John Yarmuth

Mr. YARMUTH

Mr. YARMUTH. Mr. Chairman, I demand a recorded vote.

Mr. YARMUTH. Madam Chairwoman, I yield myself 4 minutes. Madam Chairwoman, I suppose I should be saying thank you. I will get a huge tax cut under the Republican tax cut plan, as well the majority of those people sitting here--the majority of our colleagues in Congress--who are, like me, fortunate enough to be millionaires already. Forgive me if I am in no mood to say thank you, because I was elected not just to represent millionaires, but to represent aspiring millionaires, working families, seniors, and veterans. For all of them, for anyone who isn't already a millionaire, this budget is a slap in the face. With all of the problems facing our country right now, all the people struggling to get ahead, it is unfathomable to me that this Congress could look at people like me and say: Hey, that guy, let's give him more money. In fact, let's give all millionaires hundreds of thousands of dollars in tax cuts. Really, I am small potatoes. President Trump, according to his financial disclosure, will get hundreds of millions of dollars in tax cuts. Where is all that money coming from? If you are listening to this and you are not a millionaire, probably from you. To pay for our own tax cuts and the tax cuts for wealthy donors, Republicans are going to increase taxes on 45 percent of American families with children. That is just the start. Seniors, people with disabilities, and low-income families will see their healthcare cut. Poor seniors will lose benefits that help them keep food on the table and their homes heated in the winter. Veteran benefits, meals for hungry schoolchildren, programs that make education affordable and job training available, investments that generate economic growth and create good-paying jobs are all at risk in this budget. They are also cutting corporate tax rates, which we will be paying for by plunging our Nation into deeper and deeper debt, giving multinational giants another advantage over small- and mid-size businesses in the name of perpetuating the myth of supply-side economics. Supply-side failed. They renamed it trickle-down, but nothing trickled down. Now it is job creators. When that fails, maybe they will call it ``I get mine now; you get yours later--maybe.'' But whatever they name it, it is a sham. This plan is a hoax on the American people, and it will make most people's lives more difficult. So forgive me if I am in no mood to say thank you for the extra money in my pocket. With millions of Americans struggling and scraping to get ahead, and with my tax cut increasing their challenges, I cannot begin to justify my extra money, and, quite frankly, I cannot fathom how my Republican colleagues are able to justify theirs. With this budget, Republicans aren't just passing the buck, they are pocketing it. Madam Chair, I strongly urge my colleagues to vote ``no'' on the Republican budget. Madam Chair, I yield 1 minute to the gentlewoman from California (Ms. Pelosi), the distinguished minority leader.

Mr. YARMUTH

Mr. YARMUTH. Mr. Chair, I yield an additional 30 seconds to the gentlewoman from California.

