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tv   Senate Budget Committee - Tax Reform Bill  CSPAN  November 28, 2017 9:55pm-11:04pm EST

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>> the committee will come to order. as the congressional budget act prohibits the budget committee from substantially changing the proposed legislation before us, our today is administered area of nature. we are here to combine the recommendations and to report the combined bill to the full senate. i remind my colleagues that section 310 b of the budget act states when more than one committee of the house or senate determined to recommend changes, each such committee so directed will make such recommendations and submit said
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recommendations to the committee of the budget of its house which upon receiving such recommendations shall report to the house. this is a different process from the markup of our budget resolution. we are operating under the constraints imposed by the statute. practice ofith past the committee, when considering reconciliation bills, no amendments are available or today's market. -- today's markup. members who wish to amend this legislation will have that opportunity on the senate floor, where the bill will be open to an unlimited number of amendments. but today we'll vote only on whether to report the
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reconciliation package to the full senate. for the information of senators following my statement, i'll recognize ranking member sanders to give remarks. we'll then vote to report the legislation while we have a forum present. the members are advised we expect the vote to occur after we finish speaking. after the two of us finish speaking. following the vote, i will recognize other members wishing to make a statement for up to six minutes each for the purpose of doing so., i'll stay here to allow all members who want to speak an opportunity to do so. in addition, members will have until noon on friday, december 1st, to submit additional views for inclusion in the committee print. before i recognize the ranking member, i would like to take a moment to express my appreciation for the work of the finance committee, especially chairman hatch and the energy committee, especially chairman murkowski. both committees deserve praise for recommendations that comport with the fiscal year 2018 budget resolutions reconciliation instructions. house and senate passage of the budget marked an important first step toward tax relief for american families and job creators that will jumpstart economic growth.
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today's markup moves us one step closer to a simpler, fairer and more transparent tax system. this bill will provide a needed makeover for our out-of-date tax code while advancing american energy security. at this point, i would recognize ranking member sanders for an sanders: thank you, very much, mr. chairman. as you know, this is one of the most important pieces of legislation to come before this committee in recent years. and i have to tell you that i
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am extremely disappointed that you have allocated only 15 minutes for debate. and that means that there are 11 republicans on your side, 10 democrats on my side, who will not have the opportunity to give their opinions about this bill before a vote is cast. that is wrong. and it is wrong that the budget committee has not yet held a single hearing on this tax bill, not one. but i have to say that i do understand why the budget committee and in fact the finance committee has been so reluctant to hold public hearings, to engage the american people in this debate. and that is because this legislation is a disastrous and unfair piece of legislation which gives huge tax breaks to the people who need it the least, the very, very wealthy. it raises taxes on millions of middle class families at a time when the middle class is struggling. it leaves 13 million more americans without health insurance while raising premiums 10% a year when we are already paying far higher prices for health care than any other country on earth. it raises the deficit by $1.4
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trillion. you know, how many hours have i sat here and have you sat there and we have seen all the charts , and all of the discussions about how terrible the deficit is, what it means. leaving this burden to our kids and our grandchildren. we heard all of that rhetoric year after year, and now we have a bill that raises the deficit by $1.4 trillion. and let me be very clear. in my view, i have not the slightest doubt that if this bill, god forbid, is passed, as soon as it is passed, the republican leadership will come back and say, my god, we have to deal with the deficit, and that's why we're going to cut social security, medicare, medicaid and education. unfortunately mr. chairman, what the rhetoric that we have been hearing from the president and republican leadership is very
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much opposite to what is true. president, republican leadership have said this is a , tax program to benefit the middle class. yet 87 million more middle class households will see their taxes go up. while 62% of the benefits flow to the top 1%. top 1%, 62% of the benefits. 87 million middle class families pay more in taxes. further, in order to pay for a permanent tax cut for corporations, companies that are today, today! -- making record-breaking profits, the middle class tax cuts of the senate bill would expire by the end of 2025. permanent tax cuts for corporate america, temporary tax cuts for working families. adding insult to injury, this legislation provides a huge tax break to corporations that are shifting jobs to china and profits to the cayman islands by exempting offshore profits from u.s.
