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Majority Leader Schumer Floor Remarks On 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 the latest CBO report, which shows that extending the full 2017 Republican tax law would add $4.6 trillion to the deficit, and would mainly serve to enrich the wealthiest few and large corporations. Below are Senator Schumer’s remarks, which can also be viewed here:

We knew from day one the Trump tax cuts stunk to high heaven, and now CBO has shown us they’re even worse than we thought. Last month, the CBO reported that an extension of the 2017 Trump tax cuts would add a whopping $4.6 trillion to the deficit. Hear that, deficit hawks on the other side of the aisle, who keep complaining that the deficit's getting higher? The Trump tax cuts would add a whopping $4.6 trillion to the deficit – that’s 50% higher than original estimates!

This latest CBO report is a harsh reality check for the self-proclaimed fiscal hawks on the right who complains about the deficit. They complain about spending $50 million to help feed kids, but they seem to have no concern about a tax cut that mainly goes to the wealthy and big corporations that increases the deficit by $4.6 trillion. It’s another reminder of why at the end of the day, the Trump tax cuts were a dud for the economy and political loser for the Republican party.