Friday, October 27, 2017

House Passes Senate Budget Resolution

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Washington, D.C. - October 27, 2017 (The Ponder News) -- The House agreed to the Senate Amendment to H. Con. Res. 71, a concurrent resolution establishing the congressional budget for fiscal year 2018.

The FY18 Budget, H.Con.Res.71:
  • Contains up to $640 billion in defense discretionary spending
  • A significant increase to give our military the equipment and training they need to do their jobs effectively
  • Achieves $5.1 trillion in spending cuts over 10 years and produces a $79 billion surplus by Fiscal Year 2026
  • Calls for increased accountability at the VA to ensure our veterans get the care they deserve
  • Promotes job creation
  • Provides for lowering tax rates on individuals and small businesses in future legislation
    See the House GOP plan for tax relief HERE
  • Helps reform and improve the sustainability of Medicare and Medicaid to preserve these programs for future generations
  • Delivers significant resources for border security
  • Balances in 10 years, and puts our country on track to pay down our current $20 trillion debt

    Below are a few statements about the vote:

    Barry Loudermilk (R-GA, 11th)

    “Today, the House of Representatives today took a critical step in paving the way to achieve major tax reform. Although the Senate stripped key provisions from the 2018 budget the House previously passed, they kept in much of the overall framework to cut taxes for millions of hardworking Americans.

    “While I am extremely disappointed with the Senate removing conservative provisions that required Congress to ensure that tax reform does not add to the deficit, reduce mandatory spending by at least $203 billion, and repeal Obama Care, I voted to move forward with this budget because Americans are counting on us reduce their taxes and simplify the tax-filing process.

    “I believe that our best days are ahead of us and, by allowing Americans to keep more of their hard earned dollars, they will, in-turn, boost America’s economy. A strong and growing economy, coupled with serious government reforms that restore freedom and reduce the burden on America’s businesses, may once again resurrect the American dream for our children and grandchildren.”

    Mia Love (R-UT, 4th)

    "Today, the House passed a budget that paves the way for Tax Reform. The Utah Chamber thanked me for this vote, because it's time to update our outdated, complex and onerous tax code. I'm working for a tax code that's pro-economic growth, pro-family and which will allow Utah's middle class to thrive again."

    Ben R. Lujan (D-NM, 3rd)

    “This is an extreme budget plan that would devastate New Mexico’s economy. It decimates education programs like Pell Grants; slashes food nutrition programs; cuts investments in our infrastructure; and kicks off millions from health care by undermining the ACA, cutting Medicare by$473 billion from Medicare and $1 trillion from Medicaid.

    “Even worse, it paves the way for tax cuts that will add up to $1.5 trillion to the national debt to cut taxes for millionaires and billionaires. The Republican tax plan will actually raise taxes on about 104,000 middle class New Mexicans. In short, it prioritizes the rich and powerful at the expense of everybody else.

    “We need a truly bi-partisan tax reform process to lower rates for the middle class, simplify the tax code, and ensure the wealthiest pay their fair share.”

    Kenny Marchant (R-TX, 24th)

    “The key to creating jobs, improving wages and growing salaries at every level of our economy is overhauling our outdated and uncompetitive tax code. Passing this budget clears the way for once-in-a-generation tax relief that touches every sector of our economy.

    “We are one step closer to reforming a crippling tax code that hurts American workers and hinders American businesses. Tax reform that impacts everyone unleashes economic growth that leaves no one behind.”

    Sean Patrick Maloney (D-NY, 18th)

    “This budget is just a Trojan horse to pass a terrible tax bill that’s going to raise taxes on middle class families in the Hudson Valley by eliminating state and local deductions so we can give a big cut to the GOP’s donors and wealthy friends. I can’t vote for a budget that’s going to make it easier to jam through a bad tax bill that’s going to hurt the people I represent.”

    Carolyn Maloney (D-NY, 12th)

    “Today, House Republicans took the first step toward raising taxes on millions of New York families by passing a budget that allows them to eventually eliminate the deductibility of state and local taxes. According to the Rockefeller Institute, New York sent $48 billion more in taxes to the federal government than it received back in 2015, making us the largest donor state in the nation. If the SALT deduction is eliminated, New Yorkers will be sending even more to the federal government than we get back and we will be double-taxed. That is a slap in the face and punch to the gut that we can’t allow to happen.

    “The SALT deduction is the most widely used benefit in the tax code in New York and getting rid of it means New Yorkers will pay an average of $5,300 more in federal income tax. For those that live in the city, taxpayers will see an average increase of $7,100.

    “If the SALT deduction is eliminated, it will create tremendous pressure on state and local governments to cut back funding for schools, infrastructure, health, local law enforcement, and first responders and that is simply unacceptable. New Yorkers take care of their own, and we’re proud of it.

    “While some are proposing to cap the SALT deduction, that is still problematic because it will put a serious strain on our state’s finances.

    “Given the stakes, we’re going to be doing everything we can to make it as painful as possible for Republicans in New York and similar states to vote to end the State and Local Tax Deduction.”

    Tom McClintock (R-CA, 4th)

    Mr. Speaker:

    Unsustainable government spending drives both taxes and debt.

    The budget resolution sets the spending architecture for the fiscal year. The House version provided for $200 billion of enforceable mandatory spending reductions over ten years and balanced within the decade.

