On the recordOctober 25, 2017
Today we will begin a journey that has been represented to be a lifeline for the American people in long awaited tax reform. Sad to say that this is not a bipartisan bill. In addition, it is a bill that will cause a great deal of challenge to the American people. For example, in moving firms across the ocean, overseas, the American people should know that those companies, in the construct of this bill, will cause them to be exempt from taxes forever. In a discussion this morning, I heard that it will not boost the economy. The American people should know that it will destroy, undermine, crush the economy. The representation of the level of growth is a misnomer. Take, for example, in 1986, in the tax reform, there was no surge in job creation after the Reagan tax cuts. There was no high numbers of blossoming jobs. Many in my congressional district need jobs. It will be borrowing from the future and it will be a burden on our children, our children's children, and their children. But the most devastating part is the bill that we will be paying, the actual dollars to pay down the deficit. Of course, it should be known that we have examples that no jobs will be created. In 2004, for example, when there was a repatriation from companies regarding their taxes, there was no creation of jobs that we can even recognize. Most of the money went for stock buybacks. Now, I know that sounds completely technical, but let me be very clear.…
