The American dream, once seen as the cornerstone of our nation, is collapsing.
Americans are struggling to make ends meet and the country is in an economic tailspin.
We are at a crossroads, and it is time to put our country’s economic future back on the right track.
The American Dream is fading into the past.
In the last three years, the economy has shrunk by more than a third, the unemployment rate has soared, and the debt-to-GDP ratio has risen from 140% to 167%.
This has happened largely because of the policy of tax cuts for the wealthy.
That is the essence of our tax code.
The rich get more tax cuts while the middle class gets fewer.
That’s not the America we want.
The last thing we need is for the rich to take a big pay cut, and then we will be stuck with a debt-fueled deficit.
The Trump administration is proposing to dramatically reduce our nation’s tax rate on income above $250,000 a year, with an exception for the wealthiest Americans.
But it is proposing a far larger cut in the marginal tax rate.
The cuts proposed by the Trump administration would not be in the tax code; they would be in some forms of government programs.
For example, they would reduce the number of tax brackets for people making more than $1 million and couples making more, and would reduce or eliminate the individual tax deduction.
This is not a tax cut, it is a transfer of wealth from the middle-class to the top, and that is the problem we have.
Trump’s plan would leave the current $250 million bracket intact, but cut the top rate from 39.6% to 35%.
This is just one of many proposals by the president that would make our country less competitive, more unequal, and more dysfunctional.
And the American people don’t want that.
I am asking all Americans to vote on a Tax Cuts and Jobs Act to bring back our economy and get us back on track.
This bill will deliver for the middle and working class, and give us the relief we need to get us out of this mess.
It will help the middle classes and help the American worker, and we will do that with a tax code that works for the American middle class.
The bill also provides tax relief for businesses, homeowners, small businesses, and small-business owners, and for small businesses that are not so large.
It provides a one-time $500,000 credit to families making up to $25,000 who are eligible for the Child Tax Credit, as well as a $300 credit for those making more.
It also extends the child tax credit for working parents, and expands the child care credit for families with dependent children.
The legislation also provides a $10,000 tax credit to small businesses for every dollar of payroll they make.
The tax cuts that are included in this legislation are great for families, small business owners, homeowners and small businesses.
And I am very proud of the bipartisan effort that we put together in the Senate to get these tax cuts enacted.
It was a big bipartisan effort, and I thank Senator Cantwell and Senator Murray and their colleagues on the Finance Committee for the tremendous work they did.
This legislation would restore a full economic recovery and a sustainable middle class, which is what America was built on.
And it would also create millions of good-paying jobs in the construction, manufacturing, and service sectors.
The Republican Party will never support a tax bill that does not include these tax breaks for working families.
And as a result, we are going to win again in the 2018 midterm elections.
That means a vote on Tax Cures and Jobs, and if we win, we will work with the Democrats to pass a comprehensive tax reform bill that puts working families and small business ahead of the wealthiest one percent.
The President has already been clear on this, and so has Vice President Mike Pence, who has promised to veto the Tax Custers and Jobs legislation if it is approved by the Senate.
If we can achieve a bipartisan agreement on Tax Reform, then we can deliver on this promise.
I look forward to working with you all to get this bill done.
As the President said at the outset, this is about getting back to our promise to the American public that they can work and play, and a tax plan that works will bring jobs back to America and restore the middleclass.
The Tax Custer bill will be introduced on Friday.
This tax plan would provide relief for the working class.
It would extend the child credit for the first time.
It allows families with dependents to keep more of their money.
It gives the President’s children a tax break for their college education.
And finally, it would reduce taxes on small businesses and their workers.
The Republicans will not support the Tax Cut, Jobs Act if it contains the tax cuts we just passed.
This measure will make America more competitive, fairer, and stronger.
And when it comes to tax cuts, there is one thing that is