On thursday, the house ways and Means Committee finished its work on the republican tax reform bill, sending it to the full house for full debate next week. Here is the final part of the committees markup session, including debate on the manager amendment and vote on the overall bill. Kevin brady chairs the ways and Means Committee. This is one hour and 20 minutes. The committee will come to order. I have an amendment at the desk. The amendment has been distributed in advance. Mr. Neal. Would you like me to address similar to the mm and offered on monday, this amendment will refine several families, providing tax relief to main street startups, and increasing american competitiveness. Lets start with helping families. First, among other important improvements, this amendment will preserve the adoption tax credit. Now, i know americans who adopt are not doing this for the tax benefit. Were doing it because we want to provide a safe and loving home for a child. I know from personal experience the adoption process can be expensive and time consuming and ultimately so rewarding. And i know the adoption tax credit is important to many members of our committee, republicans and democrats. Weve had very thoughtful discussions about it over the past few days. So with this amendment, were proposing to preserve this credit, priority led by mrs. Black, mr. Kelly and so many other. This will ensure that parents can continue to to receive additional tax relief as they open their hearts and homes to an adopted child. Id also like to note that this amendment includes a provision led by ms. Jenkins that will help families with dablesed children save for their future disabled children save for their future. It will allow them to rollover excess assets from a tax advantage 529 savings account into an able account, which are designed to help americans with disabilities lead successful and secure adult lives. This amendment also makes clear were preserving an existing tax benefit that allows military families to deduct the cost of moving expenses. Next, to help Small Businesses, this amendment offers several important provisions to make it easier for them to succeed and grow. This includes providing a new low tax rate for businesses earning less than 75,000 in income. These are main street startups who fuel innovation and job creation in communities across our country. And i have heard from just about every one of our republican members from mr. Johnson to my right, all the way down the dias to mr. Bishop in front of me, weve got to do more to help them thrive. So with this amendment were taking action, were going to provide our main street small job creators with a 9 marginal tax rate, and the bottom tax bracket, rather than the 15 that it is today and under the tax bill, a 12 rate. This additional rate relief will allow american entrepreneurs to keep more of their income in those crucial early years. The time period that really makes or breaks a Small Business. We want more Small BusinessSuccess Stories in america, this special 9 rate for startups will help make that possible. Finally, this amendment includes provisions to further refine our International Tax reform. To help accomplish our twin objectives of increasing american competitiveness while protecting the u. S. Tax base and growing american jobs. These provisions come in addition to lowering americas corporate rate to 20 , moving to a modern territorial tax system. And providing tough but fair rules to prevent american jobs from moving overseas. Is this area of the code complete . Of course not. We have much work to do, as we work to ensure our american businesses can compete and win anywhere in the world. In Foreign Companies who want to invest in america, to create jobs as well, are addressed in the tough but fair manner. In other areas of our sector, including insurance, we continue to examine the provision in the original bill, make refinements and changes going forward, and im confident we will strengthen all sectors, as well as the insurance. For past several days weve had numerous discussions on many of these same priorities. These are areas where members on both sides of the aisle said we need to take a second look. We did. Now im offering this amendment on behalf of our committee to put them in the bill. This is important with this amendment we include these important priorities and meet our reconciliation instruction. Ensuring we can get this bill and this longawaited tax relief to the house floor as soon as possible. And to the extent the members have additional ideas to help families and strengthen our economy, i look forward to working with you on those after our work on the tax cuts and jobs act in committee is finished. Does anyone wish to be heard on the amendment . Show mr. Chairman. I think that we can conclude, as weve attempted to address the financial infrastructure of the country, that this process at best has been inartful, and at worst indefensible. After four days, not one democratic amendment has passed. When you look at h. R. 1, it contributes to complexity after having been advertised as the avenue to simplicity. Its harmful to the homeowner, its harmful to the homebuilder. Its harmful of the municipal investor and those that are willing to take risks. It adds 2ds. 3 trillion to the National Debt 2. 