'Shows How Out Of Touch Republicans Are': Chuck Schumer Decries GOP Push To Extend Trump Tax Cuts

5/10/2024

During remarks on the Senate floor, Senate Majority Leader Chuck Schumer (D-NY) spoke about a potential extension of Trump era tax cuts.

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Transcript

00:00On taxes, yesterday the CBO released a new report that should be a shot across

00:05the bow for Republicans who supported the disastrous 2017 Trump tax cuts.

00:11The CBO reported that extending all of the Trump tax cuts, which Republicans

00:17support and Donald Trump has promised to do if elected, would add a whopping

00:214.6 trillion dollars to the deficit. That's 4.6 trillion. Let me say that

00:27again, an extension of all of the Trump tax cuts would add a whopping 4.6

00:33trillion dollars to the deficit. To the self-proclaimed fiscal hawks on the

00:38right, who always complain about deficits, this CBO report about the Trump tax cuts

00:43is like a pie in the face. This report should come as no surprise. We all saw

00:48what happened when Donald Trump and Republicans first pushed their tax cuts

00:52a few years ago. They blew a nearly two trillion dollar hole in our deficit. They

00:58left American families out to dry with no trickle-down stemming from the

01:02benefits for the very wealthy and the largest corporations. The Trump tax cuts

01:08were a dud for our economy and a political loser at the same time for the

01:12Republican Party. So I asked my Republican colleagues, are they really

01:16willing to double down on the disastrous Trump tax law and blow a 4.6 trillion

01:22dollar hole in our deficit? Are my Republican colleagues, who claim to be

01:27the party of fiscal responsibility, so desperate to help the very wealthiest

01:32few and large corporations that they'd add another 4.6 trillion to the deficit?

01:36Do my Republican colleagues believe so deeply in giveaways to the ultra-wealthy

01:42that they would let programs like Social Security and Medicare, which millions of

01:46Americans rely on every day, would they let them run dry? If nothing else, this

01:52shows how out-of-touch Republicans are working with our, sorry, this shows how

01:58out-of-touch Republicans are with working and middle-class America. The

02:04American people don't want tax cuts that overwhelmingly favor the wealthiest

02:08few and corporations. They want a fair and equal tax code that works for

02:13everybody. While Republicans keep pushing terrible tax giveaways for the

02:18wealthy and cuts to Social Security and Medicare, Democrats continue to deliver

02:23meaningful results for the American people. This week, for instance, we learned

02:28that U.S. will triple its domestic chip manufacturing by 2032, thanks to our

02:33Chips and Science Act. This is great news for both American jobs and the American

02:39economy. It's exactly what we envisioned when we were working on the

02:42Bipartisan Chips and Science Act. A new wave of tech jobs, a new wave of

02:47scientific research, and a revival of federal investment in the technologies

02:52of the future. Under President Biden and Democratic leadership, America is on the

02:57right track.

'Shows How Out Of Touch Republicans Are': Chuck Schumer Decries GOP Push To Extend Trump Tax Cuts

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