Ranking manner member responded to mr. Cohns comments. Thank you mr. President. Im going to take time this afternoon to respond to the remarks of mr. Gary cohn. Thank you. Im going to take this time to respond to the remarks of the president s top Economic Advisor respect tohn with this administrations approach to taxes. And let me be clear right at the outset. His parade ofand millionaires are executing a middleclass con job. I am going to be very specific in saying why i have reached that judgment with respect to what they are saying about taxes. I dontident said, benefit, very, very strongly. I think there is very little benefit for people of wealth. Those were the president s exact words. He said it is not good for me, believe me. The president said it in a speech unveiling the tax reforms blueprint on wednesday. Unless the president paid zero tax, the president is going to benefit enormously from this tax plan. His family would save billions if the estate tax is illuminated as he eliminated as he has proposed. More than 500 has cruise will be able to take advantage of the new grand canyon sized pass through loophole that is his plan proposes are based on his 2005 tax return, that is the only one available, the president would save millions each year if the alternative minimum tax is eliminated. President and his saiddvisor gary cohn that wealthy americans are not getting a tax cut. Them,xpect you to believe and not your lying eyes. I want to just take a few minutes and describe exactly what the welltodo are getting in this bill. The plan outlined by the Trump Administration would cost upwards of 5 trillion. Hued towardelmingly the wealthy and the biggest corporations. It lowers the corporate rate from 35 to 20. Much of that goes to wealthy shareholders. Through which would a big gift to hedge funds, basically would let them start hauling ordinary income, business income, so it could be taxed in a much lower rate, and they would be in the process harming Social Security and medicare because they were not paying those payroll taxes. Tax. Tioned the estate few thousandust a people. The exemption is already 11 million. This break would cost the 250can people between billion and 270 billion. That is an awful lot of money. And then, they would lower the 39. 6idual top rate from 235. Lets make no mistake about it. Across the United States and its top Economic Advisor have said that they are not going to give tax cuts to the wealthy. That is not what they said yesterday. Was said that the top rate going to go down. 35. 39. 6 to to add insult to injury, for those at the bottom of the who pay 10 , now theres would go up to 12 . This is just making a mockery out of the president s pledge that this was going to be about working families, and not about the wealthy. Respect tot is, with president ,class, mr. It is running sleightofhand show game. What they did with one hand, they just take away with the other. Yesterday that they were going to be helping middleclass folks by doubling the standard induction. First of all, that is walking back, mr. President. A bipartisan proposal we have had here in the senate written by myself and my colleagues, now a member of the Trump Administration, that would triple the standard deduction. Outrageousticularly is that the trump people are not to leveling with those middleclass families. Basically, they are saying, you are really going to do well, you are going to get double the standard deduction. What they do not tell them is that they are going to eliminate the personal exemption that large middleclass families rely on. In effect, those large middleclass families, i think a lot of workingclass families, who may support the president , they are going to see a tax president ser the tax outline. We heard about it yesterday. Even with this larger standard deduction. The president s team also took a big pass on the opportunity to expand the Child Tax Credit to make sure that more working families would benefit from them. There are no specifics about the Child Tax Credit in this plan. Now, the treasury secretary went on fox news and said the tax plans is going to cut down the deficit by a trillion dollars. Mr. Metuchen is doubling down mr. Minutia and is doubling down. The idea that the tax themselves in effect paid for themselves through economic growth. History shows that is not true. The tax cuts do not pay for themselves. In 2001 and 2003, tax cuts were billed and tax relief for the middle class sparked economic growth. Tead, the benefits skewed they added trillions of dollars to americas debt. Middleclass the secretary of treasurys cuts is, the trump tax wont adjust pay for themselves. They will bring in an additional 1 trillion in revenue that talks of their own cost. My son would say that is a bunch of whoppers. It couldnt be further from the truth as even republican appointed Budget Office director cuts dod made clear tax not pay for themselves. That tax cuts do not pay for themselves. Those are the words of the budget director appointed by the republicans. Director went on to say the models that they are doing, the macroeconomic effects and economic lingo for the big picture in the longterm show. The other comment that was cohen isy from gary the president remains