- The Second
180 Days « Reactions to House Passage of the
"Tax Cuts and Jobs Act"
November 16, 2017
Speaker Paul Ryan
'A very, very big milestone’: Speaker Ryan Marks Passage of Tax
Cuts and Jobs Act
Speaker Paul Ryan
'A very, very big milestone’: Speaker Ryan Marks Passage of Tax
Cuts and Jobs Act
WASHINGTON—Today, House Speaker Paul Ryan
(R-WI) and House Republicans held an open press event in the Capitol to
mark passage of H.R. 1, the Tax Cuts and Jobs Act. Following are the
Speaker’s remarks as delivered:
“I want to thank the man in the House who made this day possible: our joyful field general from Houston, our good friend and leader, Kevin Brady.
“I’ve got to say, this is nothing short of extraordinary. Let me just tell you, getting 218 members to agree on something as complicated as the . . . well, we needed 218. Okay, let me rephrase it: Getting 227 members to agree on something as complicated . . . This country has not rewritten its tax code since 1986. The powers of the status quo in this town are so strong. Yet 227 men and women of this Congress broke through that today. That is powerful.
“Of course, I want to thank not just the members who made this possible today, I want to thank the president, I want to thank his administration, and I want to thank our partners in the Senate who are doing their work as well. From the very start, we said that failure is not an option, and the president and his team have worked so constructively every step of the way with us. He’s been a tremendous partner on this issue.
“And you know, I’ve just got to say how proud I am of this conference. Tax reform is so very hard. But we know that there are people who are really struggling in this country. We know that we are just coming through a decade of real economic anxiety. And we know that this is a nation that has so much more potential that has not yet been tapped. That’s what this day is about. That’s what getting this done is about.
“This is about giving hardworking taxpayers bigger paychecks, more take-home pay. This is about giving those families who are struggling peace of mind. It’s about getting this economy to grow faster so that we get bigger wages, more jobs, and we put America in the driver’s seat of the global economy once again. It’s about giving people hope and a new opportunity. And it’s about making sure that America continues to be the best place in the world—the best place in the world—to live, to thrive, to start a business, to create a job, to grow, to construct.
“We’ve got a long road ahead of us. This is a very, very big milestone in that long road. We’ve got a long road ahead of us, and we have a timeline to get this done by the end of the year. We have the Senate right now working on doing this. We’re excited about going through the legislative process, going to conference, getting this done, making this bill even better. But most importantly, I am excited on behalf of the American people, who are waiting to see us get this done.
“Last thing I’ll say is this: We collectively asked the country in 2016 to give us a chance to go work for them. We asked the people of this country, who are struggling, give us a chance to make good by you. Give us a chance to make lives better for you. Give us a chance to improve your life. This conference today did one of the greatest things we could possibly do to make good on that promise, and I am so proud.”
THE WHITE HOUSE
Office of the Press Secretary
“I want to thank the man in the House who made this day possible: our joyful field general from Houston, our good friend and leader, Kevin Brady.
“I’ve got to say, this is nothing short of extraordinary. Let me just tell you, getting 218 members to agree on something as complicated as the . . . well, we needed 218. Okay, let me rephrase it: Getting 227 members to agree on something as complicated . . . This country has not rewritten its tax code since 1986. The powers of the status quo in this town are so strong. Yet 227 men and women of this Congress broke through that today. That is powerful.
“Of course, I want to thank not just the members who made this possible today, I want to thank the president, I want to thank his administration, and I want to thank our partners in the Senate who are doing their work as well. From the very start, we said that failure is not an option, and the president and his team have worked so constructively every step of the way with us. He’s been a tremendous partner on this issue.
“And you know, I’ve just got to say how proud I am of this conference. Tax reform is so very hard. But we know that there are people who are really struggling in this country. We know that we are just coming through a decade of real economic anxiety. And we know that this is a nation that has so much more potential that has not yet been tapped. That’s what this day is about. That’s what getting this done is about.
“This is about giving hardworking taxpayers bigger paychecks, more take-home pay. This is about giving those families who are struggling peace of mind. It’s about getting this economy to grow faster so that we get bigger wages, more jobs, and we put America in the driver’s seat of the global economy once again. It’s about giving people hope and a new opportunity. And it’s about making sure that America continues to be the best place in the world—the best place in the world—to live, to thrive, to start a business, to create a job, to grow, to construct.
“We’ve got a long road ahead of us. This is a very, very big milestone in that long road. We’ve got a long road ahead of us, and we have a timeline to get this done by the end of the year. We have the Senate right now working on doing this. We’re excited about going through the legislative process, going to conference, getting this done, making this bill even better. But most importantly, I am excited on behalf of the American people, who are waiting to see us get this done.
“Last thing I’ll say is this: We collectively asked the country in 2016 to give us a chance to go work for them. We asked the people of this country, who are struggling, give us a chance to make good by you. Give us a chance to make lives better for you. Give us a chance to improve your life. This conference today did one of the greatest things we could possibly do to make good on that promise, and I am so proud.”
