Political Quotes

“These are the very same people that this President promised to benefit. This is what this bill does for corporate America: It dramatically cuts rates from the largest companies in the world, moving the corporate tax rate from 35 percent to 20 percent. It creates loopholes for wealthy individuals to recharacterize their wage income as small business income so that they can pay less in taxes. It repeals the alternative minimum tax, which captures the tax liabilities for wealthy individuals. In fact, the only tax return that we have ever seen of Mr. Trump was his 2005 tax return in which he had to pay $38 million. Why? Because of AMT. And this tax bill will also permanently repeal the estate tax, which only affects 5,500 households in America. And I can tell you, Mr. Speaker, none of those households are in my district. In contrast, how will this tax bill impact the middle class? Mr. Speaker, 36 million middle class households will pay more taxes. One in four taxpayers will pay more taxes. To pay for the corporate tax cuts, this bill will hurt working families. It will eliminate deductions on interest on student loans. It will eliminate medical expense deductions, which many, many households use to pay for long-term care needs. It will eliminate the lifetime learning credit. And it will also do away with deductions for families that pay for daycare and aging parents. Mr. Speaker, this is not comprehensive tax reform.…”