Test of the microphone. Today, the first and oldest committee in congress, the committee on ways and means, begins consideration of the tax cuts and jobs act. Historic legislation to bring lasting tax relief to workers, to families, and to our job creators throughout this nation. Before we begin, we all recognize the terrible tragedy, the shooting at First Baptist church in sutherland springs, texas. All our hearts are heavy. Our prayers go out to the families and the loved ones, the t 26 victims as well as the ten texans fighting for their lives as we convene today. Our prayers are with you. It has been more than three decades since americas tax code was reformed under president Ronald Reagan. It was the most sweeping overhaul in american history. Today, we face a monumental challenge of our own, coming together to fix a tax code that has become just as broken, complex, and unfair as the one Ronald Reagan and congress overhauled in 1986. Our journey to a tax code built for the growth of jobs and paychecks that leap frogs america back into the lead worldwide has been a long one. Our committee is dedicated a substantial amount of time, energy, and work in the pursuit of one landmark goal, delivering comprehensive tax reform to the American People. Weve held over 40 hearings on nearly every aspect of our tax law, the helpful, harmful, and horrendous. We had three Different Committee chairmans. And over this time, we have engaged in substantive discussion with nearly 60 Different Committee members, republicans and democrats, men and women, progressives and conservatives. All of our efforts have led to this moment. This one moment. Committee action on the tax cuts and jobs act. Today, we stand on the doorstep of delivering the most sweeping tax overhaul in more than 30 years. But make no mistake, this day and this historic legislation is not about us. Its about providing long overdue relief to american workers, families, and job creators. Making americas economy stronger than ever by delivering more jobs, fairer taxes, and bigger paychecks across this nation. Under the tax cuts and jobs act, the middleincome family of four making 59,000 per year will see a tax cut of nearly 1,200. That means you get to keep more of what you earn to spend and save and invest however you see fit. And under this bill, were also going to get jobs and paychecks growing again. According to the independent estimates from nonpartisan tax foundation, the tax cuts and jobs act will lead to nearly 4 higher gdp over the long term. It will increase wages by over 3 and boost aftertax incomes by more than 4 . And this bill will create nearly a million fulltime american jobs across this country. Heres exactly what this means for the American People. It means middleincome families will see their aftertax incomes go up an average of roughly 2,600 nationwide. From coast to coast, the era of stagnant wages is over. In california, middleincome families will get an estimated boost to their paycheck of more than 2,900. For my constituents in texas, more than 2,500. In new york, over 2,700. This growth of jobs and paychecks comes directly from the bold reforms included in the tax cuts and jobs act. Under this bill, we deliver the lowest tax rates in modern history for American Businesses of all sizes. We take strong action to stop american jobs from moving overseas, and at the same time, unleash investment right here in our community. We give American Businesses and workers a tax code that will help them to compete and win anywhere in the world, but especially here at home. From top to bottom, the tax cuts and jobs act is the most transformational tax reform bill since president reagan reformed the code in 1986. But for me, this bill is far more than a collection of progrowth tax policies. This is a restoration of basic freedoms that all americans deserve, but only special interests now get to enjoy under todays broken tax code. This is freedom from a tax code so complex that for everyday americans, you have to spend hours or days on filing your taxes. Were seeking a tax code so fair and simple, 9 out of 10 americans will be able to file their taxes using a simple postcard file system. Can you imagine a tax code where each of us knows what each others deductions are because we have exactly the same ones . This is liberation from high tax rates that punish hardworking americans while Washington Special interests get a pass. And its permanent relief from having to navigate and rely on a maze of credit deductions just to reclaim income that was rightfully yours in the first place. This bill is more than just fundamental reform. Its a fundamental departure from a tax system of special interests, by special interests, and for special interests. With this bill, there will be real simplicity, real fairness, and real freedom for every american. In closing, i want to thank every member of this committee on both sides of the aisle who have contributed to making this day possible. I could not be more proud to be here with you. I can only hope for spirit of bipartisanship over the days ahead. I also know that 435 members of the house have great ideas. And some had priorities that are not ultimately included in this bill. Let me assure you, this is the beginning of the tax reform process. We intend to work to improve this bill at every step in the process. And i continue to welcome your input. I can also assure you this is not the last tax markup the ways and Means Committee will ever hold. I look forward to working with all of you on additional policies to help our families and grow our economy. Having said that, this is our moment to make transformational tax reform a reality for the American People. Lets seize it in a bold way that they deserve. At this time, i recognize the Ranking Member for any opening comments he might have. Mr. Neal. Thank you, we share the sympathy on behalf of the victims you offered in texas. The bill before us is a bad day for millions of americans, particularly those in the middle class. The legislation which was crafted solely by the Majority Party behind closed doors and which was not made public until late last week puts the wellconnected first while forcing millions of American Families to watch as their taxes will go up. Thats not what the American People asked us to do, and its not something that we intend as democrats to support. In 2001, republicans offered a tax cut of 1. 