Washington, D.C.– Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding Republican tax legislation. Below are Senator Schumer’s remarks, which can also be viewed here:
Yesterday, the Republican-led House Ways and Means Committee advanced a sweeping array of new tax giveaways that reward the wealthy and well-connected and leave our ordinary families out to dry.
With this latest GOP tax scam, Republicans are showing exactly where their priorities lie: with large corporations, Big Oil polluters, and ultra-high-earning households.
After the Trump tax law blew a nearly $2 trillion hole in our national deficit, this new Republican proposal would increase the deficit by another trillion dollars.
This hypocrisy is just astounding.
Two weeks, three weeks ago, we were hearing that we’ve got to reduce the deficit. Debt is our big problem. We should even default before we would deal with that problem. And now, all of a sudden, they passed a bill that increases the deficit by another trillion dollars.
The hypocrisy of that is bouncing around the walls here.
How do they look themselves in the mirror? How do they look themselves in the mirror? By bringing us to the brink of default because they wanted the deficit down and debt down, and now increase it by a trillion dollars simply to help their ultra-rich friends and the biggest, wealthiest corporations who don’t pay a fair share of taxes.
Republicans push our country to the brink of default in the name of fiscal responsibility and deficit reduction. But now the same Republicans want to blow a trillion-dollar hole into the deficit without so much as batting an eye.
You know what it shows you? That those Republicans, not all but them, it shows you they really don’t care about the deficit – they simply resent the idea of making the ultra-ultra-wealthy and the biggest corporations pay their fair share.
The Republican’s latest tax scam is also bad news for anyone who worries about protecting our planet in future generations.
Their proposal would gut billions in clean energy investments that are already creating millions of good-paying green jobs. Our Inflation Reduction Act has helped create over 142,000 new, new, good-paying jobs, and more are coming, many more, in the next few years, but Republicans now want to gut those investments completely. Why? Big Oil. Big Oil. They’d get a $10 billion tax break under the Republican plan and we all know the Republican party, in the House and in the Senate, is under the thumb of Big Oil.
So, it’s clear that this latest GOP tax scam is more of the same: giveaways to large corporations, giveaways to big oil, and another massive hole in the deficit.