Political Quotes

“I thank Representative Lieu. I wanted to just point out that there was a study that was done out of Wharton on the tax plan. It wasn't on this most recent version, but I think the majority of the things that are in this are still true in what they analyzed. What they came out with and said is that the assumption of 3 percent growth does not make sense; that, really, what they are looking at is 1.3 to 1.4 percent, ultimately, growth, and that it would create a $10 trillion deficit over time. I believe it was $3 trillion in the first 10 years. I have to go back and check that number. Essentially, what they are staying is it doesn't work. The person who actually wrote the 1981 tax cut under Ronald Reagan, who was working for Jack Kemp at the time, wrote an op-ed in The Washington Post, I believe it was, and said: ``This theory of trickle-down economics doesn't work. We were wrong when we did that, when we said that back then, and it is wrong to look at that same idea today.'' Now, Representative Lieu said Democrats are not opposed to tax reform. That is right if it was real reform. We do think that the Tax Code could be simplified, that it could be fair so that small businesses and working families and folks who are really investing in the economy are the ones to get the benefits of any tax reform, that we would close some of the tax loopholes. Unfortunately, this is not tax reform. What has been proposed is not tax reform. It is tax giveaways to the wealthiest.…”