsylvania and colorado and the districts of our republican friends he will pay a whole lot more. so now is take another family making $40,000 per year. this family could get an increase of $810 because of the child tax credit doesn't help those families instead the bottom rate goes up and they pay more so throw up the middle class, and millions upon
millions of hard-working citizens pay more i wonder if you can find someone who has over $1 million per year to pay less. they want middle-class pays
more and people with individual circumstances get clobbered if you pay stallone's, a mortgage, medical expenses expenses, your taxes could go up they eliminate the deductions for the middle class to increase the ability of the wealthy to pay less. so family after family after family is hurt we will give you examples of families making 100,000 or 40,000 dead how much they pay. this bill is everything america does not want. they know big corporations don't need any more and will not produce any jobs. they one middle-class tax
relief and this bill takes away so much of that that millions of middle-class families will be in pain. leasing with the republican colleagues are doing they will start marking on monday with enormous complexities with millions of people affecting so many different ways and it is a disgrace to russia a bill like this through without a hearing, without scores scores, without experts or businesses. everybody wants to look at it but they are trying to rush it through because they are ashamed. republicans know the more that it is exposed, the less that people like it. in short if it stays in the sunlight to long like a fish it stinks.
they don't want that to happen our republican friends trying to avoid the spotlight the last time it was reformed it was so different because both parties work together proposals were feted and i was there because i worked on the bill along with chairman gephardt and senator grassley for countless hours of hearings and problems that existed initially were changed and perfected and modified so when the bill was what everyone could be proud of them republicans are not proud of this bill if they were they would march down the streets of america to say look at the bill everybody. instead they fight back -- hide it because they're not doing tax reform for the wealthy and powerful telling them to take a hike you on
your own i believe we will prevail tax legislation is extremely complex you cannot have a successful build if you rush through in the dark of night. >> this is a
missed opportunity and they say that because a lot to highlight what happened in 1986 specifically there were hearings in a the ways and means committee with 12 hearings in the subcommittee with more than 450 witnesses testifying in the market took 26 days as a reminder we have not even seen the chairman's mark up maybe we will see that tomorrow we have not seen the distribution tables we haven't had a chance
anything other than what they presented in a press conference they will say they are giving on average $1,150 but then they take that away from the deductions for home ownership and how about the fact there is $1 trillion for the student debt and they take away to deduct that interest. on the charitable friend will discourage charitable giving although these are the guarantees that they made. getting rid of the tax credits? stimulus in old cities today is funneled by these tax credits that is selling gets done. if you look at this exercise will we could be assured of is simplification of the tax
code. over the next few hours we anxious to see those negative rhaetian tables to figure out who gets what but it is clear on behalf of the middle-class it simply is not true. so to be with the speaker and my leader's it is important to recognize what this bill is about and it is designed to offer what appears to be enough crumbs for some middle-class folks to distract from the multi trillion dollar giveaway from big corporations to shift the jobs overseas. i will give you an example. we have them looking at these all morning if you
have a family that makes a little bit over $50,000. on a good day, and maybe maybe, just maybe the family make it a little flip but if they have to send a kid to school or pay medical expenses that they can no longer write off this leaves that family behind and that is the message we're getting out over the next couple of days. my colleague said the people that have the power of the technicians exports and with those working-class people. we know there is still a lot
to be evaluated but to believe think that on monday you can talk about a bill and actually begin considering informally to build the american economy with such flimsy amounts of information available and what i am stressing on my way as the leaders are recognizing, i am having town meetings over the weekends the first thing i will talk about to have the tax bill done right you don't start with a double standard. it is a republican plan that is permanent that is set in stone and locked in place but will get the bill.
a lot of families are settling for a temporary tax cuts. there is a double standard on double taxation the corporations will still deduct the other recent college graduate loses their deduction for student loan interest payments but guess what? those multinationals he shifted jobs overseas candy ducks their interest payments. what could be more clear evidence of the double standard that we talk about? as director of the grey panthers for many years i had rugged good looks and a full head of hair. but this is anti-senior as
it relates to changes of medical deductions. if you have an expensive health condition like a rare cancer or dental problem the requires frequent treatment loses the ability to deduct those medical expenses. the corporate tax breaks will get even bigger. president trump did not tell the seniors of america during the campaign they would lose the opportunity to afford health care so long with my colleagues this will be a full court press because what they want to do is get the bill out before americans have a chance to put a dent in their holiday shopping because the bill cannot stand the light of day to make sure we take to
the american people what this bill is really about. >> the $100,000 family a lot of states like mine like a married teacher and police officer may considerably more than that but they deduct state and local taxes and medical expenses and stallone's that takes the typical amount the taxable income falls of 44,000 and they would owe 5,000 in taxes this is what i left out so they get 3,000 of the child tax credit subverting those at $2,700 which is $993 more so if you make 100,000 and a lot of people in between pay more taxes
while the big fat cats do just grand. >> so to put some facts
together about corporate america you said the president did not say this on the campaign he also did not say we will give 1.$5 trillion tax break to corporate america the same amount of medicare and medicaid for girl and to create jobs here and that vice chairman said of those individuals in the state cannot deduct their local taxes for even those that make money overseas. for all the of rich and powerful what they're taking from the middle-class is a
