Families. That idea is a problem. It remains a problem for house republicans. It allows families to deduct up to 10,000 in property tax, the pain inflicted on suburban familsuburbanfamilies wont be mitigated. For those housee republicans voting for a conference report is a poisonous vote substantively and politically. And home values will fall in the districts of the house republicansec in their voting to decrease home values by ten or 8 for every homeowner in their district that is political suicide that is what will happ happen. The lastminute inclusion has republicans and Corporate Leaders scrambling to figure out who will have the unintended consequence of functionally eliminating the value of the tax credit. Republicans needed more revenue to offset a generous pass through. Thats what republicans are working on and the hours of last week. With a kid that has a serious medical expenses not reducing the impact it would have on the deficit. They were busy figuring out how to make tax cuts for the wealthy even more generous. 70 of the passthrough income already flows through the top 1 , not the top 20 or 10 , but the top 1 . 70 of passthrough income goes to the top 1 . The republican tax bill already slashed the rate of several republican senators withheld the vote until he was further. I understand they want to help smaller businesses, but take time and figure out how to help Small Businesses without helping the hedge funds the big lobbying firms and other wealthy individuals, take the time to figure it out but know that in the rush they are giving a cake to the wealthy. Wrong. Very wrong. The inclusion is another reminder that republicans cant have it both ways. You cant cut every conceivable tax on the corporations in the wealthy without blowing up the deficit. If republicans are forced to go back and look at the corporate amt they have to find. Revenue elsewhere. Wilwhile they listen another Corporate Tax rate or ask working americans to pay more which theyve done in previous iterations on this bill. There are talking points that questioned the legitimacy of the committee on tax from nonpartisan independent scorekeepers of tax legislation rather than confront the bill wont pay for itself but cost a trillion dollars even with Dynamic Growth estimates, they asked members to shoot the messenger. The widelypt respected always accepted by both parties all of a sudden is p a pariah in republican circles because it told the truth thatt this bill wouldnt cause the growth of the projected that this bill will increase the deficit far more than republicansth had hoped. Republican leadership tried to discredit the empire they had long bee praised and appointed. What a disgrace, and it brings up what happened in the last week or two has been one of the mostin disgraceful in the whole history of the senate. A major bill done behind closed doors, rushed through and then adding insult to injury the independent republican monitors are discredited because republican colleagues didnt like hearing that the answer. Theres stillll time to avert ts bill. My republican friends voted no on the conference though we can do a bipartisan tax reform bill and pursue a Better Process and product and go so far to heal the senate that has been wounded by partisanship and strike recently aggravated by the majority actions on the tax bi bill. Instead of rushing through a tax bill through the b conference, e senate should focus on those confronting us. First and foremost we must reach a spending deal that would have us meet our commitment to support the military and also urgent priorities here at home like combating the opioid crisis, shoring up the pension plan, supporting Veterans Health care, relieving Student Loan Debt and building more infrastructure. In previous budget agreements, democrats have always tried to achieve parity between investments in defense and jobs and Economic Development here at home. Its a continual Sticking Point with republicans as we go through the negotiations. They want to increase the defense and military but shortchange important domestic programs like infrastructure education, scientific research, things that create jobs, things that help the middle class. We support an increase for the military. But we want to make sure other crucial programs dont get left behind. So we will fight just as hard to ensure that for each dollar we added for defense the dollar is added for domestic Economic Development. I told him to go back to the white house and tell them the domestic side of the ledger needs help as well. Spending on the domestic side is lower than it was in 2010. We need to provide funding for health insurance. Relief for american still recovering from national disasters. We must come together on a bipartisan deal for Border Security measures. Its a lengthy to do list. It will require hard work study cooperation on both sides. Last night there is a concern is spectacle on the house floor. They held up a nonrelated vote on the tax bill. There unsatisfied with the Republican Leaderships plan to keep the government open. House leaders just let the Freedom Caucus dictate. Negotiations broke off because were at an impasse on the 5050 for parity of defense and on defense. Always 5050, it was parity, as we continue to negotiate with their counterpart we hope the Republican Leadership will avert more of this unnecessary hostagetaking which will only impede serious ongoing bipartisan negotiations. I yield the floor. [inaudible] [inaudible] morning businesses close. Well proceed to executive. The nomination for the department of homeland security. This but it is something remarkable, where she got some important work done, the first overall of our nations tax code in 30 years. People said it couldnt be done, its too hard. With democrats opposing us on every step people said theres too many