On the recordDecember 20, 2017
I understand that my Republican colleagues and President Trump are busy celebrating the passage of the tax bill that was voted on at 1:30 in the morning. They are very excited, and they are very happy about it. I understand that. I guess, if one is a billionaire like President Trump or is a wealthy campaign contributor, you do have a whole lot to celebrate. Maybe, if you are 1 of the 6,000 lobbyists here in Washington, DC, who helped to write the bill, you are celebrating a lot today. Yet, if you are one of the vast majority of the American people who is in the middle class, you should not be celebrating today. In fact, you should be pretty nervous. The passage of this legislation marks a great victory for the Koch brothers and other wealthy campaign contributors who will see, at a time of massive income and wealth inequality, huge tax breaks for themselves. In other words, the wealthiest people will become much wealthier. Meanwhile, the deficit--what is owed by our kids and our grandchildren--will increase by $1.5 trillion as a result of this bill. The largest and most profitable corporations--companies like Apple, Microsoft, Pfizer, and General Electric--despite record breaking profits, are going to see very, very large tax breaks to the tune of many billions of dollars. Now, at a time when the very wealthy are becoming much richer, tens of millions of American families are struggling to keep their heads above water economically.…
Source
govinfo.gov