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taxation, which is known as territorial tax schemes. now, mr. chairman, senator ron johnson and i do not agree on very much. that's for sure. but i do agree with him when he said, and i quote, with a territorial system, there will be a real incentive to keep manufacturing overseas. overseas. end of quote. mr. chairman, it is not surprising that my republican colleagues would be pushing legislation to give tax breaks to the very rich, but i really do have a hard time understanding how they are prepared to vote for legislation that would increase the deficit by some $1.4 trillion. mr. chairman, the overwhelming majority of the american people do not want to see tax breaks for billionaires and raising
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taxes for the middle class and laying the ground work for cuts to social security, medicare and medicaid. i would hope very much that my republican colleagues who for so long have talked about the dangers of the deficit, when in fact join us in voting no for , this incredibly horrific and unfair piece of legislation. thank you. >> i thank the ranking member for his comments. protest] my name is megan anderson. my name is megan anderson. [ banging gavel ] i am running with -- [ banging gavel ] i am -- chairman there is a disturbance : in the hearing room. the committee will recess to allow the capitol police to restore order. the committee will recess subject to the call of the chair. [ banging gavel ] do not kill me.
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>> do not kill me. do not kill me! do not kill people like me! do not kill people like me! kill this bill! kill this bill! [ chanting ] do not kill me! do not kill me! kill this bill! [ chanting ] name is [ inaudible ]. i've been a nurse for 30 years. [ chanting ] [ inaudible ] [ inaudible ] [ chanting ] shame on you [yelling]
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you! on [screaming]
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[yelling continued] chairman: i will call the meeting back to order. bangs gavel] i had said that we would vote and i have looked up the history of the previous -- all of the previous reconciliations, this is a normal practice where the chair speaks, the ranking member speaks, the vote is taken. no amendments is in order. anyone who wishes to make a statement, can make a statement.
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so with that, i move the committee report the reconciliation bill. is there a second? seconded. all in favor, say -- clerk will call the roll. >> grassley votes aye. mr. crapo? mr. graham? [ yelling ] mr. johnson? mr. gardener? [ yelling ] mr. perdue. scam!] e tax [ yelling ] >> mr. gardener? mr. kennedy? mr. bozeman? mr. sanders? no.
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ms. murray? >> no. mr. wyden? >> no. -- stevan are now? >>van now --stabe no. ?r. white house >> no. mr. warner? >> no. mr. barkley? >> no. mr. kane? >> no. >> mr. chairman the ayes are 12 , and the nays are 11. chairman the bill is reported : out.
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[ chanting ] we'll recess momentarily. [ chanting ] kill the bill! don't kill us! kill the bill! [ [ chanting ] you get chairman since the vote has been
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: completed, those in attendance do not want anyone else to speak -- if this continues, i will close out the meeting. [ chanting ] [ chanting ] [ chanting ] kill the bill! don't kill us! kill the bill! [ chanting ] kill the bill!
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don't kill us! kill the bill! >> again, following the precedent of the committee, most people have submitted their comments. i think that most of the republicans will be submitting theirs for the record. so senator sanders spoke last. go to this side. >> pass at this point. >> thank you. >> mr. chairman? chairman senator murray. :sen. murray: thank you, mr. chairman and ranking member sanders. before i start, i want to make some quick clarifications. since it sounds like some of my
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republican colleagues are confused and may have actually been at the wrong hearing. if anyone was here to mark up a bill that cuts taxes for the middle class, this was the wrong room. if anybody was here to mark up a bill that actually creates jobs and invests in our work force and doesn't just pay lip service to it, this is not the right place. if anyone was here because they care about the deficit and the debt and want to vote for a bill that reduces it, wrong room. i'm not sure where they should have been, but i can tell you, it wasn't here. and it certainly wasn't this bill. but if anybody was looking for a mark of a bill that raises taxes on the middle class, hands another massive tax cut to the richest americans and increases health care premiums for millions of patients, makes a back-door attempt to drill for oil in one of our planet's most pristine regions and blasts a , hole in our deficit that puts medicare and medicaid and social security in grave danger, you were in the right place.
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chairman enzi, i know i shouldn't be shocked any more, but i have to admit i am. i have sat next to so many republicans over the years who have told me with straight faces they care passionately about the deficit and the debt. who have sat here in this room and gone to the senate floor with charts and graphs, big arrows pointing to the sky, about how much the deficit will increase under democratic proposals to invest in the middle class. presenting this as not just a budget issue, but a moral issue. it's about our children and grandchildren, they said. it's about the future of the country, they insist. well where are all those deficit , hawks now. where are those charts and graphs? i'd like to see them now today. where is the moral outrage? where is the concern now for our children and our grandchildren and the fiscal health of this nation!