obstacles in the way and its impossible to accomplish. People said too many special interest on k street make it impossible for us to figure out the rubrics cued of attack scope. Too many moving pieces. People warned us that if you do this youll take political flak from all sides. To the skeptics and debtors i say, you are wrong. We did get it done. Families and job creators woke up the next day after final vote feeling more confident about our nations fiscal future. The be lesser down on the government. The breathe a sigh of relief knowing that we are doing our job. Of course it took no time for a major victory to be mocked, denigrated or misrepresented sometimes the false rumor spreading it was done deliberately. Democrats used to support many aspects of this plan. Like lowering taxes for the middle class and illuminated incentives for corporations to ship jobs overseas. I guess you can conclude they are happy with the status quo. Stagnant wages they know its not a good thing, but they couldnt stand the possibility that we were going to be able to make this major accomplishment on behalf of the American People because theyre so bogged down they lost sight of the forest through the trees. We all know its easier to criticize and contribute. Like when many on the other side had outrage over small handwritten tweet tweaks that nd to be made to the bill. Back in 2010 there was an amendment called the durbin amendment number 3989. During the course of the debate its necessary to make changes. No one thought that was an outrage over about this is sometimes what happens when youre making lastminute changes to legislation. Yet, democratic colleagues acted like this was the first time its ever been done. Fortysix Senate Democrats for the for senator durbins amendment which included handwritten changes in the text. Tell forget, the tax bill was passed last week through regular order. As part of the jargon we use. It means the normal legislative process. Unlike the Affordable Care act those written in harry reids office and brought to the senate floor without going to the Senate Finance committee. Like that process this tax bill originated in the Senate Finance committee, was the product of multiyear studies in groups. A lot of proposals like the camp draft that helped inform her debate. We also knew from the bill those introduced from senator wyden and coates that we are able to glean some of the best elements from those efforts. And, using regular order to give democrats and republicans a chance which we did, and then here on the senate floor to give democrats and senators a chance to get votes. Thats what we mean by regular order. Pastor friend from arizona rightly called for earlier this fall. Their hearings after hearings. Democrats other opportunities to offer their amendments on the floor. You simply cant say honestly, truthfully, as Many Democrats have that the bill was negotiated behind their back without their participation. Its a false claim. Its not true. The facts show that. Its not just a democratic colleagues that feel this conceptions about the bill we passed. Theres a big stir race was going done by the joint committee on taxation. Critics of the tax bill latched onto the joint committee finding the bill would increase economy by. 8 over ten years. Not enough for the cuts to pay for themselves. That was the claim. I take concerns about fiscal responsibility seriously. We have to know that Economic Modeling is difficult and can be done in many ways. Each model has strengths and weaknesses and provide a range of estimates. None is perfect. We havent been given the gift of perfect knowledge of the future. The estimate was the tax bill would generate enough growth to offset the price take to 1 trillion. This is interesting listening to our colleagues across the aisle. They make the audacious claim that tax cuts generate no Economic Growth. None when the Budget Committee came up q. Week the tax writers one and a half Million Dollars of spending they claimed it would result in a one and a have joined dollar deficit. They concluded that was not true and that can have a stimulative effect on the economy. They can change human behavior. But its difficult to estimate with any precision and a giant complex system is not easy to predict. Even small changes can produce and changes in the tax code auto beard collective goal. Why should we have to settle for anemic Economic Growth why should we have to settle for flat wages or jobs being created overseas because the tax code incentivizes that we dont have to settle for that. We have it. This represents our best effort to make sure that wages do go up and jobs do come home to the United States because businesses or incentivize to invest in wages here. Im optimistic that the economy can grow by as much as 3 . President council agreed, im aware of the saying that that if you stretch the economist in into and you will not reach conclusion. They call it dismal science for a reason. Its modeling to protect the future. In fact, you cant do it. But try to come up with the best guesstimate. Its wrong to look at the texaco when youre looking at our economic future. When we see the sender the new administration with the overregulation of the economy think we all have a sense that america is coming back as an economic engine in the world we need to do that because we need to learn the way for the world economy. In the standard of living in america continues to be something we can achieve then we have enjoyed thats a legacy we have inherited. In a dangerous world where the former director of National Intelligence said in his 50 years hed never seen a more diverse array of threats than he did today we cannot ignore that. We have to some of the prosperity for common defense. Thats another important thing, agree on a topline spending number for National Defense spending. The been trying to cash a peace dividend when there is no peace. For at least pieces threatened at places around the world that the South China Sea or syria or north korea or in europe with russia on the much threatening nato and our european allies. We need a strong economy. So wages can increase so we can do what we need to do as a country. I realize the positive analogies like the Tax Foundation done entire pacify some of the deficit. I count myself among them. We worried if tax reform will add toward debt to decrease revenue. Based on conservative efforts this could result in a hundred and 30 billion in new revenue. Heres the problem, the elephant in the room that people ignore or have given up on, revenue is that her biggest problem. It is our spending addiction. 