Members of the finance committee joining us today. Earlier today, ive got to get my letter. Here we are. Earlier this morning 45 members of the Senate Democratic caucus sent a letter to the president and leader mcconnell and chairman hatch laying out our preferred path for tax reform. We have three simple requests that are overwhelmingly supported by the American People first we believe any tax package should not increase taxes on the middle class and should not cut taxes for those in the top 1 . We dont want any tax cuts for those in the top 1 . They are doing fine already. Its the middle class that meets their relief. Second, unlike with Health Care Tax reform should follow regular order. Its a subject that deserves hearings, committee markups amendments and a robust debate with input from both sides. We would plead with our republican colleagues not to make the same mistake they did on health care and try to do it by themselves. They are going to have a similar result i would predict and third we believe that tax reform should not add to the deficit. It should not add to the deficit. Its big enough already. Leader mcconnell said republicans will have to go at it alone because he doesnt agree with the democratic principles. Leader mcconnell, which of our three principles dont you agree with . Do you not agree that tax cuts shouldnt go to the very wealthy . Do you not agree that we should work in a bipartisan way . Do you not agree that we should not increase the deficit to . Which those three leader mcconnell dont you with rewith . We know whats going on here. The hard right Koch Brothers part of the Republican Party desperate for tax cuts for the very rich but americans are not for that overwhelmingly so they can say that. They come up with many on the far right cope rather wing of the Republican Party want to cut taxes on the wealthy and then they want to argue that the deficit that they created means they have to cut Social Security, medicare and medicaid. One of the leaders of supplyside road that oped in the wall street journal is it just that cut taxes on the rich and cut back on the social safety nets. What percentage of americans agree with that . Theres a real potential for bipartisan support on tax reform but i think the republican colleagues hated by the Koch Brothers hard rightwing of their party is running away from it. They say tax reform is hard and it is but its a lot harder if republicans try to do it all by themselves. Its a lot harder if the group that they are really carrying the water for are the very wealthy who want to support tax cuts even though they are doing great. We saw the trouble going it alone with health care. The best tax reform is bipartisan tax reform aimed at helping the middle class. Let me say it again so leader mcconnell can hear me. The best tax reform is bipartisan tax reform aimed at helping the middle class, not the top 1 . We urge our republican colleagues not to take the same road they did on health care and try to do this all by themselves and do something very unpopular. Senator wyden. Leader, thank you and let you pick up on what he has said. As of this afternoon, the middle class is in the dark about what they would get from tax reform but the fortunate few is in clover and let me give you very specific information on this. The republicans have had two opportunities where they could help the middle class. They put out a one pager on rolling tax reform. We call it shorter than the typical drugstore receipt. There was no real they are there for the middle class and just a few days ago they put out another outline and that has even less in it for the middle class than what we saw in april. Thats where the middle class is now lets talk about the fortunate few. They have had a proposal for what are called tax pass throughs and this would allow the fortunate few to reconfigure ordinary income, get out from Social Security and medicare taxes and get the low Capital Gains rate. Thats why we are saying that there is a double standard and lots of specifics on how to help the fortunate few virtually no bear, bear for the middle class and the reason we feel so strongly about this is that the middle class drives the economy. Consumer spending accounts for 70 of the economic and david e. In our country. Thats middle class people buying cars and paying for education and remodeling homes but when we put together this letter we made it very clear that this is about a middleclass driven economy and instead of a double standard and thats why we hope to have a bipartisan bill like it 1986 were the middle class came first. Thank you. Traditionally in the finance committee and in the senate we Work Together in a bipartisan basis and its very concerning to hear senator mcconnell talked now about immediately going to reconciliation. Its the same thing they did on health care the day after we were sworn in. They decided to immediately go to reconciliation and it was going to be done with a few republicans and they said we didnt want to Work Together. Now as we Start Talking about tax reform they are doing the same thing. So we want to Work Together but they do have different priorities. We understand the Economic Growth means putting money in the pockets of middleclass working people of Small Businesses, people trying to get into the middle class. That grows the economy so you can buy a house, take care of your family by an automobile oakley made in michigan and be able to basically have a good life. Our focus is on middleclass families and on Small Businesses were in no in michigan thats where the majority of jobs are being created. Folks are going out to take a risk to start