With. The presiding officer without objection. Mr. Schumer thank you, mr. President. Mr. President. Thank you mr. Speaker is in. Yesterday afternoon the Nonpartisan Congressional Budget Office came out with a score of the bipartisan Alexander Murray bill. Cbs report confirmed the Murray Alexander bill is a great deal for the american people. Does precisely what it was intended too do, stabilize the marketplace help prevent premiums from skyrocketing reduce the deficit. The cbos estimate by nearly 4 billion. Senators Alexander Murray noted report shows their bill will benefit taxpayers and low income americansco not Insurance Companies unquote. Even the wall street journal editorial ward no liberal kobold thats for sure said today quote bipartisan compromise proposed by senators alexander and murray now officially falls into the category so obvious it should pass. Thats not Chuck Schumers office. Thats not even Mitch Mcconnell talking for those on the hard right in my doubt Mitch Mcconnell. It is the beacon of the hard right. The wall street journal and they say again Alexander Murray falls into the category of quote so obvious it should pass immediately. So my fellow republicans would be waiting for . Everyone on your side wants the bill. Jump on it, support it. Lets get this done and lets marketsbilize their whatever our views arent health care. Above all these reports should be all the evidence that President Trump needs to come off the sidelines and enforce thee bill. It doesnt bail out the Insurance Companies. That is what he said he is worried about. It doesnt cost the government money and in fact it reduces the deficit by 4 billion. So there is no good reason for President Trump to continue to obscure his position. Leader mcconnell has said we will put on the floor if the president says he will sign it. By delaying the president is harming health care causing significant uncertainty and doing nothing but hurting americans who are trying to afford health care. So mr. President if and i mean President Trump, President Trump, not you my dearde friend the president , the senator from alabama, so President Trump if you dont pursue this bill consequences will fall on your back, make no mistake about it. On taxes later today the house will likelyel vote on whether or not to pass the budget resolution that will easily pass the senate. My colleagues in the house should be aware that thisge budt will explode the deficit by one . 5 trillion. Thats under the best of circumstances. Thats underey circumstances whe they find 4 billion in payfors payfors, probably unlikely. It will medicare and medicaid by one point 5 billion it will set up the same partisan process that caused the republican effort on repeal and replace. When you try to do it with one party its fraught with peril. He do it in a bipartisanin way u people on either sider can try o do the bill but they wont succeed if they dont have the votes. I remind my friends in the house who purport to be deficit hawks you are voting for a budget that will increase the deficit by 1. 5 trillion. Many of these house members particularly in the conservative wing of the caucus particularly those in the Freedom Caucus have spent their entire careers railing against the evils of the deficit. What a stunning hypocrisy it would need to abandon those principles today and vote for this budget simply because it gives tax cuts to the wealthiest of americans in the most powerful of our corporations. I would also remind my republican friends in the house particularly those in new york and new jersey, california and pennsylvania virginia illinois washington minnesota that voting for the budget today is tantamount to voting for the elimination of the state and local Tax Deduction and that would socket to the middleclass taxpayers in their states and districts. Most of all republican friends from blue states there are red districts, suburban, welloff. To get clobbered if you take away the state and local production. Those are the constituents hurt the most. Not the rich and not the poor. The u middleclass and uppermiddleclass. Not only will it raise their taxes dramatically, most people would lose deductions between 10 and 20,000. That is chicken feed. But it would raise home prices. Sorry it would lower home prices prices. A recent study by the National Association of realtors done by price water cooper the esteemed Accounting Firm showed that eliminating state and local would erode property values, the rock of the middleclass, by 10 . The middleclass folks new york i believe the country your home is the piece of the rock reduced drug will each month to pay the mortgage and pay the taxes and paid the upkeep that you are hoping by the time you reach later middle age and you on that home that it sure kids a place or it gives your kids a nest egg when you pass on. But this bill by eliminating state and local reduces across america that on average home values by 10 . So its a double whammy to the middleclass. Raising your taxes and lowering your home values. Why do that . You dont have to take it from me. I will tell my republican colleagues peter king, a republican who has a lot of courage. This morning i saw him on tv talking about investigating Hillary Clinton and heres what he said about repealing the state and local deduction. He said quote it willst devastae my district forever. Thats a solid middleclass and uppermiddleclass republican island. Heres what else peter king said said. How anybody from new york or new jersey can vote for this budget without knowing what is in the