70 of spending thats on autopilot going up five have a year. We tried to do what we could and 2011 and put it cap on discretionarys spending. Thats been relatively flat since 2011. Entitlement spending has gone up because we dont have the political courage to deal with it. Deficits cant be eliminated with tax increases. We cannot tax enough to fill the hole. We have to address mandatory spending which keeps growing year after year. Nearly doubled during the Obama Administration are friends across the aisle never really said much but its real, we ought to go to the root cause and not claim that is making tax cuts to make our economy more vibrant and to improve the quality of life for more americans. Its easy to see how on a more personal level families and workers will benefit. Sometime a more human focuses left out, and that is a mistake. In our bill, rates are reduced for everybody. Every tax bracket sees a reduction in the tax rate. The standard deduction for families is double. If youre married couple filing a joint return the first 24000 you are theres a zero tax. Then we double the Child Tax Credit. Thats something we should do. We need to help those families who have children make sure their family prospers. The Child Tax Credit is one way we can do that. The obama care mandate which is a tax on low and middle income parents is repealed. Thats another form of tax relief. 6. 7 million americans had to pay a penalty to their government because they couldnt afford to buy the government mandated insurance because of the way the program was structured. We eliminate that. Hopefully those families can use resources to buy insurance policies to meet their needs. We soften the blow of the death tax. Something i will work to eliminate. Why should we tax income whether and then when families want to pass it on to their children. Whether its the family farmer Small Business we tax it again make it sometimes impossible to do. If you want to redo something you tax it. That doesnt apply to the deck tax because death will come no matter what. The reason for washington to prevent washington for passing on the fruit of their labor to their loved ones. The likely result will be that wages will increase by as much as 4000 for the average family. Think about that. If we can get the economy growing faster than the 1. 9 anemic growth of the obama years, think about that. The economy is growing 3. 2 since world war ii it were being asked to settle for the new normal when the economy grew at 2 or less. We can see wages improve. Well see Family Income improve. If we can cut the tax burden known as the obama individual mandate tax, families will be better off. Family for will see their tax burden cut by 2200. Only talk about chileans of dollars 2200 doesnt seem like a lot of money. For families struggling to meet their obligations paycheck after paycheck 2200 can make a big difference. They can pay off a mortgage or replace a water heater get a car fixed. Or finally take a family vacation. The last claim i have heard is that in mainly benefits corporations at the expense of normal hardworking men and woman. This is false. Some portion of our tax rates are always borne by labor. The critics sometimes claim that if you do something for business whether passthrough business or corporation it has no effect on the people who work for. Its wrong. The better off those businesses are more people they can hire the better the wages are they can pay those help hardworking American Families. Higher business taxes and fewer jobs paychecks. Means were less competitive in the global economy. Thats why places are moving their company overseas. This will change under the new bill. 82 said they would increase Capital Spending for a bill passed. 76 said they would increase hiring. Its true that the business will benefit but we want them to. The end result will be less tax dodging and more jobs coming home. Apart from businesses, families and individuals benefit too. Was so bizarre as this is a concept that obama champions and schumer has championed senator wyden has championed. Lower Corporate Taxes because this is a selfinflicted wound because it prevents them from bringing their income back in investing in the United States in jobs and wages. My question is, have you forgotten . I dont think they have forgotten. Throughout the tax reform process members of this republican conference work together. Im grateful for the contribution each of them made. We knew that was strong had words from our opponents who wanted failure because they like the status quo rather than success, we knew it would be difficult, and it was. But we got it done but were not finished yet. As we go into a conference with the house we have to maintain support in the senate. I hope our friends across the capital understated the senate bill was a fragile compromise in one or two or two or more senators who are not support that bill could jeopardize the house senate conference. We have to continue to communicate and work with each other and not undermine our own victory. Its a victory for