Yarmuth Denounces GOP Tax Cut 2.0 on House Floor
Washington, D.C. – Kentucky Congressman John Yarmuth, Ranking Member of the House Budget Committee, today spoke out against the GOP’s latest tax scam on the House floor. His remarks as delivered are below:
Just eight months ago, the Republicans jammed through their massive, unpaid-for tax cut. Not a single Democrat voted for that bill and for good reason. Nonpartisan experts told us that the tax cut would overwhelmingly benefit the wealthy and big corporations, while threatening our fiscal and economic health. That it would add more than a trillion dollars to the nation’s debt. And, the newest reports on the impact of the tax law further confirm these dire warnings. Corporate profits have soared, along with stock buybacks, while working-class wages remain stagnant and income and wealth inequality continue to grow.
Yet, today, Republicans want to go even further, pushing their tax cut 2.0 legislation. It is not a surprise that they are extending the provisions of their tax bill; the expirations were always gimmicks to hide the true costs of the tax cut and evade the constraints on reconciliation bills. This new legislation once again benefits the wealthiest Americans and adds trillions of dollars more to the nation’s debt in decades to come, further jeopardizing the nation’s already rocky long-term fiscal outlook. This new cut 2.0 package, just like the one before it, is being rushed through the House with no hearings and no input from the American people.
The Republican tax cut 2.0 legislation is another irresponsible tax cut for the wealthy that threatens our long-term fiscal and economic health. And we know how that story ends. As Republicans have often demonstrated, they are committed to cutting more taxes for the rich, fretting when deficits rise, and then attacking crucial programs American families rely on, such as Medicare and Social Security, to pay for the debt increase. Let’s not add more to this three-step process. This is not the time to rush through another round of tax cuts. This rule before us would allow for passage of this irresponsible legislation and I urge my colleagues to oppose this rule.