Like a sick, perverse high school sophomore who is self-impressed by the whopping size of a single turd he left behind in the high school boy's room, the senior gangster from the not so Commonwealth (that's a good one) of Kentucky crowed "... this is just the beginning, after repaying the rich for years of legalized bribery..." the chinless turtle McConnell chirped, "...we will not rest until we have full restoration of the antebellum plantation system with the long term goal of turning the United States of America, which the party's first candidate for nationwide office, Abraham Lincoln, once called "...the last best hope on Earth...", into a feudal system with the American people serving as the permanent serf class to the Putin-Trump oligarchs.
As a public service to the Republican and Trump base and the Fox News audience here is what the GOP Tax Reform Act act of 1217 A.D. popularly known as "Taxes, Sodomy and the Lash" will really do to America:
Senator Michael Bennet, D. Colorado
Thank you, Mr. President. I have a few minutes today of time on the floor, so I want to be relatively brief. I want to share with you a chart that shows what's actually happening as a result of this proposed tax bill.
Here's what's happening. There are 572,000 taxpayers. That's about half a million taxpayers in America that are fortunate enough to make more than $1 million a year. As a result of this proposed plan, they will receive $34 billion in tax cuts. They'll receive $34 billion in tax cuts this year, next year, the year after that. That's an average tax cut of roughly $59,000 a person. $34 billion going to 572,000 taxpayers.
What about the middle-class people that the republicans claim this bill is about? Well, there are 90 million taxpayers. Not half a million. 90 million taxpayers that make $50,000 or less. You know what they get under this bill, Mr. President? They don't get $34 billion. By the way, if you include that estate tax, that number is $39 billion, $40 billion. They get $14 billion. That's an average tax cut per taxpayer of $160 a year. And that's in 2019. That's the best year that these guys have.
After that it goes negative. $160 a taxpayer is equivalent to $7.50 a paycheck. I suppose in one year one could say there's a $7.50 tax cut a paycheck, that doesn't sound like a tax bill that's a middle-class tax bill to me. These are the tax cut levels under the republican plan. Also in 2019, this is the $59,000 number. If you're making between $40,000 and $50,000, you get there $492. If you're making between $10,000 and $20,000, you get $8 and so on and so forth. There is nothing about the tax cut proposal.
I was asked by somebody today how could these republicans go home and explain in the states that Donald Trump won, how could they explain that they voted -- that they didn't vote for this tax bill? When I was saying I think we still have a chance to defeat this tax bill. They said how can you say that? How can somebody go home? I can't wait to go home to rural counties in my state that voted 80% for Donald Trump, 75% for Donald Trump, and tell them that I voted against this tax bill. My only regret is I won't be able to tell them I voted against it twice. They're not stupid. People in Washington think that somehow by selling something based on percentages or selling something based on rates that people aren't going to understand what's actually happening to their after-tax income. My farmers and ranchers will understand that. They voted for a guy who said he was going to Washington to drain the swamp. They voted for a guy who said he was going to go to Washington and not help the rich people or the rich, as the president says. They voted for a guy who said that he was going to defend, support, fight for what he called the forgotten man. It turns out that when the rubber hits the road, we see the same movie that was happening before he got here, unless you want to argue that the forgotten man is making more than $1 million in an economy where people at the top earn more of that economy than they ever have, at least since 1928, if you want to make that argument, you can.
My farmers and ranchers won't believe you. They will not believe that argument. This is a disgraceful bait and switch. And wait till you have to tell them that in order to make that tax cut for the wealthiest people in America, you're going to borrow the money from their children. You're going to borrow the money from the children of people here to pay for the tax cuts at this end. You're going to borrow the money through teachers' children and police officers' children and firefighters' children. You're going to blow a $1.5 trillion to $2.5 trillion deficit. Today j.p. Morgan came out. J.P. Morgan came out and said this will result in the largest nonrecession deficit this country has ever had since world war ii. That's what J.P. Morgan said.
We do have problems in this economy. In Colorado, we've got problems because even though we've got one of the most dynamic economies in the country, middle-class families are still having a hard time paying for early childhood education. They're having a hard time paying for housing. They're having a hard time paying for higher education, which this bill makes even worse. They're having a hard time paying for health care, which this bill makes even worse. You can't even make it up.
They're taking health care away from 13 million Americans in a tax bill. And the congressional budget office tells us that because of the tax cuts they are producing here for the wealthiest Americans, there's going to be an automatic cut to Medicare of $25 billion in January. So I say let's go out to those 80% Trump counties and 70% Trump counties in Colorado and have a debate. They are not going to like what's in this plan. They will hate what's in this plan. It's the opposite of what they were told they were voting for. And so what I would implore my colleagues is, before I yield the floor, is that we stop this. Let's stop this bill. This bill doesn't deserve to be on the floor of the senate. It's a disgrace.
There was not a single hearing in the committee of jurisdiction, the finance committee, about this bill. Not one hearing about a bill that touches every recess of our economy. It touches every household in our economy. It's been 31 years since we did tax reform, and back then we did it right, in a bipartisan way. This time we don't even have the decency to have a single hearing so the American people can hear what's in this bill and make a judgment about whether it's a good bill or not a good bill. And I’m telling you, I know what they're going to say when they know what the details are.
We should stop this, and we should work in a bipartisan way. My colleague from Florida is here on the floor, and I know how important the child tax credit is to him. And my colleague from Utah. It's important to me too. That's the basis for a deal. I believe that the corporate rate is not competitive with the rest of the world. That's the basis for a deal. But borrowing money from middle-class taxpayers to finance $34 billion in tax cuts for 572,000 people is not a basis for a deal. And the American people are not going to be fooled by this. They're too smart for this. Mr. President, I yield the floor.