3 trillion to the National Debt. Weve had this argument now for days about guaranteed that this will put us north of 3 growth. Guarantee. We could have used this time for the following purpose. To discuss simplicity. To discuss investment. And not just investment in finance, but investment in human capital. Which is the surest path to address the Labor Participation rate in america today. One of the challenges that we face is the following. Technology has changed the workplace. Skill set has changed the workplace. Two million men and women in america have an opiate drug addiction, who are home playing video games in the afternoon rather than in the workplace. Coupled with the fact the opportunity existed for us to talk about an investment in community colleges, an investment for internship programs, and for all of us in this room today and viewing, an investment in Vocational Education to address the job shortfall in america, which the department of labor this week said was north of six million available jobs. 18,000 prevision manufacturing jobs in new england go un answered every single day. One million tech jobs across the country go unanswered every single day. Instead we came to a conclusion and then went out to seek the documentation. The changes occurred every day in this proposal and shift largely based upon news accounts. Every time there was a story that said the republican majoritys numbers didnt add up, they ran back to make adjustments in the numbers. Not in the policy. So were being told that we can borrow 1. 5 trillion based upon the premise that maybe it will generate 3 growth over the next decade. What happens if that doesnt occur . You cannot find many mainstream economists in america that say were going north of 2. 1 or 2. 2 and arguably they say it will occur likely in the first year or so and then we are going to revert to the numbers that i spoke of earlier and not to miss the following, mr. Chairman. This is about longterm demographic trends in america as well. Weve got to address that issue of Immigration Reform and tie it to the whole mission to of job growth and investment notion of job growth and investment in the workplace. We had an opportunity to do. This im paying pained that we could highlight as we attempted to do the genius of the Tax Reform Act of 1986 and then rush this through. Even though it was done in daylight. Its still you are rushed through. We gave its still rushed through. We gave some thoughtful commentary and pretty good amendments on our side and we wanted to fully participate and despite what some have said on the other side, i can guarantee you this, after 25 years on this kerks i did not start from the prems that i we should try to kill this bill premise that we should try to kill this bill. I looked at a tax system in america that is ineefficient and underproductive and, yes, there is a legitimate argument about International Competition that the country needs to address. So all of the good ideas and notions and thoughts that we had ourn side on our side were dismissed. I have never participated in a markup in all these years in the house where i was told more that there was a genuine affection for me. I was highly regarded. They really loved my amendment. They thought it could be considered. But were not going vote for it. And the trouble with that is that that dismisses again what we could have done on so many of these amendments, some of which are really helpful. And as support begins to peel off, let me predict whats going to happen. We saw these changes over these four days. Arbitrary changes in fact. And now i can tell you as a student of the institution where were going. Members will be asked to walk the plank on the republican side. And theyre going to be told, oh, this will be changed in the rules committee. And then when it comes to the floor theyre going to to be told, oh, if we could just pass this it will be reconciled when we work with the senate. Ive seen a summary what have the senate has done. Theres going to be some substantial changes. After this bill passes the house. So for those members who have thought that they were going to be done with issue today, when we conclude this vote, its coming back. You cant do what were doing to harm the middle class in america, all for the purpose of concentrating greater wealth at the very top. And you cant disguy it and you cant have disguise it and you cant have a nal sis of it. And you cant do it with just talking points. I wish this could have been done differently. I think the an opportunity missed. And we intend to have but one more speaker on our sirksde i believe, because we feel theres not much that were going to do to shift what has occurred here during these four days. With that i yield back my 10 seconds. The gentleman yields back the balance of his time. Mr. Roskam, youre recognized to speak on the amendment. Thank you, chairman braidy. This is not an opportunity to be missed. This is an opportunity to be seized. What weve had discussed among us over these past fow days openly, withrow bust robust conversation back and forth, and now a product that reflects several things. Its a product that says, lets not defend the status quo. And the subtext of all the arguments previously for changes to were changes to keep things as opposed to taking advantage of a transformational moment. So heres what we need to seize. Ive heard from a lot of chambers of commerce in my district. Crystal lake, illinois, st. Charles, illinois, pal tine, illinois, naperville, illinois, lake ziric, illinois, wheaten, illinois, my hometown. And their sense of relief about the notion of coming in and recognizing that Small Business in particular, the business on main street that is desspreatly trying to get a foot hold, they are welcoming this today. The notion, mr. Chairman, that you listened and that the committee listened and said, lets try and create an environment where first dollars are protected from the take of washington, d. C. , is a welcome relief today. What were proposing is no loophole, its no exception. Its protection. And to echo up with of mr. Curbelos themes earlier on in the debate earlier today, it is to recognize that the United States is a unique place. And historically what were in the midst of is this great debate. And you see it on full display basically today. There are these two views of the economy that are competing for the affections of the American People. On the one hand you have a group that essentially says, if youre successful, that comes at the demise of someone else. Its a zerosum game view of the economy. If youre successful, it comes at someones elses expense. We reject that fundamentally. We reject that wholeheartedly. We dont want to be associated with that. But on the other hand what we say is, no, thats not the way the economy works. Its