    The Senate amendments gut these provisions, squandering the one opportunity Congress has each year to bring mandatory spending under control -- taking us another year closer to a sovereign debt crisis. This is tragic and I condemn it in the strongest terms.

    The Senate has retained just one key provision from the House budget. It makes tax reform possible this year. Tax reform is essential to economic growth, and economic growth is essential to confront our debt.



    Many are alarmed that it provides for $1.5 trillion of additional debt – but this is solely due to the Senate’s rules that require tax cuts to be scored ONLY as revenue losses without taking into account economic expansion.

    During the Obama years, our economy grew at an average of 1 1/2 percent annually – about half the average rate since World War II. Reagan averaged 3 1/2 percent. Reagan did this by reducing the tax burdens that were crushing our economy. He slashed the top income tax rate from 70 percent to 28 percent --- and income tax receipts nearly doubled because of the economic expansion he unleashed.

    Taxes driven by spending are the greatest threat to our economy today and debt driven by spending is the greatest threat to our future. Controlling spending is currently impossible in the Senate. So, it’s obvious that we can’t balance the budget and reduce our debt without significantly increasing economic growth; we can’t increase economic growth without tax relief; and we can’t get tax relief without the provisions in the Senate budget.

    Arthur Laffer, architect of the Reagan tax policy, forecasts that the corporate tax reform alone will increase GDP growth at a rate that should generate a temporary bump of 5 percent, settling down to an average of 2.6 percent over the decade. This alone will add $5 trillion to the American economy and directly increase revenues to all levels of government between 1.8 and two trillion dollars.

    We tried a static approach to tax policy during the Obama years. The economy stagnated and the debt doubled.

    I remember what it was like in the Reagan era. Wages were rising, opportunities for better jobs were everywhere, there was a sense of optimism that comes with prosperity and abundance. When we abandoned these policies, we lost that prosperity to a decade of despair. I want my kids to know what that sense of relief and optimism was like – what it feels like when morning dawns again in the America economy. This resolution starts that transformation.

    Betty McCollum (D-MN, 4th)

    “House Republicans’ budget reflects their priorities: it fast tracks lavish tax breaks for billionaires and big corporations, slashes health care for families, guts investments in America’s future, and forces working families to pay for it all.

    “Minnesotans should understand exactly what this budget vote means: it will allow expedited action on the Trump-Ryan-McConnell tax plan, which gives the top 1 percent of wealthy Americans 80 percent of the benefits. By eliminating the state and local tax deduction that helps middle class Minnesotans, it actually raises taxes on working families in our state.

    “Make no mistake: every Republican who voted for the budget today voted to raise taxes on working Minnesotans to fund a giveaway to the wealthiest Americans.”

    A. Donald McEachin (D VA, 4th)

    “Today, I reiterate my firm belief that legislative budgets are moral documents outlining our principles, values and goals. Congressional Republicans put forward a budget that slashes billions of dollars from the services that hardworking Americans depend on most. The budget heading to the President’s desk is one that values the wealthiest Americans over meeting the basic needs of hardworking families.

    “Republicans will follow this disgraceful bill with their so-called ‘tax reform’ plan that will once again demonstrate their priority of protecting and enhancing the already wealthy. This billionaires-first tax plan will be rammed through precipitously, adding $1.5 trillion to the deficit. Apparently, deficits don't matter anymore.

    “Rather, we should be prioritizing bills that will support children and working families such as CHIP reauthorization, or my Pollution Transparency Act. I urge my colleagues to take the time needed and to carefully consider legislation that gives the American people what they really want – better jobs, better wages, high-quality education, and affordable healthcare.”

    James McGovern (D-MA, 2nd)

    “Today, House Republicans are pushing a job-killing budget so they can use fast-track ‘reconciliation’ procedures to steamroll through their billionaires-first tax plan. We ought to have a budget that helps the millions of Americans who sent us here, not a budget that helps only the well-connected and the well-off.

    “What’s particularly astonishing is the blatant hypocrisy of Republican leaders pushing this deficit-busting budget. Republicans are always telling us how much they care about the deficit, but when it comes to giving their beloved tax cuts to their billionaire friends, they suddenly develop a convenient case of amnesia. They say, ‘what deficit?’ ‘Don’t worry, these tax breaks will pay for themselves’ This is absurd.

    “In this Republican-controlled Congress, we can now say with certainty that the deficit and debt no longer matter. All the talk by Republicans? They didn’t really mean it. If Republicans really cared about the deficit, they wouldn’t bring a budget as reckless as this to the floor. This shows what they truly believe. Where their values are.

    “How many times have Republicans talked about the importance of a balanced budget? Let me spell this out for my Republican friends: This is not a balanced budget. Clearly Republicans desperately need a refresher on basic arithmetic.

    “There is absolutely nothing balanced about hitting middle class families and millions of hardworking Americans with cuts while giving billionaires and corporations tax cuts they simply do not need. This is disgusting. This is shameful.

    “In all my time in Congress, I have never seen a budget and a tax plan that harms so many just to benefit so few.

    Cathy McMorris Rodgers (R-WA, 5th)

    “We are unlocking our historic opportunity to unleash everyone’s potential through comprehensive tax reform,” said McMorris Rodgers. “A fair, simple tax code is how we help lift up those who are left behind. America was built on freedom, opportunity, and hard work, and it’s time our tax code reflected those principles.”

    This page is continued on Page 2 by clicking HERE
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