We will come to order. Oury, we will consider consideration of the tax cuts and jobs act. Promised, wes delivered to members a modification that we will incorporate this morning. After that, all we will walk through the modification. Members will get an opportunity to discuss and ask questions about the modification. Once that is complete, it will be open for amendment. I want to thank my fellow committee members. Include a number of their amendments in the modification in the mark. I think the market will be better for it. Process,outset of this producing this legislation has been a group effort. I want to thank all of you for your hard work. Lets talk about the modifications. These are not see changes. The core remains the same. Complaints that the walkthrough was a waste of time were misplaced. One modification of the initial mark which will benefit american is a greater expansion of the Child Tax Credit. Bring it to 2000 per child. In addition, we will lower tax rates even lower th
And youre turning around and cutting 185 billion from the same people then youre cutting i believe 179 billion from medicaid. Now, im pretty sure those people dont make 50 now dollars a year. So youre cutting 364 billion. There are no cuts to medicaid in this bill. I beg your pardon . Im reading off of the cbos form. 179 billion in medicaid subsidies. Thats where the money is coming from. Where do you think the 300 billion is coming from . Is there a fairy dropping it on the senate . The money youre spending is coming out of medicaid to people that make less than 50,000. Youre trying to shop this like youre giving a 43 billion savings . Just so you know cbo, thats people who are leaving medicaid. Mr. Chairman and what they estimate is going to happen. You have spending 318 billion to make tax cuts for corporations permanent. That money is coming from the very people you say youre saving by eliminating 43 billion in tax penalties. All these people and you know whats going to happen . Th
Last night as promised. It would incorporate into the mark this morning. They will walk through the modification and members will get an opportunity to discuss and ask questions about the modification. Once that process is complete it will be open for amendment. Before we take these next steps id like to make a few initial comments. I want to thank my committee members. We were a able to include a number of their amendments in the modification and the mark and will be better for it. From the outset e of this process, producing this legislation has been a group effort as i have been joined and ably assisted by the majority members of the committee. I want to thank them and are the hours, days and weeks of hard work that have gone into this process. By producing this modification, we have taken another big step forward for tax reform. So once again, thank all of you for your hard work. Now lets talk about some of the highlights and the modification. Note that while we made some important
Meeting will come to order. Today we will consider we will continue our consideration of the chairmans mark for the tax cuts and jobs act. Last night, as promised, we delivered to members a modification that we will incorporate into the mark this morning. After that, we will walk through the modification and members will get an opportunity to discuss and ask questions about the modification. Once that process is complete, the mark as modified will be open for amendment. Before we take these next steps, i would like to make a few initial comments, however. I want to thank my fellow committee members. We were able to include a number of their amendments in the modification and the mark, and well be i think the mark will be better for it. From the out set of this process, producing this legislation has been a group effort, as i have been joined and more than ably assisted by the majority members of the committee. I want to thank them and their staffs for the hours, days, and weeks of hard