Are i should say some of the many reforms that are included in this legislation. What he talked about is critically important. If america is going to be competitive in the global marketplace, we have to change our tax code, because it is completely outdated, completely antiquated relative to any of the countries with whom we compete. So as the senator from pennsylvania pointed out, the reforms that we make in this bill allow American Companies to compete and win against those other countries around the world. The chinas of the worked the russias of the world, those countries that america has to compete with on a daily basis have a huge advantage over American Companies today simply because we have a tax code that doesnt recognize and reflect whats happening in the global economy. And thats why modernizing and updating our tax code was such a critical part of our tax reform efforts. Mr. President , this is, i would say, contrary to i was listening to my colleague from vermont. I think t
Talk about the swamp. All the folks out there that voted in this election do not have a swamp in washington, d. C. , are watching this happen right in front of their eyes tonight. We have a bunch of amendments that were dropped in by lobbyists here last night. We havent seen except we got a list from them, and we have got ill legible amendments now at the desk that the american even if we could read them, we wouldnt be able to. It just doesnt make any sense. I tell you Something Else that doesnt make any sense. It doesnt make any sense that in our economy, 90 of our folks, the bottom 90 earn the same amount of income as the top 10 . The top 10 earn 50 of the income in this country. The bottom 90 earn the other 50 . And you can see the directions that these lines have headed over a number of years. Thats the issue that we confront in our economy. Thats what we all should be working on in a bipartisan way to try to address. Unfortunately, instead of improving the circumstances for people
90 of our folks are in the sane amount of the top 10 . Top 10 earn 50 of the income and 90 bottom and the other 50 and you can see the directions these lines have gone over a number of years and thats the issue we confront with our economy. Thats what we should all be working on in a bipartisan way to try to address and unfortunately instead of improving the circumstances for people in the bottom 90 the decisions been made because of an economic philosophy that has to do a trickle down economics to give the benefitse to the people doing pretty well not just pretty well, but better than they have done since 1928 and it was stated what a miracle that tax policy was in the early 1920s. May have two additional minutes . Is there objection. In addition, we cant afford to do this. Right now we are collecting in revenue today before this tax cut goes into effect 18 of our Gross Domestic Product in taxes and revenue and spending 21 of our Gross Domestic Product. That leaves us with a deficit i
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 some of this has been around for a while. 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 there is nothing wrong with lobbyists, but on k street where the federal lobbyists live, they are following this really closely and they have given us basically a cheat sheet. A score card. So we can figure out at least generally speaking how many changes have been made in the 479 pages since the last time we aw this proposed bill. Now, i defy any member of the senate to stand here and take an oath that they have read this and understand what in the world it means to businesses and families and individuals. If they want to take that oath, and maybe some will, then i refer them to, ladies
Winds kick up tomorrow morning feel like single dij sglits crash free around the dmv and metro on timement how about that for Tuesday Morning. Well take it for now, thanks, erin, thanks, mike, checking back if a few, 5 01 this morning. Heres what we have been following overnight. Firefighters in on are Southern California are ba battling the fifth largest wildfire in state history. Called a thomas fire began last week and its 15 con tapped and blaze destroyed more than 750 structures and burned more than 230,000 acres larger than new york city. Thousands of residents left the area celebrities including Oprah Winfrey and drew barry moore and jeff bridges are also fleeing. Security hight eped in new york city after the attempted terrorist attack in times square. Akayed ullah detonated a bomb near the Port Authority bus terminal. Four people inludeing akayed ullah were hurt. He told investigators she was inspired byism sis to carry out the attack and set off bomb as retaliation for u. S.