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when democrats wanted to increase investments in education and health care and the middle class and tax cuts, deficit hawks were front and center, leading the opposition. s are trying to jam through this massive tax cut for the rich, which every analysis has shown would blast an historic hole in our deficit, the silence so far is deafening. so once again, i shouldn't be shocked any more. but i really am. this issue should not be -- this issue should be bipartisan. there's absolutely no reason republican leaders have jammed through this partisan bill. there's no reason this had to be such a massive give-away to the rich. there is absolutely no reason this has to include a health care provision that would lead to 13 million more people without insurance, showing up in emergency rooms and increasing premiums for everyone else. there is no reason for this, because democrats have made it very clear.
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if republicans want to work with us to cut taxes for the middle class, we stand ready to get to work. if they want to work with us and actually deliver on the promises that president trump made on the campaign trail to put workers , and middle class first, we will be there. it's not too late. this is a bad bill. now, it's not if you're a millionaire or billionaire. then it's pretty good. but for workers and patients and the middle class and those who go to work every day just trying to join the middle class, it's awful. if you truly care about the deficit and the debt, this is a disaster. there are republicans on this committee who have the power to stand up do the right thing and , go to work in a bipartisan way on a bill they can be truly proud of. i know it isn't easy to buck leadership of your own party. but i am really hopeful this can happen, and i will tell you we're all ready to go to work if they can. thank you.
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chairman senator wyden. :sen. wyden: thank you very much, mr. chairman. and i thought, mr. chairman and colleagues, i had seen just about everything. but this committee has just completed a key discussion on the budget foundation for $10 trillion worth of tax policy changes in less time than it takes to wash a car. that is what has just happened, and the tax plan is now going to hitch a ride to the senate floor on the budget that's about to get a vote. and the heart of this proposal, colleagues, is it would write into black-letter law a double standard for the american economy. folks, in the middle, the working class families that walk
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an economic tight rope day in and day out, balancing food against fuel and food against housing, their tax relief, so-called, is temporary. it vanishes in a few years. the multinational corporations get permanent tax relief. it's written in the black-letter law. and when i think about the multinationals, i think about the fact that i have actually written two bipartisan full income tax reform bills and the republicans who signed on didn't insist that the multinationals get a 20% tax rate. 20%! we heard moderates talk this morning about how they hadn't even seen any businesses say that they needed something less than 25. that alone would save colleagues $500 billion.
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that's the kind of money that we could have gotten to actually help middle class families. now senator murray touched on health care. but i want to be blunt. and i don't think we ought to be kidding around here. when you talk about a mandate, it's really a coverage requirement. what this is, it is not another garden variety hit on american health care. this is a repeal of the affordable care act. because when you unravel the purchase requirement, right away you make it very hard to protect those with preexisting conditions. and the reality, colleagues, when this bill passes, and we're going to fight it with everything we have. we're going to do everything we can to derail it. make no mistake about it. this provides an opportunity to go back to the days in america when health care was for the
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healthy and wealthy. because that's what you have when you discriminate against people with a preexisting condition. if you're healthy, no sweat. if you're wealthy, you pay for it. so senator murray has touched on health care. and i want to make it clear what the implications for this are. it is to turn back the clock on the days in america when health care was for the healthy and wealthy. now with respect to the budget deficit, i've heard my colleagues touch on it. i was pretty amazed when the deficit hawks in the republican party flew away after they saw a budget that would allow for a $1.5 trillion net deficit. but now they seem to be flying back, i guess because of the size of the multinational tax
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cuts. but even more importantly, the speaker of the house has basically indicated that the next bill after -- [ chanting ] the next bill after the tax bill will be "entitlement reform." let's make no mistake about what that means. that means that the majority, because they have announced it, will be coming after medicaid. they'll be coming after anti hunger programs. they'll be coming after the whole domestic array of the budget. and they'll say, oh, my goodness! we've got big deficits. now, colleagues, we have seen this movie before. i see senator van holland there. how many times has he seen this? you see something that masquerades as reform.
