The presiding officer duly noted. Mr. Lankford mr. President , i want to be able to address this body to talk about an issue that we dont talk about enough, the deficit. Its an issue for whatever reason weve stopped talking about in washington, d. C. Were talking about tax policy, as we should. Were talking about Disaster Relief areas, which we should. Talking about health policies, which we should. A lot of other things. We have stopped talking about debt and deficit. I think thats a mistake for us. See, as the trend has moved, since 2011, at a high point when the deficit spending that year was 1. 3 trillion in overspending in a single year. Since that point, deficits have gone down a little bit each year until 2015. In 2016, our deficit number, thats a single year overspending started going back up. It went up in 2016. It went up again in 2017. Turning the wrong direction. As you will recall and as many people in this body would recall, deficits were a major topic for us starting in
See passage of this proposal by the end of the week . Guest it seems likely at this point. Today theyll be taking up amend ams and probably get into voteorama, the where senators can offer unlimited amendments. That could stretch into late into the night tonight, potentially followed by a vote on final passage. Its possible it could stretch out any longer, but as far as we know, they are on end to finish by the end of this week. Host some of the amendments coming from republicans stray a little bit from the original intent. Walk us through those and whats the most important one to watch . Guest i think a very important someone coming from senators marco rube scombrow mike lee, who would essentially make the Child Tax Credit fully refundable against payroll taxes. This is a proposal that could draw some democratic support. Were not really sure how democrats will play this, but it pays for some of the changes by actually raising the Corporate Tax rate a little bit from what is proposed u
Forest and cleanup of National Waste sites. In todays washington journal we talk of tax legislation and Sexual Harassment in the workplace. Call in with your comments. Host today the Senate Continues debate on the republican proposal looking to make significant proposals to the tax code. 50 votes are needed to pass it. However, several republican senators are looking to make changes to the tax plan. Changes such as bumping up the Corporate Tax rate from the proposed 20 and imposing, quote, triggers to keep the National Debt from increasing. With so much activity in mind, were dedicating the entire program today to give you the latest information on the Senate Debate and hear your opinion of the republican proposal for tax reform. Heres how you can let us know your thoughts this morning. If you want to call us, 2027488000 for democrats, 2027488001 for republicans and independents, 2027488002. You also can reach us on our social media venues. Postit on twitter or facebook as well. As you
Those who are at the lower end of the economic scale, and i think thats appropriate. So its middleclass tax relief but heres how it works. The share of federal taxes paid in 2019, which is a year after this is implemented, it starts right away, by the way, so middleclass families are going to get that relief right away. Currently is in the red and then our proposals in the blue. If you make, again, zero to 20,000, its very unlikely that you have income Tax Liability. But some families do and the average is. 1 . If you make 20,000 to 50,000 a year, your share of federal taxes goes down from 4. 3 to 4. 1 , in our bill. If you make 50,000 to 100,000, your share of the federal taxes goes from 6. 9 to 6. 7 . If you make 100,000 or above, your share goes not down. It goes up. From 78. 7 to 78. 9 . The top percent of wage earners in this country, earners, top 10 pay approximately 70 of the income taxes right now. After our bill is passed and implemented, they will pay more than 70 . So it is
There will be now each are going to try to take around five minutes. Senator durbin. Mr. Durbin mr. President. Mr. President , what happens when you decide to write a tax bill that changes the economy of the United States of america, you dont have adequate hearings to gauge whats going to happen, you dont bring in the experts to try to tell you what the impact will be on individuals, families, and businesses, and you stick around until 5 00 on a friday night, and you hand out the work product for all the members of the senate to take a look at before they vote on changes in the tax code that will affect the people they represent. This is what happens. 479 pages were handed to us. They tell us that some of this has been around for awhile. Some of its new. They dont tell us which part is new and which part is old. But lucky for us, on k street and theres nothing wrong with lobbyists. But on k street where the federal lobbyists live, they are following this really closely and they have gi