Transcripts For CSPAN2 U.S. Senate Sens. Thune Cornyn On Ta

CSPAN2 U.S. Senate Sens. Thune Cornyn On Taxes December 12, 2017

Democrats and republicans can hold their weekly party lunch meetings. The senate is back in session at 2 15 easter. The senate is considering a nominee to serve on the st. Louis base eighth Circuit Court of appeals. When they come back into session will have live coverage on cspan2. Ahead of that if senators speak to reporters coming out of those weekly meetings will bring you to it live on cspan2, as well. Until then some of the floor debate from earlier today on the gop tax bill. Mr. President , for more than two decades under both republican and democratic president s inat republican and Democratic Congress the United States pursued a bipartisan light touch approach to international regulations. The internet, as we know it today flourished under this light touch approach, much of the benefit for American Consumers in domestic economy. It also made america the world leader in Internet Technology and positioned us to continue that leadership in the years to come. In 2002, Broadband Internet was classified by the federal communications commission, fcc, our Nations Communications regular is an Information Service under title i of the communications act. Internet from burdensome regulations contained in title ii of the medications act which were designed in the depression era for the old telephone monopolies. Under the Obama Administration we saw repeated attempts to bring theon internet under grear government control. Finally, in 2015 at the explicit direction of president obama the fcc did, as he was told. It reclassified Broadband Internet Access Service as a title ii service subjecting Broadband Internet to owners, common carrier rules and opening the doorin to further regulatio. This includes price relation. Not surprisingly, with heavier regulation came a decline in broadband investment. Indeed we have seen private investment in broadband and structurers declined for the pat two years. This decline should not be mistaken as a sign that broadband structure is not needed. In fact, theth opposite is true. There are still 34 million americans lack accesss to Broadband Services at home. In statesto like my home state f south dakota encouraging broadband deployment continues to be critical to ensuring that rural areas have the same Economic Opportunity as their urban counterparts. The federal government should not be putting up barriers to broadband deployment. It should be removing them. Congress and the fcc need to ensure Regulatory Framework is in place that protects consumers and that doesnt stand in the way of investment in innovation. Prior to the fcc the actions to bring broadband under title ii and for more than a decade under the light touch Regulatory Framework in title i. Went saw unprecedented growth in the revolutionized our daily lives and allowed us to stay better connected with our loved ones. The internet created new jobs and expanded opportunities for education and commerce and became the greatest engine of innovation for our times. Despite the fear mongering and doomsday rhetoric that continues to plague this debate when the fcc moves forward with this order and restores the internet to its pre 2015 regulatory status the internet will continue to thrive and serve as future economic growth. Economic mr. President , i commend chairman five at the fcc in the entire commission for their hard work over the last year that has gotten uso to this point. I also commend chairman five for his commitment to his commitment to the process and for the first time in the history of the commission under chairman pies leadership the public was able to view the restoring Internet Freedom items three weeks prior to the fcc votes and that is true of all documents to be considered by the commission a major departure from the Previous Administration actions which were often not made public until the very last minute. As a result of chairman pai commitment to o transparency the public has the benefit of not only viewing the items but also participating in the process and despite attempts by those more interested in politicizing the issue and distracting from this debate the item resulted in the most wellinformed and exhaustive record of comments ever f submitted to the fcc. The fcc is now wellpositioned to move forward to ensure that the internet is open and free. Regrettably, however, mr. President , the debate is not in there. The outcry from opponents of the secs proposal is that the internet will fall apart without adequate consumer protections. There is obviously immense passion the policy issue of Net Neutrality. Americans care deeply about preserving a free and open internet. As do i. So many of my colleagues here in the United States senate on both sides of the aisle. As i stated repeatedly and i will say again today congressional action is the only way to solve the endless back and forth over the past several years and those who claim and want to enshrine protections for consumers with the backing of the law i call on you today to join me in discussing legislation. We will not agree on everything but theres much room for compromise so many in Congress Already agree on so many of the principles of net o neutrality. True supporters of an opench internet should be demanding such legislative protections today, not posturing while waiting for years during protracted Legal Proceedings or political winds to shift. We can enact a Regulatory Framework that will stand the test of time. I stood willing to work with any and all supporters of Net Neutrality protections for many years now. I continue to stand ready