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it's not really reform. it's a tax cut. you get big deficits. you don't get the jobs. and everybody says, oh, my goodness. we've got deficits. and who do they come for? senator van holland saw it when he was chairman of the house budget committee. they come after the most vulnerable. the people who are walking on that economic tight rope. day in and day out. so colleagues, there's more i'd say, but i'm very pleased that senator sanders has mentioned the inequity of the territorial tax system. and, by the way, this too, senator sanders, was something that we got republicans to say, hey, we don't need this. we need something that rewards red, white and blue jobs, creating jobs in this country. rather than creating new incentives to do business overseas. you have a town meeting anywhere in america. senator merkley and i have plenty. come visit. everybody says stop the tax breaks from doing business overseas. senator sanders pointed out, territorial taxation, says, hey, if you do business outside the
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united states, a whole new array of tax breaks that aren't red, white and blue. so we'll have more to say, but i'm just going to close, mr. chairman. i never, ever, ever thought that i would see a key discussion on the budget foundation for $10 trillion worth of tax policy changes be completed in less time than it takes to wash a car. chairman senator whitehouse. chairman,ehouse: mr. because the coverage of this won't show it, let me just say for the record that every single republican senator has left, except for the chairman, like folks running away from the scene of a crime. mr. chairman back in 2009, , before you voted against the senate passage of the recovery act, as the economy was teetering into disaster and we tried to hold things together, you said then, the american people are telling me and my colleagues to stop spending money we don't have for programs
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we don't need. the u.s. government the big , credit card in the sky, has already maxed out its credit card, but the bank hasn't noticed and the government is now applying for another card with a higher spending limit. end quote. that was then. this is now. here we are. eight years later. and the national debt has fully doubled since the chairman declared that our national credit card was then maxed out. instead of doing our job as a budget committee, and recommending policies to address the $20 trillion national debt, today's exercise was to rubber stamp partisan legislation that the cbo has warned would grow our national debt by $2 trillion in the first decade alone, including borrowing costs. and after years of republicans advocating for congress to
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change budget rules to require so-called dynamic scoring, republicans aren't even waiting for the joint committee on taxation to produce such an analysis. i suspect that's because the outside groups that have done this modeling confirm what we already knew. even with rosey growth -- rosy growth assumptions, the republican bill will explode the national debt. it's clear republicans want to ram through this tax bill. but why? while congress passed the recovery act during the low point of the recession, there's no pressing reason to pass corporate tax cuts today. the current economic expansion at over 100 months is on track to be the longest in u.s. history. and corporate profits are near record highs. many major corporations pay little or no tax at all. if republicans are looking to cause another recession, this bill might do the trick. it would raise taxes on millions of middle class families.
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and by reducing incentives for home ownership, could cause housing prices to fall 10%, according to analysis by pricewaterhousecoopers. it would also hurt state budgets by reducing state tax revenues to many states. repealing the deduction for state and local taxes. reducing the value of credits that fund local affordable housing, and raising costs for our state's universities. the american people are squarely against this bill. according to one recent poll by a 52-25 margin. " the1% saying quote, republican tax plan favors the rich at the expense of the middle class." the public gets what is going on here. the u.s. conference of catholic bishops said this bill is fundamentally flawed and will raise income taxes on the working poor while simultaneously providing a large
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tax cut for the wealthy. rich at the expense of the middle so why, again, are we meeting today in this bizarre procedure to ram through this terrible bill? as one republican member of the house put it, and i'm quoting here, "my donors are basically saying get it done or don't ever , call me again. it's as simple as that. ." republicans are pushing a tax bill that will hurt our economy, hurt middle class families and explode the national debt. for t. we're technically here today for the ministerial purpose of combining the tax bill with a provision to allow drilling in the alaskan national wildlife refuge, which has nothing to do with taxes or the budget. but will help round up a republican senate vote. this whole process confirms once again that our budget process is
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completely broken. and has become a vehicle for partisan attacks, donor-driven partisan attacks. i urge my colleagues to reject this bill, and i urge that this committee find a way to work instead on the bipartisan budget solutions our country actually needs. thank you, mr. chairman. chairman thank you. : senator merkley. sen. merkley: if you are a fan of a bill that gives foreign corporations a big advantage over american corporations, then this tax scam bill is for you. if you are a fan of higher deficits, imposed on our children and grandchildren, then this tax scam bill is for you. if you are in favor of despoiling the arctic national wildlife refuge, anwar, then this bill is for you. if you like the idea of taxes
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going up on 87 million middle class americans, then this bill is for you. if you like double taxation on what you already pay in your state and local taxes, then this bill is one you will really like. if you enjoy the idea of throwing 13 million people off of health care, then you will really like this bill. and if you are determined to make it harder for everyone else to buy health care by driving premiums up, then this bill is yours. if you think it really makes sense to spend two-thirds of the benefits, trillions of dollars, the top 1%, then this is a bill that is just your best friend. this bill is not a bill about helping the middle class. it's about one simple thing. how to raid the federal treasury. how to engage in a massive bank heist to help the very richest americans. this is not the art of the deal.
