NEAL REMARKS ON H.R. 3938 AT MARKUP OF GOP TAX SCAM 2.0

Press Release

This bill is the real reason we are here today. Back in 2017, my colleagues needed to sunset some of their major giveaways in order to artificially lower the cost of the bill. Now, today, they must restore these provisions or risk corporations getting just a touch closer to paying their fair share.

These provisions benefit big business, despite what my colleagues might say, and we have the benefit of 20/20 hindsight now. So let's see, where did these go?

On the interest expense deduction, nearly 85 percent of this provision's benefit goes to businesses making over $100 million in revenue.

On bonus depreciation, two-thirds of the benefits went to corporations making over $250 million in revenue. From 2018 through 2021, about 24 of the largest corporations received roughly $50 billion in tax cuts through this provision.

What stoops to a new low for me is that Republicans want to retroactively reward companies for the research and development they conducted last year that they needed no incentive to undertake. Plainly, it's a windfall. Wouldn't it be nice if they extended the same windfall to the families who depended on the Child Tax Credit to make rent?

And they plan to furnish these favors to big corporations and special interests by repealing the Inflation Reduction Act's energy credits for middle-class families and stunting our climate goals. Even as they double down on denying climate change, they were careful to twist the knife with a $10 billion handout to Big Oil.

It's egregious, but it pales in comparison to what could come. Their goal is to extend all of their 2017 Tax Scam, which could cost well over $2.5 trillion, while providing about $175,000 in tax cuts per year to the top 0.1 percent of households.

They'll put the air you breathe on the line, but they won't ask a big corporation to pay a penny more in taxes.

With that, I yield back my time.

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