today. It is time, mr. President , for congress to settle this debate. I welcome discussion onto ways o ensure a free and open internet for decades to come. Mr. President , its been a good week here in the United States senate. Were getting closer and closer to the finish line untaxed form. That means were getting closer and closer to real relief the american people. Our legislation will cut tax bills for American Families. It will increase their wages and will give them access to new jobs and opportunities. Theas tax bill we passed december 2nd will cut income tax rates for American Families starting nextbl month. It will double the standard action. It will double theex child tax credit. That would mean a substantially lower taxam bill for American Families next year. Under our bill a family of four making 73000 a year would see at 2200 tax cut. But our bill just doesnt just provide immediate relief for families. Our bill also sets families out for Economic Health of the long time by giving them access to higher wages, new jobs and better opportunities. How does itvi do this . By improving the Playing Field for american businesses. In order for individual americans to thrive economically we needus american businesses to thrive. Striving businesses create jobs and they provide opportunities and they increase wages and invest in their workers. Our current tax code has not been helping businesses thrive. Small businesses employed nearly half of American Workers and create a majority of new jobs in this country. Right now Small Businesses face high tax rates that can make it difficult for these businesses to even a survive, much less thrive and expand their operations. O mr. President , our bill fixes us. To start with our bill and sped once a nudist deduction for llcs. This deduction will allow them to keep more of their money which will allow them to reinvest in their operations to increase wages and hire new workers. Our bill also reforms current provisions within the text go there frequently lead Small Businesses with little cash on hand. Small businesses will be able to recover the capital theyve invested in things like inventory in machinery much more quickly and in certain cases, immediately. This in turn will free up capital with Small Businesses can use. To expand and create jobs. Our legislation also includes at provision that i helped develop that with the book by accounting rules for Small Businesses, i should say, which will also help reduce their tax burden. This leaves more of their earnings to reinvest in their businesses and in their workers. Mr. President , in addition to providing relief another thing our bill does is boost american wages is to lower a massive Corporate Tax rate. We will return to this in a bit to take you live outside the senate core door for Republican Leaders after their weekly meeting. Weve done a Little Research and that is the greatest number of circuit judges that have been approved and a president term sent at least world war ii. As you know, the big issue is the tax commerce report. We all are still intense discussion with our colleagues on the house side and i dont have any news to make on that front right now but we hope to wrap it up pretty soon. We are winding down on 2017 and im hopeful by the end of the year will be able to say we did three major things one is that we confirmed a Supreme Court justice today, historic number of federal court nominees. We have reformed the nations tax code to make it simpler and more progrowth and given all americans a tax cut and we have rolled back the Regulatory Overreach of the Previous Administration that was like a wet blanket on our economy. We have seen Consumer Confidence and were already paying taxes that they make abroad. Then when they bring that money home they can end up having to pay taxes again on part of those profits and at the highest tax rate in the industrialized world. It is no surprise that this discourages businesses from bringing their profits back to the United States to invest in the domestic operations in new jobs and increase wages. Our bill replaces our outdated worldwide tax system with a territorial tax system and under our legislation American Companies would no longer face the double taxation that has encouraged them to send their investments in their operations overseas. Instead us companies would have a strong incentive to invest their profits at home and american jobs it for the American Workers. All in all the Tax Foundation has estimates that in addition to increasing wages our bill will create nearly 1 million new jobs for American Workers and boost the size of the economy by 3. 7 . G mr. President , this week members of the house and senate, myself included, are working on the final draft of comprehensive tax reform legislation. We hope to send a final bill to the president next week. Im thankful to have been able to been part of this text writing effort. The bill that we are finalizing which is the product of years of work by members of both parties represents a once in a Generation Opportunity to profoundly change the american peoples lives for the better. Our tax bill will provide real, immediate, direct relief to it now. And it will give americans access to the kind of jobs, wages and opportunities they need for a secure and prosperous future. Mr. President , after years of economic stagnation the bill that we are drafting will usher in a new era of economic widynamism and it sends a messae to the world that americas serious about competing and winning in the 21st century. We will take you live now to the senate floor as they gavel in after the weekly meetings

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