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this is the art of the steal. stealing our funds, our american funds, to enrich the already richest. it is the product of a vast cycle of corruption. corruption enabled by citizens united, vast funds flowing through our election system to elect individuals elected by millionaires and billionaires to get this bill passed to raid the national treasury to deliver millions to the billionaires. this corruption has to end. this is a nation constitutionally laid out with the mission of we the people. not we the powerful, not we the privileged, but we the people. this bill has been seen historically as the ultimate example of the corruption we're currently living in. and it will be seen historically as that. we should defeat this bill. america should rise up and make sure this bill dies. german senator king is next.
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:sen. king: thank you, mr. chairman. i'm a great believer that we can learn from history, even ancient history, and the ancient roman historian tacitus said truth is confirmed by inspection and delay. falsehood by haste and uncertainty. this is a prime example of exactly what that ancient man was talking about. this is a very complicated piece of legislation. it has enormous ramifications. in fact, i would go so far as to say it may be the most important bill any of us will ever vote on, because it will affect every american, every business and the entire united states economy for probably the next 20 to 30 years. to me, that means that we should take the utmost care in what we're doing. that we have a responsibility, because the stakes are high to make the process have a high standard.
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so that we understand the implication, so we understand appreciateully can how this will affect americans for the next two generations. we have there highest possible stakes, we have had the worst possible process. i have never seen a process like have anre you incredibly complicated, important piece of legislation earrings. zero input from citizens. zero input from experts. this has been done in a matter of weeks. when this process was undertaken in 1986, which by the way was a bipartisan process involving ronald reagan and tip o'neill, that process took something like 14 months and involved hundreds of hours of debate, discussion. somethingat bill got
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like 90 votes in the senate. that is the way they should be done and the main point i want to make is we could do it that way again. i do not understand what we have to do it in this very rushed way where many members of this side -- i stood on a platform with 17 of them this morning -- are willing, able, and anxious to discuss tax reform. i think or protect trade should be cut. i think we need to do something about offshore profits. we need to do something to make our country more competitive. two thirds of the economy is driven by consumer spending. we should be focusing the cuts on the people who do those spendings. that should be the middle class. -- less damaging to the deficit, more fairly distributed.
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it does not have to be this way. as my colleague, senator kaine, pointed out this morning, the republican members can test us on this opposition by taking a deep breath, postponing the vote this week, trying to work bipartisanut on a basis. if it does not work, this process such as it is can be resurrected and you can have vote in late january or early february but we are racing to meet an arbitrary deadline that has no more meaning in terms of the law would we can take some time in mighted the bill that we not be able to reach some kind of consensus of 80 or 90 votes but we of the opportunity to try we will have, i think, i was certainly a common -- better built. if i were on your side i would be very nervous about this bill
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because i think it is full of traps. it is full of items that is going to come back in the light of day and people will say, why did you do this? what was the purpose. the house bill, for example, eliminates the deduction for teachers to buy school supplies for students and there may be, and i suspect there are, similar kinds of traps in this will we are rushing through today. there's is really no reason it has to be this way. am concerned about the deficit. i have been concerned about it for some time. it bothers me that those have been most concerned about it suddenly do not seem to think it is a problem. i predict it will be a problem within 4-5 years, particularly if interest rates start to rise. real trouble. if interest rates return to 5%, fivemal level of
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and a half percent, 6%, the interest on the federal debt is easy to calculate. five and a half percent, one point wintry dollars a year just in interest. that number should ring a bell with everyone around this table. that is the size of the entire current discretionary budget. if we have to spend much on interest, which is entirely i would not say possible, it was a likely, we are going to be in a real fiscal crisis in this country and we are not going to be able to do the national security we want, we will not be able to take care of our citizens. my plea is, there is no reason this has to be done in the next three days. let's slow down. have a real process. get the input people all over the country have. find out what this bill will
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actually do. improve it, change it, come out with a product that can be passed on a bipartisan basis, will be more consistent with the needs and desires of the american people and will make a difference for the next generation incentive being a millstone it will be an opportunity. thank you mr. chairman. >> thank you. senator harris. chairman, iis: mr. am sure i believe there is bipartisan consensus that the american tech system does need reform. system does need reform. what we are witnessing is a process that is not responsible, not fair. that is troubling. mentioned before the historic 1986 tax reform the 33ate finance committee held days appearing. on this bill, the senate finance committee has not held a single hearing to consider the merits