committed to carrying the interest deduction, despite his campaign promise. Planagain, the president s doesnt close the carried interest loophole. This is the second to get bigsion the second occasion the president has failed to follow through on his campaign promise. In the spring he had a one page outline. He said that is where they were going on taxes. They had one page then. It didnt do anything but follow through on the president s promise, the carried interest loophole. Bill,day, we didnt get a but when you eliminate all the white space, they put out close to five pages. They did not close the carried interest loophole. It gives such massive tax cuts to those at the tops at the many of the megawealthy are going to be able to get away without paying their fair share. All will be legal under the president s plan. What is the one question on which the trump team does not bend the truth . Whether their plan will protect the middle class from a tax hike. , the trump advisor could not guarantee that taxes will not go up for middleclass folks. Secretarye treasury says that he could not guarantee middleclass folks would not pay more under the tax plan. Is really striking about this, it is quite a contrast, people at the very top, what they are going to get is spelled out in detail. In detail. They are going to see the abolition of the estate tax. An incredible windfall. To a few thousand families. Us, cantss folks, guarantee you wont pay more. En said, we are aiming to help the middle class. When he was asked to commit to it, well, i dont know. He would not stand behind the middleclass, mr. President , the way this Administration Stands foursquare behind those at the top. It is why i have said that the president and his parade of millionaires are executing a theleclass con job, president s out of touch advisors failed to understand that the time is now to deliver folkslief to middleclass who need it most. It is time to go back to the drawing board and come up with a plan that does not threaten middleclass americans, particularly those with larger families. With a taxhem increase and they cannot afford. Saying, onlose by our side, we have repeatedly view that the the tax system is a dysfunctional broken down mess. It is filled with loopholes. Then you have the conversion virus. My wife says, stop there because anymore will frighten the children. We share the view that the tax system is broken. Joine been very proud to , closeior republicans allies, Majority Leader Mitch Mcconnell in a tax reform ,roposal that is bipartisan that really puts the focus on the middle class, and read, white, and blue jobs. Our proposal and the outline laid out by democrats that there has to be fiscal responsibility, it has to focus on the middle class, then the tax relief wouldnt go to the people in the 1 . The bill i wrote that had republican support, the outline led by senator schumer, it does not go as far as Ronald Reagan and the democrats went in 1986. President reagan, no one would call a flaming liberal, president reagan entered into an agreement with democrats in 1986 that said there would be equal treatment of income earned by a cop and the nurse with somebody from a hedge fund or an investment shop. That a dollarsaid is a dollar is a dollar. Everything ought to be treated fairly. That was important then. It is even more important now. Reality there are two tax systems in america. There is one for the cops and the nurses. Taxes taken out of every paycheck. That taxation is compulsory. Note caiman islands deal for them. Man islands deal for them. The highfliers get to pay what they want when they want to. I think it is very unfortunate. What the president has described is another gift for that group that i just described pay tot they want when they want. It is really sad to hear that this administration and the president is pretending that they are doing something else, and putting focus on the middle class. What they are really doing is advancing a parade of , a number of those who are part of this administration. With that, i yield the floor. We will have more on the reformcan tax from proposal shortly. You can find the remarks on cspan. Org. Interior, secretary of will talk about the trump energytrations domestic agenda. We will take you to the heritage Family Heritage Foundation for that. Armednking member of the Services Committee will look at the president s approach to dealing with north korea, russia, and iran. We will bring you that live at 12 30 eastern. This weekend on cspan3, saturday at 8 00 eastern, on lectures and history, university of virginia professor on the civil war. There are different takes on the war as they went forward after appomattox. They embraced versions of the war that suited their purposes. Sunday at 10 00 a. M. , president clinton marking the anniversary of little rock central high school. I wanted to say you did 60 years, take a victory lap, put on your dancing shoes, have a good time. , you have have to say got to put on your marching boots. [applause] eastern on oral histories, we consider our series on photojournalists. You always try to be any place when we were working, haveially the white house, the maximum amount of film whenever something happens. Second, you can be there