Mr. YARMUTH. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, the Republican budget we are debating here today is a shockingly extreme document that gives to the rich and takes from everyone else. It calls for more than $5 trillion in spending cuts that threaten our economic progress and our national security, and it willfully ignores the needs and priorities of the American people. This budget isn't about conservative policy or reducing the size of our debt and deficits. It is not even about American families. This budget is about one thing: using budget reconciliation to ram through giant tax giveaways to the wealthy and big corporations and to do it without bipartisan support. This budget and the tax cuts it exists to support are built on a foundation of lies. They are part of a dangerous and deceptive three- step process Republicans have used before with serious consequences for our Nation and the American people. This is what they do. First, my Republican colleagues call for massive tax cuts for the rich, claiming they will generate so much economic growth, that they will pay for themselves. Last week, congressional Republicans announced a $2.4 trillion tax cut plan that benefits the wealthy at the expense of everyone else. Yes, I said trillions with a T. For example, under this tax plan, millions of families making $50,000 a year would be subject to a tax increase, while millionaires get a $230,000 average tax cut. That is not tax reform. That is a shakedown. In total, individuals will see their taxes go up by more than $450 billion, while corporations, wealthy pass-through entities, and rich estates get a tax cut totaling $2.9 trillion. One might justifiably ask why anyone would want to do that. After all, the income disparity in the United States is greater than almost every other country on Earth, and it is getting larger. Just a few decades ago, the wealthiest 1 percent of Americans earned about one- fourth of all national income. Today, it is close to 40 percent. Yet, once this plan is fully phased in, 80 percent of the entire tax cut in this plan goes to just the top 1 percent, while 45 percent of all households with children see a tax increase. You could be someone who gets a $1 million salary, owns billions in corporate stock, be a partner in a hedge fund, or just the heir to a massive fortune, no matter the type of millionaire you are, Republicans make sure you will get a tax cut. No matter how many times President Trump, Secretary Mnuchin, or my colleagues across the aisle say it and how much they hope the American people will fall for it, these tax cuts won't pay for themselves. That is not just my argument. That is the conclusion of the Federal Reserve, the Congressional Budget Office, and respected economists of all stripes. Conservative economist and former CBO Director Douglas Holtz-Eakin said: ``There is just no evidence that the tax cuts actually pay for themselves.'' Even Goldman Sachs, Secretary Mnuchin's former employer, says any growth will be minimal, maybe up to two-tenths of a percent. Bruce Bartlett, the man who wrote Reaganomics, which codified the trickle-down theory, told Congress last week that he now thinks it is: ``bull.'' Well, that is half of the word he used, but you get the idea. The historical record is clear. We went through this in the early 1980s, the early 2000s under George W. Bush, and we recently saw it play out to disastrous effect in Kansas. Now congressional Republicans want to try it again. We all know the truth. The tax cuts in this plan will increase deficits and debt by approximately $2.4 trillion in the first 10 years alone and trillions more in the years after. These aren't special, supernatural tax cuts. They aren't going to magically defy expert analysis, historical precedence, and empirical evidence. This budget will blow enormous holes in the Federal budget, which brings me to the second part of the Republican deception. When the growth fails to happen as promised and these tax cuts keep digging our economy down deeper and deeper, Republicans will again bemoan the horrors of deficits and debt. These cries will lead us to the third and final part of the plan. They will call for congressional action, not to roll back the tax cuts to the wealthy that caused all the damage, but for drastic cuts to important programs that the American people need and support. Education, healthcare, research, infrastructure, and veterans' benefits are already threatened in this budget. It includes an astonishing $5.4 trillion in spending cuts; $1.5 trillion from Medicare and Medicaid alone. It even assumes $49 billion in cuts to veterans' benefits. The enormity of these cuts and the severity of the consequences for American families cannot be overstated, but more cuts will be coming if my Republicans get their way with this budget. We will see more attacks on Medicare, Medicaid, Social Security, nutrition assistance, on important benefits and services that help American families get ahead, and on key investments that keep our economy and our Nation strong. To be clear, and with all due respect to my friend and colleague from Tennessee, by voting on this budget, for this budget, they are jeopardizing meals and food assistance for 515,000 hungry children in Tennessee so that the wealthiest person in that State, who has a net worth of $8.8 billion, can get a massive tax cut. Democrats have a different budget and a far different vision for our country. Our priorities reflect the priorities of the American people. We invest in programs that will grow our economy, create good-paying jobs, and provide real support for working families; public investments that lead to a brighter future, such as rebuilding roads, bridges, and other vital infrastructure; retirement security for seniors now and for millions of Americans who fear they will never be able to afford to stop working; affordable education so that young people will be able to compete for the careers of the future; affordable, quality childcare for hardworking parents; and affordable quality healthcare for all Americans. We believe in a government that helps individuals with nowhere left to turn and a Tax Code that helps families get ahead. Those are American priorities, and they should be the priorities of this Congress. I, therefore, urge my colleagues to oppose this budget and support the Democratic alternative. Mr. Chair, I reserve the balance of my time.

Mr. YARMUTH. Mr. Chair, I would note for my colleague from Indiana that by voting for this budget, he will force 1,150,553 seniors, disabled individuals, and other seriously ill people in Indiana to pay more for lifesaving Medicare all so that the wealthiest person in his State, who has a net worth of $8 billion, can get a massive tax break. Mr. Chair, I yield 2 minutes to the gentleman from Massachusetts (Mr. Moulton), a distinguished member of the Budget Committee.

Mr. YARMUTH. Mr. Chair, I would note, for my friend and colleague, that by voting for this budget, he will force 678,763 seniors, disabled individuals, and other seriously ill people in Oklahoma to pay more for lifesaving Medicare all so that the wealthiest person in his State, who has a net worth of $10.2 billion, gets a massive tax cut. Mr. Chair, I yield 2 minutes to the gentleman from California (Mr. Carbajal), a distinguished member of the Budget Committee.

Mr. YARMUTH. Mr. Chairman, I want to note for my friend and colleague from Florida that by voting for this budget, he is jeopardizing meals and food assistance for 1,448,000 hungry children in Florida so that the wealthiest person in his State, who has a net worth of $13.2 billion, can get a massive tax cut. Mr. Chair, I yield 2 minutes to the gentlewoman from Washington (Ms. DelBene), a distinguished member of the Budget Committee.

Mr. YARMUTH. I yield the gentleman from Maryland an additional 1 minute.

Mr. YARMUTH. Mr. Chair, I yield the gentlemen from California an additional 15 seconds.

Mr. YARMUTH. Mr. Chair, I want to note for my colleague that, by voting for this budget, he is jeopardizing meals and food assistance for 2,319,000 hungry children in California so that the wealthiest person in his State, who has a net worth of $62.4 billion, gets a massive tax cut. Mr. Chair, I yield 4 minutes to the gentleman from Massachusetts (Mr. Neal), the ranking member of the Ways and Means Committee.