tax bill is beyond me. He was referring to state and local. Now i salute peter king for telling it like it is, having the courage to stand up and say to his own Party Leadership i will not forsake my constituents for a tax bill right dont even know what the details will be. The remaining members of the new York New Jersey california and other delegations have a decision to make. Will they protect the and tens of thousands of o homeowners in thr districts or go along with the hard right agenda that will cost their constituents hardearned money for groceries and home repairs and other needs. And also they very wealthy will get tax breaks and our their biggest corporations which are flush with money can have even more e money. Wrong. On the other side we are talking about tax bill for the middleclass to eliminates data and local deductions hurts the majority of middleclass people in this country. That is what will happen if you keep that in there. Some will say in the house and one of my colleagues from new york a republican said that democrat is beating up on republicans. The last time we had tax reform it was democrats who are pushing the bill. The legend of missed chamber one of the Democratic Leaders in the house, despite i told that not only would i not vote for any reform bill that has state and local deductibility and it that would lead the charge in roundup others and i did it i got a lot of flak from my fellow democrats but it was the right thing to do for my middleclass constituency in southern brooklyn. So when i ask our republican colleagues to buck their leadership to help their middleclass constituents it something i did with Democratic Leadership to last time tax reform is on the floor. Now some are already rationalizing their vote to approve the budget by putting their hopes in the vague possibility of some kind of compromise on the state and local detectability a. The large fact of the matter is there is no compromise on state and local but if you want to make taxpayers choose between a mortgage section and state andio local its like asking taxpayers to decide whether they want to cut off their right arm or their left arm. Some are talking about a tax. More than 50 of the total value of deduction go to taxpayers with incomes below 200,000 per defeat at per defeat at too low and almost all those middleclass taxpayers get hit pretty good tactic to too high it doesnt raise enough money to offset the cuts my republican friends wantn to give the corporations of the top 1 . Republicans in the house shouldnt state their votes on the prospect on a compromise. Theres not one to be had. The bottom line any republican plan that limits the equivalent to robbing middleclass families of tax benefits and handing it over to the wealthiest americans and biggest corporations. There is no compelling reason to do it. People arent clamoring for it. We dont need to take a trillion dollars from working families and give it to the millionaire m ceos. And if that werent enough reason to vote no mr. President the Republican Leadership is still debating free tax contributions to 401 k plans. For retirees and potential retirees in their craven thirst to give the wealthiest people in america a tax break and they are going to say you cant save money for retirement. What they got punch to the middleclass that would be. Despite the presence claims to the contrary representative rainy and senator portman have said a 401 k tax is still on the table. You notice this bill has become again in its desperation to help the wealthiest a quiz show. Which way do we hurt the middle class . Door one state and local deductibility door to retirement. Who knows what they will picket door three. Could be the mortgage ded deduc. As the middleclass people to choose which choice to take so you can help the wealthiest makes no sense. So i would urge my colleagues in the house and here in the senate stopped doing this partisan bill that was dictated by the hard right and very wealthy individuals and rich corporations. Work with us. We want to create a bipartisan bill that helps the middleclass middleclass. We are for tax reform and we can get something donee. Stop this. In its tracks early on before its too late and you will regret it. There are large numbers of democrats including this minority leader who want to sit down with republicans and come up with a deficitneutral middleclass Small Business oriented bipartisan tax relief bill, not a plan to benefit the richest 1 are the largest and more stuff powerful corporations who are the are flush with cash. Senate will proceed to executive session and resume consideration of the palk nomination which the clerk will report. The clerk nomination, the judiciary, scott l. Palk of oklahoma to be United States district judge for the Western District of oklahoma. A senator mr. President . The presiding officer the the presiding officer the mr. President. The senator from West Virginia. I rise today to highlight the importance of a tax reform. I listened to the democrat leader speech. For that. Guest thousand time. 1000 times only wealthy americans will benefit from anything the republicans can come up with it. Americans are smarter than that. Americans are smarter than that. I represent West Virginia who has struggling economic situations. If i were to go out on the street West Virginia and as i talked to individuals and asked would you like more of your hardearned money at the end of the day . And have a tax cut in tax relief, i can guarantee 100 say yes. I can spend my money better at home with my priorities to what youre doing in washington, d. C. Lets not let that argument rule the day. As i said, were smarter than that. Lets talk about what the bill does this is something i really believe in which is tax reform for everybody in this country. I want to describe the benefits will have on Economic Growth. Something not mentioned by the previous speaker. How we been stagnated for so long that Economic Growth will rise in almost every middleclass work will benefit and every Small Business. My second speech was about Small Businesses. 