THE WHITE HOUSE
Office of the Press Secretary
Statement from the Press Secretary regarding the House of
Representatives Passage of the Tax Cuts and Jobs Act
President Donald J. Trump applauds the
House of Representatives for passing the Tax Cuts and Jobs Act — a big
step toward fulfilling our promise to deliver historic tax cuts for the
American people by the end of the year. We are working together
to allow hardworking, middle-class families to keep more of their
money, and to empower our companies and workers to dominate their
global competition. A simple, fair, and competitive tax code will
be rocket fuel for our economy, and it’s within our reach. Now is the
time to deliver.
###
Committee for a Responsible Federal Budget
House Passes Historic Debt Increase
The House of Representatives passed a
tax cut package today that will add $1.5 trillion or more to the
national debt. The following is a statement from Maya MacGuineas,
president of the Committee for a Responsible Federal Budget:
The House approved debt-financed tax cuts based on predictions of magical economic growth that defy history and all credible analyses.
Tax reform should grow the economy and not add to the debt. Unfortunately, lawmakers are assuming faster economic growth will pay for that debt increase when there is no evidence it will cover more than a fraction of the tax bill’s costs.
The last time Congress added 10-figures worth of tax cuts to the debt in 2001, it blew a hole in the budget and helped erase our surpluses — despite claims that economic growth would cover the cost. The growth fairy did not appear then, and it would be unwise to assume she will this time around.
What is so stunning is that we are considering trying this again at a truly unprecedented moment in our fiscal history. When the tax cuts of 2001 were passed, debt was 31 percent of GDP, the nation was running budget surpluses, and we were on track to pay off our debt. Today, debt is 77 percent of GDP — higher than any time in history other than just after World War II — and trillion-dollar deficits are on track to return by 2022.
Already, we are projected to borrow another $10 trillion over the coming decade. The answer must not be to pile more debt on top of that.
This bill is a lost opportunity to truly reform the tax code in a way that would maximize economic growth by broadening the base and eliminating special interest tax breaks while lowering rates and modernizing our tax code.
Instead of trickling down economic growth, the House plan will unleash a tidal wave of debt that will ultimately slow wage growth and hurt the economy.
For more information contact Patrick Newton, Press Secretary
The House approved debt-financed tax cuts based on predictions of magical economic growth that defy history and all credible analyses.
Tax reform should grow the economy and not add to the debt. Unfortunately, lawmakers are assuming faster economic growth will pay for that debt increase when there is no evidence it will cover more than a fraction of the tax bill’s costs.
The last time Congress added 10-figures worth of tax cuts to the debt in 2001, it blew a hole in the budget and helped erase our surpluses — despite claims that economic growth would cover the cost. The growth fairy did not appear then, and it would be unwise to assume she will this time around.
What is so stunning is that we are considering trying this again at a truly unprecedented moment in our fiscal history. When the tax cuts of 2001 were passed, debt was 31 percent of GDP, the nation was running budget surpluses, and we were on track to pay off our debt. Today, debt is 77 percent of GDP — higher than any time in history other than just after World War II — and trillion-dollar deficits are on track to return by 2022.
Already, we are projected to borrow another $10 trillion over the coming decade. The answer must not be to pile more debt on top of that.
This bill is a lost opportunity to truly reform the tax code in a way that would maximize economic growth by broadening the base and eliminating special interest tax breaks while lowering rates and modernizing our tax code.
Instead of trickling down economic growth, the House plan will unleash a tidal wave of debt that will ultimately slow wage growth and hurt the economy.
###
For more information contact Patrick Newton, Press Secretary
Democratic National
Committee
Tom Perez on Passage of Republican Tax Plan in the House
DNC Chair Tom Perez released the
following statement after House Republicans passed their version of the
GOP tax plan:
“This isn’t a plan, it’s a scam. Republicans are slashing education funding, making it more expensive to buy a home, blowing a $2 trillion hole in the deficit, and gutting Medicare funding for seniors - all so they can fund another giant tax giveaway to wealthy corporations and the top 1%. Even the author of the bill said that people most excited about it are ‘big CEOs.’
“This bill was clearly written for Donald Trump and his wealthy friends on Wall Street, not for hardworking American families. Democrats believe that we should reform our tax system to work better for the middle class. And we will fight tooth-and-nail to make sure this bill never makes it to Donald Trump’s desk.”
“This isn’t a plan, it’s a scam. Republicans are slashing education funding, making it more expensive to buy a home, blowing a $2 trillion hole in the deficit, and gutting Medicare funding for seniors - all so they can fund another giant tax giveaway to wealthy corporations and the top 1%. Even the author of the bill said that people most excited about it are ‘big CEOs.’
“This bill was clearly written for Donald Trump and his wealthy friends on Wall Street, not for hardworking American families. Democrats believe that we should reform our tax system to work better for the middle class. And we will fight tooth-and-nail to make sure this bill never makes it to Donald Trump’s desk.”
###
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