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of these policies. this bill is being rushed through with no attempt at bipartisanship. if we held hearings, the american people would learn that this tax plan cuts taxes to corporations and the top 1% of americans in it pays for those tax cuts in two ways. why adding to the deficit and by raising taxes on middle-class families. let's unpack the elements that and let's askosed the question, who does this tax plan help in who does it hurt. under this bill, if you're a middle-class family you could be one of the 50 million american households who will see a tax increase within a decade. 5.8 million california households. 572,000 taxpayers who make over $1 million or year will get $34
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billion in tax cuts in a single year. bill, if you were a firefighter police officer this funding youks the a taxy taking the federal deduction. if you care about public schools, this tax plan rips millions of dollars from public education by taking way the state and local deductions. if you are a senior relying on medicare, the tax cut will slash medicare by up to $410 billion over a decade. over $45 billion of those taxes will hit california. republicans could not repeal the affordable care act, they are trying to turn this tax bill into a health care bill by repealing the individual mandates. that means if you have health insurance, you could be one of 13 million people who becomes
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uninsured in the next decade or face review them increases of up to 10% and if you worry about burdening your children with that, like i know certainly most impress and many of our republican friends do care about -- be clear this tax plan will increase the deficit by $1.4 trillion by the year 2027. income of the house tax plan which will be covered by the senate bill does even more harm to everyday americans. if you are a teacher, the tax plan takes away your deduction to buy your students school supplies. if you are a veteran comic takes hire youincentives to and others who have defended our country. if you have student loans, the plan would eliminate the benefits that allow you to duck the interest on your loans from the taxes you pay. everything in the california wildfires, this tax plan takes away your ability to write off losses to your property.
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now let's look at who this tax bill helps. state, it is worth more than $5.5 billion. you pay a lot less taxes on your estate. 0.1% ofre the top americans, you get almost $100,000 in tax cuts for your. if you run it corporation, this plan permanently cuts or protects rates from 35% to 20% even though corporate profits have gone up while wages of working americans stagnate. i want to be clear -- and this great country, we celebrate success. we do not want to penalize those who have done well but we also believe that folks who have been blessed should contribute a bit more to pay for the things that benefit us all. i do not think it is fair to jack up the deficit or pull the rug out from under the middle class to give a bit more to
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those who already have so much. so here's my suggestion -- instead of giving corporations a big tax cuts, let's give the middle class a real tax cut. instead of giving more tax breaks, let's ask them to make their contribution a little bit more to help infrastructure and .ob training instead of play politics with people's lives, let's listen to the american people. the americanto people like the people from irvine who wrote and said, the 1% to not need this tax benefit. they need to pay more than their fair share. foreed to make it possible others to achieve middle-class status. it is regrettable our colleagues voted not to reject this bill and i do not think it is reflective of the best of our country. >> thank you.
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>> to what mr. chairman. if you look around this committee room, it really is a reflection of what has been broken about this process. the first of eight although obviously this is not what we're having, people who do not want to have their ideas tested against one another. i can tell you lots of my republican colleagues are quietly saying they understand thisrave damage parts of bill can do. yet, there is this mad rush to politicaln simply for purposes and as my colleague say, and we say this in good faith, i believe there is going to be grave damage throughout the country for years to come if this bill actually passes. now, the core of the house and the senate tax bills are a major cut in corporate tax rate. from 35% to 20%.
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we could have a good discussion about reforming the corporate tax code, because right now we know some corporations pedro the high end of that and some pay virtually zero. there is a great discussion to be had about how you make that warfare among corporations without asking middle-class taxpayers to pay for that tax cut in without increasing the debt. and, what is the theory behind the corporatein tax rate? it is a trickle down theory, the ideal corporations are going to have all of this new money and they are going to give their workers a pay raise. is big problem with that we've tried that in the past in one form or another. we have tried trickle-down economics. it ran aground in the real world and nearly 2000. what might up where the incomes of the already wealthy. everybody else was running in place are falling behind and the deficit went way up as well.