95 of my state are Small Business. Last week i highlighted the importance of the budget resolution to allow congress to move forward and we did that. Today want to talk about tax reform for middleclass families and the impact the bill will have on them. The reason a family is expensive today. A recent study from the department of back found that middleincome households will spend over 200 30,000 dollars raising a child. Thats staggering. The Federal Reserve found on the staff of American Families are starkly know to come up with 400 if there to have an emergency expense. In West Virginia hardly the wealthy families are forced to make hard tradeoffs is a balance or checkbooks. Expenses are going up, most americans havent received a raise in years. We need to help working families especially those living paycheck to paycheck. This is a primary goal of the tax reform. What middle earned income hardworking folks to get more their pockets and decide what to do with their money. I raised three children, i know putting shoes on your children is an expensive proposition. If you want to plan for a trip, safer child and to pay for childcare and safer colleges nearly impossible for people today. First this calls for a significant increase for the Child Tax Credit. Yesterday, number my colleagues from the house and senate came to highlight an improved Child Tax Credit would mean for workingclass families. It would allow families to take a higher per tax per child credit, saving money on their taxes. Money they have earned, money families deserve to spend on their own the money that can have Significant Impact to her families. The creative 500 cash credit for families caring for a non child dependent. Many americans are in the Sandwich Generation carrying for the children and parents at the same time. This will help those families. The proposal nearly doubles the standard deduction for the 20 tax bracket from 24004 mary erases it to 24000 for married, what kind of impact with that have a state like mine . It is 3 of the taxpayers in West Virginia take the standard deduction. They will get a doubling, thats more money to take home, to put the value of what they want to spend it with their own families. Four out of five West Virginia families will benefit. Thats an enormous savings and more taxpayers will benefit as a larger standard deduction means fewer people itemize. That will go up. Mix filing taxes simpler so our taxpayers can file on a single form without all the extra time and money it takes. Families will benefit from the Economic Growth tax reform will bring to the country. This is probably the biggest impact that tax reform will have for working families. Lower the corporate rate, yes or companies but we have to make them competitive across the globe. Were not competing. What kind of effect does that have . Fewer jobs and lower wages. Company and snow if they invest in their workforce will have a more productive workforce to produce products, sell products to enhance the quality of life for their communities. Many of these large corporations do a lot of work in the Community Service part of our country, whether helping schools are the baseball teams are sponsoring a robotics team. So why does that matter . Within 2 trillion in profits this caps off sure because of the flaws in the current tax system. Some of those estimates might be low. Shift into more fair system will bring the dollars back. People want to invest because they know three of the safest investment most technologically advanced in the best workforce. White House Council on economic advisors estimates flooring that Corporate Tax rate from 35 20 and increase the pace of the average american by 4000. When asked what you do with tax release she said raise the wages of my seven employees. I think this would be good news for working families and certainly good news for 50 of West Virginia workers. We need to Work Together and target are tax relief. We had lunch yesterday and he said priority one this tax cut must be targeted to the working families in this country. And thats what this bill puts forward. Larger tax credit, unlocking wages and despite her hard work, too many families are falling behind and we want to make sure that trend stops. Both parties will have opportunities to weigh in and i look forward to looking into the eyes of the working men and women in my state and say not only is help on the way, but help is here. I yield back. Over the next few weeks everybodys going to be engaged in what i think is one of the most important and impactful debates. To place that is been criticized for not doing anything we have a chance to do something that will matter and help real people. Its called tax reform. The great thing is that it goes to the heart and soul of our identity as a nation and we want to be and who we been up to this point. Were a nation that embraces Free Enterprise. There people who dont believe in Free Enterprise but by and large they do believe in it which means the government doesnt try to control too