not a zerosum game. And when people are successful around us, it enures to our benefit and now for folks on main street, based on this type of amendment, where their first dollars are being prect, what does that do . That creates an environment where others can prosper around them. It is buoyant, it is dynamic, it is invitational. And heres proof that it is really in sync with who the American People have been historically. We are an interesting, charming, delightful people. And heres why. When someone is successful around us, we say, how nice for you. We dont say, i want your stuff. We say, how nice for you. Because we think, that could be me. That could be my kids. That could be my grandchildren. And what this great debate is about today at its core are these two views. And what were doing today, yeah, were going to continue to debate this. We will continue to discuss this. This will be met with senate consternation and all kind of things but when it comes to it, what were on the verge today is winning an argument. Winning an argument about the future of our economy and what our world view is. Because ill tell what you. If younger people are coming out into this economy and theyre basically told, youre stuck in your station in life, youre stuck, and fleece way for you to get out of your station in life unless you have some federal program or some federal handout, heaven help us. The lights get dark pretty quickly. If, however, kids come out today and they say, i can aspire to things, i can do things, i can invest and so forth and i can keep more of my dollars early from the protection of the taking of the federal government, that is a very bright future. So, mr. Chairman, i just want to thank you for your work on this effort. We know theres more work to be done, that a markup is one part of a process. But ill tell what you. It has been a long time coming. And i look forward to continuing this debate because the stakes are high and this is an opportunity to be seized today and im proud to be a part of it. I yield back. Show less the gentleman yields back the balance of his time. Does anyone else wish to be heard on the amendment . Mr. Lewis, youre recognized. I ask unanimous consent to submit the Brown University report on the cost of war for the record. Without objection. The gentleman is recognized to speak on the amendment. Mr. Chairman, he dont attend social events at the white house. Ive not been interested in socializing with the president who spends so much of his time attacking my constituents. But i have read that theres some nice events there and that when it gets around time to serving dessert, the president likes ice cream. But he always insists on him getting two scoops of ice cream and the other people at the table getting one. And theres a lot of similarity between that dessert practice and whats being served up here today. If you look at where the money is on the individual side, most expensive parts are the alternative minimum tax and the estate tax. There are Donald Trumps two personal dips. And they are big dips. We dont have any of his tax returns, we know from the one return that was partially disclosed that whether he put millions of dollars in his pocket by eliminating the alternative minimum tax. And the same for his billionaire buddies. And we know that by given the small portion of america that has any role in the inheritance tax, that by eliminating that, he will pay nothing on these millions of dollars that he has accumulated , as his father passed on to him and as he grew them here in america. Nothing on the gain on those. And really, if you look at, it he gets a third scoop of ice cream here. Because the passthrough provisions are the same passthrough provisions hes used in the past, in his real estate deals, with carried interest as well. He gets the big bowl of ice cream and the American People, they end up getting to lick the bowl and pay for the ice cream. Because thats whats involved here. 2. 3 trillion of Additional Debt that will come right down on the American People with so little benefit for them. Now, its also true, as i mentioned, in my opening motion to postpone, that Donald Trumps conclusion about the Health Care Bill here was that it was mean and go with the senate. And this very morning apparentliering according to news reports, apparently, according to news reports, hes called to say essentially the same thing about this bill. Im sure hell celebrate its passage but hes told the senators, look to your approach because its better than what the house has and we havent seen it so were not able to compare the two. The issues here are not whether we will take away from someone, but whether we will create more opportunity for all americans to share in the american dream. We believe that the better way to grow our economy is to invest in americans, to invest in american jobs, to give more educational opportunities, to honor the contribution our dreamers and many of our immigrants can make here in america. Those are sure tested ways to grow america. What we are presented with this 202 6280205 202 6280205 202 6280184 202 6280184 trickledown approach of giving most of the benefits to donald trump and his buddies is the approach that has failed to work to grow america time after time again. All that it does is grow speeches at republican conventions. But it does not help the american economy. As for the american economy, there is the other major issue of seeing even more of our american jobs outsourced abroad. And thats what exactly what will happen in this bill as they create a giant new loophole to incentivize the export of jobs abroad. As for the process here, you know, we tend to look at it from this side of the table. To consider the fact that our request for hearings over the last year have been rejected. Weve had almost no consideration of this. The fact that President Trump didnt have the courage and his administration didnt have the courage to send one person to testify at that table and answer questions about this. The fact that this bill was dropped on us at the last