3 trillion. In 2003, republicans offered a tax cut of an additional 1 trillion, and in 2005, they offered a repatriation tax holiday. Each time they promised job growth. However, they took us to the casino each time without a win. So why do we think that well have a win with this proposal . Their offering today is based on the following premise maybe. Maybe there will be 3 growth. Maybe there will be 3. 5 growth. Maybe there will be more investment. But we can also say based on the three examples i just cited, maybe not. We have a million new veterans we need to care for, and our military is committed around the world, and we cant afford another gamble. Since my first day as Ranking Member, i have called upon our colleagues here to worth together on real reform for real people. I agree with my republican colleagues that our tax system is far too complicated, contained far too many loopholes and holds back American Businesses from kim pecompetinge global economy, however, i do not believe we should give more benefits to the well off with the hope it might trickle down. Theres not a single mainstream respected economist in this country who will argue that tax cuts pay for themselves. History has proven it does not work. The last time the house worked on a successful tax reform measure, as cited, the process was indeed quite different. The tax reform bill in 1986 was written in a bipartisan manner from start to finish. It unfolded over years starting in 82, with countless opportunities to examine the legislation and to make substantial changes. That included 30 hearings on the bill and testimony from 450 witnesses. A markup alone lasted for 26 days. This is a missed opportunity. I truly believe that instead of the closed process that the republicans used in developing this legislation, if we instead worked together on a bipartisan basis, which included an open debate, we would have and could have developed a bill that was better for our economy, American Business, and indeed middleclass families. There are things that everyone on this dais can agree on. President obama noted and off offered to change the corporate rate. This could be negotiated. We need a tax code that is far less complex and a tax system that encourages innovation and growth. That should have been the starting point for good faith bipartisan negotiations. The middle class in america, theyre struggling. For years, they have watched as their wages would stagnate and their hours were cut, and it was my hope in passing tax reform that we might take those americans into consideration in making a tax code founded on fairness. This legislation marks people down at every steps of their lives from birth to retirement, fails to provide the needed improvements that could assist a hopeful young family in trying to keep their head above water, the student trying to do the right thing by getting an education, the factory worker at the end of a long career just hoping to have enough dignity in which to retire. We believe that instead of pulling down the ladder of opportunity for those in the middle class, and the millions who aspire to it, we should be expanding that opportunity to make sure everyone has a fair shot. Legislation is flawed. It will hurt the teacher who spends his own money to buy School Supplies for their students. Young parents who want to know the joy of adopting a child, students trying to responsibly pay back their Student Loans. The wife trying to afford her husbands alzheimers care, and the janitor who wants to retire with dignity so he can spoil his or her grandchildren. Let me remind my colleagues, the consideration that we have today also just a week ago was going to go after americas Retirement Savings plans to offset the tax cuts they proposed. And eventually, ill remind all, that if this doesnt work, well be back to those very issues and include medicare and Social Security as well. I worry that this impact will have a huge influence on our housing market. The skills tax benefit of buying a new home, it will lead to lower home values and eliminates the new market credit, which are issues i have champions during my career. Thats why groups like the National Association of Home Builders oppose this legislation. Mr. Chairman, we can no longer accept the status quo. I hope well have an opportunity to make america rich and richer and create more opportunity for all. We cannot afford to only care about deficits when theres a democratic president , including bill clinton and barack obama. I hope at this time, mr. Chairman, that we can set aside this bill and start again in a bipartisan manner for a new approach to tax reform that provides real reform to real people and gets the economy growing again. Thank you. Thank you, mr. Neal. Before we get started with consideration of hr1, i would like to announce that pursuant to Committee Rule 19, votes on any amendment in which a recorded vote is requested. Ill try to give members an ample chance. Well proceed to consideration of hr1, the tax cuts and jobs act. It will be considered and read and open for amendment at any point. At this time, i offer an amendment which was distributed in advance along with the green sheet explaining. Without objection, the