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Transcripts For CSPAN2 U.S. Senate U.S. Senate 20240713

That should be the basic ingredients of tax reform. First it should be fair to taxpayers of this country. The tax bill enacted two years ago was certainly not fair. It failed in that test. As i pointed out, who benefited . Well, large corporations benefited dramatically by this bill, but they said look, well pass it on to the workers. But did they pass it on to the workers . In 2018, 1. 1 trillion were used to repurchase stock to make the wealthiest even wealthier and did not go to the benefit of the workers. It benefited the greatest on the personal income tax side to the highest income taxpayers. They are the ones who benefited the most. It was not fair to middleclass taxpayers. Secondly, a tax reform bill should be fiscally responsible. After all, we have taxes in order to raise revenue, in order to pay for services so we dont borrow from the future for our children and grandchildren to pay for what were doing today. The administration said that this would be a fiscally responsible

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