their own business. We want to Work Together. We may have different priorities. There is maybe the top 1 and we want to make sure the economy grows for everybody. Makes no sense to start immediately saying they are going to shut us out and not try to get a bipartisan bill that will work for the country. First let me see the leaders word chivalrous and second just to make a final point here, we shouldnt be adding to our deficit and we shouldnt be adding to her debt. We have a surplus in the Clinton Administration the last time we had a surplus in the federal government we thought that would last forever and we thought we havent seen it since because of the tax cuts that they are proposing today. We have seen an example of the bush tax cuts as well as the recent example of the work done by governor cantor cutting taxes in the name of fiscal discipline can lead to some very bad things. Todays we stand here we are collecting revenue of 80 of our Gross Domestic Product and spending almost 20 of Gross Domestic Product. The proposed tax that would just add to that deficit and thats not something we should do but the final point i would make, colorado is so weary of these partisan approaches to legislation especially on things Like Health Care and tax reform. My hope is the finance committee can come together in a bipartisan way and legislate in it during results for the American People. Thanks michael. We are ready for your questions. What can you do to help compromise . Senator alexander on health care on the Health Committee is going to meet to talk about stabilizing the system and in a bipartisan way. Why go through six months again on tax reform which they went through on health care and then come together . We have shown time and time again if we are invited and we want to participate. We are going to get all our way. Therell be compromises. Thats what its all about. Thats what the Founding Fathers created in this country so we are urging our republican colleagues not to go at it alone but to work with us. That may mean their dream of huge tax cuts on the rich and almost crumbs or nothing for the middle class wont happen but they will be better off and america will be better off for it. [inaudible] well look, the bottom line is policy has been so far away from where the American People are at. Thats a big fault line here. On Health Care Leader mcconnell, its not his fault they couldnt get it done. They came up with a plan that was so far away from what the American People wanted it couldnt get done and thats what they are trying to do on tax reform as well it looks like at the outset here. I think jeff flake is one of the finest human beings i have met in politics. In terms of his integrity and in terms of his honor and in terms of its ability to speak truth to power. Hes an amazing guy. I havent read his book so i cant comment on the specifics but let me tell you something, he is broadly respected in terms of the person he is. He is much too conservative i think for many people in his own state but he has great integrity do you believe the white house is on the same page as you like. We dont know where the white house is because they have different actions and are saying Different Things and there were two people missing at that meeting, speaker ryan and leader pelosi. The house, the republicans are in charge. Where are the House Republicans and were speaker ryan . Before we address the debt limit we have to know where they are at. [inaudible] first of all on cabinet secretaries and even someone like wray the head of the fbi just rushing in through doesnt make sense. Wray got overwhelming support in the committee and the judiciary he had a unanimous vote. Thats a committee of a lot of strong democrats and they all voted for him and now that health care is over i have told leader mcconnell we will agree on a robust package of nominees. When they do regular order in health care, we are not going to do regular order on the things that they want and they say no regular order a memoir stood portending we are facing could i we said after health care was over we try to get together and get package that we are making Good Progress in that regard. The press secretary just said she things will turn the legislative agenda trumps legislative agenda as congresss inability to get things done. You are you a that . As long as both donald trump and a republican colleagues try to go at it alone theyre going to have a very rough time and both seem to be in agreement on that. Donald trump, it was hard to believe that he said well we should go to 51 votes and thats the reason health care fail. Did go the 51 votes in health care. [inaudible] it doesnt need a response. Most americans and most economists agree with what senator bennett said that our deficit is large enough that we dont need to make it worse by dramatic tax cuts for the wealthiest people. When was the last time you heard from anyone in the administration . I brought up with donald trump four times, lets do it for structure and in fact i suggested to him the first week after he was elected president today said that lends itself to bipartisan support. We sent them a package that the entire caucus agreed with and we havent heard a thing. Thank you everybody. As Congress Considers rewriting the tax code the Senate Finance Committee Held a meeting on the lowincome housing tax credit. This credit cost 9 billion and lowers tax revenue and goes to developers who build housing for low income residents. The committee will come to order. I want to welcome everybody to todays hearing entitled americas affordable housing
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