and has to be rejected. >> with that ph.d. we took care of the middle-class that get together a couple years ago. >> this is limited to of those americans that that is all that they will pay. >> with that reconciliation. >> what is your role?. >> to let the american people and though they will not like it and as a result there will not get enough roads to pass it but this is so against the average american they see that with
most polling data that shows the tax plan. fifty% said it will be 18 percent against some of these folks will go home home, many in a vulnerable district with their constituents and to know that their average hurting voters nobody except 1,000 people with those law schools. so once of public learns about that there is a huge pressure on republicans. >> democratic community was extremely powerful so how confident are you? period
we have an incentive 48 -- 45 signed a letter that they get a big tax break for the second budget neutrality don't increase the deficit there is a huge hole through the deficit. even the three who did not vote for that
listen to what they say in agree with those three principles. listen to what they say. >> those were the five democrats up for election in 2018 and all of them for what leader senator schumer
said we have to get this out in second back when the finance democrats to go to people like myself for girl. so the point he stressed that the finance democrats emphasized. >> then we will get clobbered by the bill. >> to get that to pass we have to make the deficit worse by a getting rid of what is on the backs. billing to go for that multi trillion dollar deficit into
passive in the senate in the
very difficult position and vice versa. >> and with all of those outside that were paying attention to what was happening. that was disguised as the health care bill. now they have a tax bill that seriously undermines so those same people will be making calls and to the republican districts for what it does to medicare and medicaid and then to meet the need and they are activated in the republican district. but that outside mobilization and while that bill was less, this puts
constituents will know what is happening so they are just opening they can masquerade with the week of halloween. and to say i invite them with their own constituents to cost them money. why? so they can get tax cuts into corporate america to ship jobs
overseas. >> even making that money overseas. so let's hope they were just enabling the process to go for word pro so ideologically with those constituents. >> don't stop now let it go
forward. >> so they may be living in us a new world to have a huge tax breaks from the wealthy to save the world is different with the income distribution of populism and anchor you cannot get away with that anymore. and to give tax rates to the rich and powerful. >> what do you think the finance committee will do on this bill?. >> what we have led to believe for the house ways -- ways and means committee the chairman will lay down his own mark.
with his gang of six we don't know what he will do. the hope is he will see over the next few days how many of his constituents can get hurt or how damaging this is to the middle-class he will say at all want to go that route. i cannot tell you the odds but one of the reasons we will be working around-the-clock in particular with this on heard of concept he will have a markup of a bill on monday with virtually no information. so to be intimately involved to explain what was going on if he was incredulous for
days and days to have common ground. they were on the floor in the senate over weeks to try to come together is i said if you decide to focus on the middle-class then you are not going to get a bipartisan bill if you pass this on the off ramp only you might be able to get a sugar high the you your party have a lot of problems in the days ahead so generate as much as what this bill actually does so from the ways and means committee we can build on
that and hopefully produce something different. >> infrastructure question the house republicans are proposing for airports or other things with those democrats proposing a bill for disaster recovery. >> it should of local and we were in the majority. >> as a stimulus to be written the airport over the last four or five years with a capital activity bonds so if you go through the shape that exemption on the municipal bonds it isn't quite as attractive but i cannot wait until others
begin to look at the situation. >> talk about polls gore that has been a big problem many knows what it means with their lives but in terms of our country the increase of the national debt is huge in a tenure period but in the out years it hemorrhages money it is a hemorrhaging bill. goes to care about the deficit they're becoming the endangered species so they have to know with those first 10 years in the second 10 years it is very detrimental so there is no turning back from what they want to do.
>> there is
another point related to your question. >> you are a little quicker than me. but another issue from those private equity bonds for hundreds of thousands of construction jobs but housing has been hurt badly by this. that is why the realtors oregon state and the homebuilders and the realtors are against it. looking at the home index of companies it went way down after the bill came out. talking about jobs jobs, businesses are not happy with it the homeowners and the housing industry is not for it with municipal
we know how bad this is for the country. >> as far as state and local tax deductions on insurance, which rig costs ability to state legislatures in new york california because 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 shouldn't have to pay a double tax because that's their choice better public and friends generally believed in states rights but not on the state and local acceptability. >> president trump outlined several members of the senate who talked about the immigration and the daca issue.
what is your reaction to that? >> i'm going to wait to talk to some of my republican colleagues before i talk about that. >> senator harris and a few others have announced a spending bill. >> i think we are going to do everything we can to pass the bill but we expect it will pass because we have a lot of republican support for this bill and they think it's going to do better than people think. no matter what donald trump says on one given day or another. >> mr. schumer just a quick question about taxes. what is your reaction to the donna brazile article? >> nibert reddit. >> do you have any. >> i haven't seen it. someone asked me earlier. c i'm going to read the article before a comment. the last point. >> is it going to be tougher to get any kind of concessions from
republicans on saab and the senate and the house because there's nobody from my high tax states? >> while many senators dislike it i think saab will have more political, it will cause -- there will be more house members reluctant to vote for the bill because of salt. it's a new choosing dynamic. the senate you have a lot of deficits and in the house the hard right used to be a deficit hawk when there is a spending program and it now seems to given that up although pete pederson today said this would be horrible for the deficit. so it's a different dynamic at a dynamic that makes it harder to pass the bill. you have to win over the house and it makes it harder to win over in the senate. thank you everybody. [inaudible conversations] [inaudible conversations]
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