Skip to content

Majority Leader Schumer Floor Remarks On A New CBO Report Showing The Outrageous Cost Of Fully Extending Republicans’ Tax Law

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on a new CBO report which shows that extending the full 2017 Republican tax law would add $4.6 trillion to the deficit, and how Democrats are working to create a fair and equal tax code that works for everybody. Below are Senator Schumer’s remarks, which can also be viewed here:

Yesterday, the CBO released a new report that should be a shot across the bow for Republicans who support the disastrous 2017 Trump tax cuts.

The CBO reported that extending all of the Trump tax cuts – which Republicans support and Donald Trump has promised to do if elected – would add a whopping $4.6 trillion to the deficit. That’s $4.6 trillion.

Let me say that again: an extension of all of the Trump tax cuts would add a whopping $4.6 trillion to the deficit.

To the self-proclaimed fiscal hawks on the right who always complain about deficits, this CBO report about the Trump tax cuts is like a pie in the face.

This report should come as no surprise: we all saw what happened when Donald Trump and Republicans first pushed their tax cuts a few years ago.

They blew a nearly $2 trillion hole in our deficit.

They left American families out to dry, with no trickle-down stemming from the benefits for the very wealthy and corporations.

The Trump tax cuts were a dud for our economy and a political loser at the same time for the Republican party.

So, I ask my Republican colleagues: are they really willing to double down on the disastrous Trump tax law and blow a $4.6 trillion hole in our deficit?

Are my Republican colleagues – who claim to be the party of fiscal responsibility – so desperate to help the very wealthiest few and large corporations that they would add another $4.6 trillion to the deficit?

Do my Republican colleagues believe so deeply in giveaways to the ultra-wealthy that they would let programs like Social Security and Medicare – which millions of Americans rely on every day – would they let them run dry?

If nothing else, this shows how out of touch Republicans are with working and middle class America.

The American people don’t want tax cuts that overwhelmingly favor the wealthiest few and corporations. They want a fair and equal tax code that works for everybody.

While Republicans keep pushing terrible tax giveaways for the wealthy and cuts to Social Security and Medicare, Democrats continue to deliver meaningful results for the American people.

This week, for instance, we learned that the U.S. will triple its domestic chip manufacturing by 2032, thanks to our CHIPS and Science Act. This is great news for American jobs and the American economy.

It’s exactly what we envisioned when we were working on the bipartisan CHIPS and Science Act: a new wave of tech jobs, a new wave of scientific research, and a revival of federal investment in the technologies of the future.

Under President Biden and Democratic leadership, America is on the right track.