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the notion or who right now are making record profits are not passing their profits on to their employees in the form of higher wages, the idea of giving them another windfall or tax break is all of a sudden going to make them say, ok now we are going to give our employees a wage increase is belied by what is happening right now in america. look at the reporting from reuters and other ceos telling us, that is not what they're going to do. moneyre going to use the for stock paybacks, they are going to use that money for -- oneds and why the way third of the stockholders of 35%, companies, one third, or foreigners. foreign stockholders are going to get a $31 million tax cut in
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2019 alone. that is money going right out of the country into the pockets of very wealthy foreigners. is going all that it to make a bad situation even worse. it is going to incentivize more american businesses to move their jobs overseas. mr. chairman, really ask you to look at this part of the tax plan because when previous territorial plans were reviewed there was at least some attempt to prevent the perverse effect of having more american businesses move overseas by applying a minimum tax at least on a country by country basis. they don't do that in this bill. there is a new incentive to move american jobs from baltimore, from your state to places around the world. that is insane. going to pay for? as my colleagues have said, three big sources. one, middle-class taxpayers.
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in my state of maryland, one quarter of marylanders are going to see their tax go up. middle-class families. you're going to see a bunch they get a small tax break for a couple years, then it is going to go out because as it has been said, her minute tax breaks for americans in very small tax break for some americans -- but in my state of maryland, one quarter of taxpayers are immediately going to see a tax break in a bill that has been sold as a middle-class tax break. how does that compute? we're also going to see our children and grandchildren paid more for the national debt. trade dollars. i sat next to paul ryan for years. one of the things we actually agreed on was the risks over nationaln escalating debt. it is that for the economy. we've heard from former fed chairs, bernanke, yellen, we have had the nominee powell in thinking agree -- long-term debts, you are actually going to
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slow the economic growth in the long run. our kids are going to pay for it both ways. finally, as ranking member sanders and others have pointed debtspeatedly, once those startling way up we know our republican colleagues are going say how we rediscover the religion of the problem of escalating debts and then they're going to come right around ago -- oh my god. we have to cut medicare, medicaid, education. speculation. it is right there in the budget to came out in this meeting earlier. medicaidlion cuts to and the budget. we're not doing up part of the budget now, this is two-step. for hundred $73 billion cut to medicare in the budget. education in the budget. it is not speculation that once the debt goes way through the roof by another $1.5 trillion
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our republicans are going to rediscover religion and come after this program even though they say they are not. mr. chairman, i really ask you in the coming days -- let's get back to a conversation. we do not agree on every thing but let's at least have a debate and not speak to empty rooms all day long. thank you. >> thank you. senator kaine. then hurricane: thank you mr. trump. you and the ranking member and senator corker in and i share -- since we are mirrors -- i want to tell you once when i was mayor, a city councilman limituced a resolution to the number of dogs and cats people governor house. rules,rsuant to the city we had to publish that in the paper in advance so that everyone in the city, council members and citizens could see what was in it and then we had a anying and at the hearing
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citizen got to stand up and say what they liked in did not take about it and then the nine council members debated in them we voted. that hearing in the richmond city council was more deliberative, was more inclusive, was more fair, was more transparent than a tax bill that is going to fundamentally reorient the entire american economy for the next 40 years. this minor little debate about the number of pets you could --nue home, the richmond have in your home, the richmond city council gave that more respect and attention than we as budget committee members or senate or finance committee members or the american public are being accorded in this. disruptedsee hearings by citizens. i hate that. i cringe when that happens. but what choice do they have. what choice do they have one the
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finance committee refuses to allow a single hearing to hear from people about the rewriting whene american tax code the budget committee, we have a vote before we even allow members of the senate to talk to each other. what choice to peak level in the door shut in their face. these stakes could not be higher. this is about every american family. every american business. this is about the strength of the american economy, it is about the competitiveness of the american economy in the world. we only do this once every 20 or 30 years. we will live through the downside. we will work better to get it right. if that process, starting with reconciliation and republican votes leads to a bad result. the result has been described accurately by my colleagues.