amendment shall we considered as read, open for amendment at any point, and consider base tax for purpose of amendment. Ill now turn to the chief of staff of the joint committee on taxation to provide the technical description of the amendment and the nature of the substitute. I would ask members hold their questions until after his presentation. Mr. Chairman . I would respectfully offer a motion pursuant to clause 4a of the house rules, moving to postpone consideration of this bill until next tuesday, november 14th, and would ask respectfully to be heard on my motion for five minutes. Yes, sir, i know you feel the American Public has waited 31 years for this day. I know you feel passionate about it, so the gentleman is recognized to speak. I felt passionately about it once before. We have a history on this. The last time that i asked for this committee to give us just one additional week to give thoughtful evaluation to major legislation, that motion was defeated by the majority and the majority adopted a bill that President Trump himself declared was a mean bill, to use his words. And certainly, the president was correct. The House Health Care repeal taking away coverage from millions of people was mean. Very mean. But i believe today with this legislation, youve gone much further, and that the damage that would be done to our economy and to our families is much more far reaching. The motion that im presenting at this time requests simply that we reconvene next tuesday after you have had an opportunity to notice the first public hearing on this bill in its history. Our objective is insight, not delay. Incredibly, for this legislation of such magnitude, after so many years, as you indicate, this plan has never had a single public hearing. Nor does any member of the Trump Administration have the courage to come and sit at that desk and answer questions about this bill. Indeed, no Expert Witness has been given the opportunity to explain this bills deficiencies, nor much is with the rush to get a bill approved on Health Care Without a cbo score has there been an opportunity for thorough independent evaluation in the rush to justice over one weekend that we have had this bill. I dont know of a time in the history of this committee when it has ever attempted to enact legislation of such breadth with such shallow analysis. And of course, despite our efforts, we still lack the tax returns of President Trump and his 500plus entities that might show how he and his family will personally benefit. If that were not enough, we have a new and Unexpected Development yesterday. And that is thanks to a free press and investigative journalism, the release of the first information about the Paradise Papers concerning offshore tax avoidance in bermuda and other island tax havens. These are explosive revelations that once again sound the alarm about the inequities of our tax system and disturbing amounts of tax avoidance. When the privilege avoid their taxes in bermuda or the caymans or somewhere else, its individuals and Small Businesses and domestic businesses that end up having to pick up the tab. I sense the Panama Papers were released about similar avoidance last year. We have tried on several occasions to get this committee or the subcommittee to take action, including investigatory hearings. Unfortunately, we have been denied that opportunity. These new reports from yesterday raise new questions about a number of trump allies, his billionaire buddies, and multinational corporations that have so much to gain from todays bill. Clearly, they wont be submitting their taxes on a postcard. They may be submitted their taxes in a way that allows them even more tax avoidance than today. I think, for example, of the data that shows that last year, last year, 18 times as much money was reported as profits in bermuda by american corporations than the entire Gross Domestic Product of the country. Trumps top economic adviser, who has been the apparent white house lead on this bill, gary cohn, according to one of the reporters who presented this information, has been the president of so many offshore firms that they barely fit on the new graphic explaining this, and having mr. Offshore involved in writing this new International Corporate tax provision, gives us good reason to explore in at least one public hearing whether this bill is just creating new loopholes or is really creating jobs only for tax attorneys and cpas. Mr. Chairman, i would just say that like the rushed through trump immigration policy, the Health Care Repeal disaster, we need to learn from this experience, that this bill needs some vetting, and the president s word, it needs extreme vetting. To find out all aspects of it. If you dont have anything to hide further about this bill, a week and one public hearing will not impair your efforts. It will afford an opportunity for the American People to understand, trust me, it will be great, just isnt a plan. We cannot afford to trust this bill when no administration witness will come before the committee. I thank you for your consideration. Thank you. Move to postpone. Thank you. The questions on the motion to postpone. Those in favor, say aye. Those opposed, no. The noes have it. On that, i would request a recorded vote. Recorded vote is requested. Clerk please call the roll. Mr. Johnson. Mr. Johnson, no. Mr. Nunes, mr. Nunes, no. Mr. Teaberry. Mr. Teaberry, no. Mr. Reichert, mr. Reichert, no. Mr. Roskam, mr. Roskam no. Mr. Buchanan. Mr. Buchanan, no. Mr. Smith of nebraska. Mr. Smith, no. Mr. Jenkins. Ms. Jenkins, no. Mr. Paulson. Mr. Paulson, no. Mr. Marchant. Mr. Marchant, no. Ms. Black. Ms. Black, no. Mr. Reed. Mr. Reed, no. Mr. Kelly. Mr. Kelly, no. Mr. Renacci. Mr. Renacci, no. Mr. Meehan, no. Ms. Noem, no. Mr. Smith of missouri, mr. Smith, no. Mr. Rice. Mr. Rice, no.