Political Quotes

“I rise to talk about a subject matter that this bill deals with that we are not hearing a lot about. I wanted to start, though, with the basics in terms of the overall debate. I have said many times in the last number of days and weeks when we have reviewed the House proposal and when we reviewed the Senate proposal that was voted on in the Senate Finance Committee before Thanksgiving--I described the Senate bill as a giveaway to the superrich and big, multinational corporations. I still believe that. I hope that when we see the new version of the bill, I won't have to say that again, but I am afraid I will. I am afraid that when we look at some of the data on what the tax impact would be on certain income brackets in the United States, even starting in the first year where the analysis starts, 2019--I am looking at page 3 of a report by the Tax Policy Center dated November 20 and based upon the Senate bill. In that year, tax year 2019, table No. 1 focuses on three income categories: folks making between $50,000 and $87,000; folks making between about $310,000 and $750,000; and others making above $750,000, so basically the top 1 percent. Here is what they find. The Tax Policy Center tells us that the first group, the family making $50,000 to $87,000, would receive an average tax cut of about $900, or 1.4 percent of after-tax income. The next group, the $310,000 to $750,000 income, gets a tax benefit that amounts to about $12,000, or 3.5 percent.…”