Mr. YARMUTH. Mr. Chairman, I yield myself such time as I may consume. I want to note for my colleague that, by voting for this budget, he will force 2,154,337 seniors, disabled individuals, and other seriously ill people in Ohio to pay more for lifesaving Medicare all so that the wealthiest person in his State, who has a net worth of $6.2 billion, can get a massive tax cut. And just in case my colleagues on the other side are wondering where this information comes from as to the wealthiest person in each State, it is from that notoriously leftwing magazine, Forbes, this year. Mr. Chairman, I yield 2 minutes to the gentleman from New York (Mr. Higgins), a distinguished member of the Budget Committee and the Ways and Means Committee.

Mr. YARMUTH. Mr. Chair, I would like to note for my colleague that, by voting for this budget, he is jeopardizing meals and food assistance for 809,000 hungry children in Georgia so that the wealthiest person in his State, who has a net worth of $12.6 billion, can get a massive tax cut. Mr. Chair, I yield 3 minutes to the gentleman from Maryland (Mr. Hoyer), the Democratic whip. (Mr. HOYER asked and was given permission to revise and extend his remarks.)

Mr. YARMUTH. I yield the gentleman from Maryland an additional 1 minute.

Mr. YARMUTH. Mr. Chairman, I would note for my colleague that by voting for this budget, he will force 594,596 seniors, disabled individuals, and other seriously ill people in Arkansas to pay more for lifesaving Medicare all so that the wealthiest person in his State, who has a net worth of $38.5 billion, can get a massive tax cut. Mr. Chair, I yield 2 minutes to the gentlewoman from California (Ms. Lee), a distinguished member of the Budget Committee and the Appropriations Committee.

Mr. YARMUTH. Mr. Chairman, I appreciate the comments of my colleague from South Carolina, and I certainly have a great deal of respect for his thoughtfulness. But I also must note that if he votes for this budget, he is jeopardizing meals and food assistance for 366,000 hungry children in South Carolina so that the wealthiest person in his State, who has a net worth of $3 billion, can get a massive tax cut. Mr. Chair, I yield 3 minutes to the gentleman from Virginia (Mr. Scott), the ranking member of the Education and the Workforce Committee.

Mr. YARMUTH. Mr. Chair, I would note for my colleague from Illinois that, by voting for this budget, he will force 2,066,376 seniors, disabled individuals, and other seriously ill people in Illinois to pay more for lifesaving Medicare, all so that the wealthiest person in his State, who has a net worth of $8 billion, can get a massive tax cut. Mr. Chair, I yield 3 minutes to the gentlewoman from New York (Mrs. Lowey), who is the ranking member of the Appropriations Committee.

Mr. YARMUTH. Mr. Chairman, I would like to note for my colleague that, by voting for this budget, he is jeopardizing meals and food assistance for 2,060,000 hungry children in Texas so that the wealthiest person in his State, who has a net worth of $38.2 billion, can get a massive tax cut. Mr. Chairman, I yield 3 minutes to the gentlewoman from Texas (Ms. Jackson Lee), who is a distinguished member of the Budget Committee.

Mr. YARMUTH. Mr. Chairman, I yield the gentlewoman from Texas an additional 30 seconds.

Mr. YARMUTH. Mr. Chairman, I would note for my colleague that, by voting for this budget, he will force 1,895,558 seniors, disabled individuals, and other seriously ill people in Michigan to pay more for lifesaving Medicare all so the wealthiest person in his State, who has a net worth of $5.9 billion, can get a massive tax cut. Mr. Chairman, I yield 2 minutes to the gentleman from Virginia (Mr. Connolly), a distinguished member of the Oversight and Government Reform Committee and an alumnus of the Budget Committee.

Mr. YARMUTH. Mr. Chairman, I would like to note for my colleague that by voting for this budget, he is jeopardizing meals and food assistance for 200,000 hungry children in Arkansas all so that the wealthiest person in his State, who has a net worth of $38.5 billion, can get a massive tax cut. Mr. Chairman, I yield 2\1/2\ minutes to the gentleman from New Jersey (Mr. Pascrell), a distinguished member of the Ways and Means Committee.

Mr. YARMUTH. I yield the gentleman from New Jersey an additional 30 seconds.

Mr. YARMUTH. Mr. Chairman, I would note for my colleague that, by voting for this budget, he will force 1,519,461 seniors, disabled individuals, and other seriously ill people in Georgia to pay more for lifesaving Medicare all so that the wealthiest person in his State, who has a net worth of $12.6 billion, can get a massive tax cut. Mr. Chairman, I yield 2 minutes to the gentleman from New York (Mr. Crowley) the Democratic Caucus chairman.

Mr. YARMUTH. Mr. Chair, I reserve the balance of my time.

Mr. YARMUTH. Mr. Chairman, I yield an additional 30 seconds to the gentleman from New York.

Mr. YARMUTH. Mr. Chairman, I would like to note for my friend and colleague that by voting for this budget, he is jeopardizing meals and food assistance for 216,000 hungry children in Minnesota so that the wealthiest person in his State, who has a net worth of $5.4 billion, gets a massive tax cut. Mr. Chairman, I yield 2 minutes to the gentlewoman from California (Ms. Maxine Waters), the ranking member of the Financial Services Committee.