On the recordDecember 20, 2017
I thank the gentlewoman for yielding and also for her tremendous leadership. Let's talk a little bit about the winners in this bill. I think it is interesting to note that, if you are General Electric, since 1990 to 2017, you have contributed over $20 million to Republican campaigns. What you get back in tax relief from this legislation is almost $16 billion over the life of this bill. If you are Microsoft, you have contributed over $17 million, and you get back $27 billion from this tax bill. This is such a great investment for big corporations who have given money to Republican candidates over the years. But if you are not part of the country's wealthiest 1 percent, this GOP tax scam is a really bad deal for you. It is especially bad for America's senior citizens. This tax scam raises premiums for those 50 to 64 by 10 percent, an average of $1,400, and the deficit it creates will require, under the law, $25 billion in a Medicare tax cut next year. We have heard the Republicans say we are going to get that money back, but in this bill there is a $25 billion cut in Medicare next year. That is only the beginning. It gets worse. Republicans aren't even hiding the fact that they intend to use this deficit that they created of $1.5 trillion as justification for slashing Medicare and Medicaid. They have said it. They have admitted it. They are even talking about raising the age of Social Security eligibility in order to give these tax breaks to the rich.…
Source
govinfo.gov