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critical at the top end. millions of middle-class people are hurt. the poor is especially hurt according to the analysis done by the congressional office. conservative economist from georgetown university. the cbo has said this bill is particularly hard on the poor. it dramatically increases the deficit. it will lead to millions of people falling into the ranks of the uninsured. it is particularly harmful to virginia. i we doing it this way? why? we had a press conference this morning. 16 democrats, when republican. there were former democrats, former insurance commissioners. every one of us. every one of us have worked
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significantly on bipartisan reforms. worked as a mayor in a nonpartisan city council. i have done bipartisan tax reform is a governor with two republican legislatures. my colleagues are in the same position. we stood up and said, we're not been consulted. our ideas, to the extent we altered them have been ignored. what are you afraid of? the committee's orchard by republicans. by republicans. the only way they get accepted is that they make it better. what are people afraid of. i challenge my republican colleagues on this. you have to have a reconciliation product -- you have a reconciliation product you can vote on. let's work as we did in 1986 to see if we can come up with something that is bipartisan end of the end of january we don't
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think there is a way to do this in a way that can help the economy, help the economy, will not help the deficit, we can always vote on your reconciliation product. nothing will stop you. i will just concluded and say this, it is notable that the last time this was done under president reagan, it got 90 votes. 90 plus votes in the senate. republicant of colleagues who view ronald hero. as their political it is ronald reagan whose picture they have a wall or who they talk about as exemplifying virtues of the gop. knew tax reform was important enough to try to make it bipartisan. whogop is not measured by it says its hero is, the gop is measured by who it actualize his. this is a president trump built. say one thing and do another.
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not worry about bringing people together but instead be willing to divide people. concerned about my short-term popularity at the expense of the long-term good of this country? i'm not surprised by the president but i am surprised, i am very, very surprised at my colleagues who would vote for without giving it an opportunity to see if we could find something that would be , lasting, permanent, and much better for the nation. i hope my colleagues might reconsider this. we know something things over here. we can make this will utter. if you give us the chance we will. if you don't come i think the consequences will be devastating for the country. >> to eye. there are a number of things i can say at this point but the only one i really want to say is that we have just set a new
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record for length of time for reconciliation vote in the budget committee. in the history of the use of the budget, we've never had to take this long. there has been a little bit of discussion about whether amendments can be done or not and asre have been vote we've done today, if people wanted to speak they could. according to my records, the people submitted their comments and went on. this is not where the bill is drafted. take the twoges to committee bills and put them together and vote on whether they get to go to the floor not which is where they are unlimited. >> mr. chair, can i ask you a question? >> i have listened to the comments by everybody of rare. everybody had their turn for their x minutes and i appreciate
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the comments. i made a lot of notes. onwill have a good debate the floor, which is where i can cover some of the misinformation that has been given out today. . additional members wishing to by later then -- no friday,an noon on december 1. i asked that they make no changes to the reported bill, without objection i think my colleagues for all of their time and dedication today. our businesses concluded and the committee is adjourned. [gavel pound]
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announcer federal reserve at nominee spoke today. that is next. president trump and north korea follows the and then senators
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talk about the republican tax package. the president's choice to head the health and human services department confirmation takes place wednesday. zar is a former pharmaceuticals executive. on c-span2, the economic committee gets an update on the economy from janet yellen. live coverage starts at 10:00 a.m. eastern. and on c-span3, researchers will talk about efforts to combat alzheimer's disease and some of the latest research. that subcommittee meeting is live at 2:00 p.m. eastern. you can follow all three hearings on or listen on the free c-span radio app -- radio app. c-span's washington
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journal, live every day with news and policy issues that impact you. republicandiscussing tax reform efforts and the possibility of a government shutdown. us tocongressman joins discuss the possibility of a government shutdown and a republican tax reform efforts and then wall street journal congressional reporters will be on to talk about the senate tax debate. washingtonwatch journal live at 7:00 a.m. eastern wednesday morning. join the discussion. >> next, the confirmation hearing for the presence federal nominee jerome powell. he took questions from members of the senate banking committee about his overall philosophy on monetary policy and the role of the fed chair. >> and the committee will come to order for the hearing. ] avel pound
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>> this morning we will consider the nomination for the chairman system.ederal reserve governor powell, welcome and congratulations on your nomination. i see friends and emily behind you and i welcome them here as well. governor powell has had an accomplished public and private career in financial services. he served as an assistant secretary and undersecretary secretary of the treasury under george h.w. bush, where he was responsible for policy on financial institutions and the treasury debt market among other areas. first-hand experience in investment banking and was a partner of the carlyle group before being appointed to serve on the board of governors and 2012. during his years of service and government and in the private sector, governor powell has proven he is qualified to lead the fed.


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