Leader Schumer Floor Remarks On Republican Tax Plan: "Billionaires Win, Working Families Lose"

Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor to slam the House Republican tax plan backed by Donald Trump, warning that it would kill American jobs, explode the deficit, and overwhelmingly benefit the wealthiest Americans at the expense of working families. Below are Senator Schumer’s remarks, which can also be viewed here:

Donald Trump can meet with House Republicans as many times as he likes, but he won’t change the fundamental problem of their bill: it kills jobs, U.S. jobs, explodes the deficit, and overwhelmingly helps the rich.

First, on jobs. Donald Trump and Republicans want to reward billionaires by taking an axe to critical clean energy investments America needs to meet our energy demands of the future.

Under Donald Trump, China is overtaking the U.S. Republicans’ attacks on clean energy investments mean the U.S. will cede our leadership on clean energy to Chinese companies. Clean energy is the future – we need it to meet our energy needs. Republicans who squander the future will regret it.

Second, if Republicans make Trump’s tax cuts permanent, they will add over fifty trillion to the debt in the next thirty years.

Our children and grandchildren will be condemned to a lifetime of higher interest rates, higher costs, diminished potential.

Meanwhile, Republicans keep saying their tax scam will lift Americans across the board. This is false, and we have the data to show it.

According to a study by Wharton, under the Republicans’ plan: the top 10% of Americans will get 65% of the benefit of the value of tax breaks.

Many Americans making less than $51,000 a year would see their incomes go down.

Many working families in the first income quantile will take a $1,000 hit.

And the national debt will increase by $4.6 trillion over the next decade. That is in addition to, again, the potential $50 trillion over the next three decades if these tax giveaways are made permanent.

That’s the formula for the Republicans’ big beautiful bill: billionaires win, working families lose.

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