Why I Opposed the Tax Bill

Floor Speech

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Mr. SCOTT of Virginia. Mr. Speaker, I thank the gentlewoman for yielding.

Mr. Speaker, I thank the gentlewoman for her longtime commitment to the child tax credit. We know it works, and she has been the most dedicated advocate for the child tax credit that we have in the United States Congress today. I thank Rosa DeLauro.

When congressional Democrats and President Biden enacted the American Rescue Plan in 2021 without a single Republican vote, we prioritized the economic well-being of working families with the expanded monthly child tax credit. The expanded child tax credit under the American Rescue Plan reached 61 million children and reduced child poverty by nearly one-half, lifting nearly 3 or 4 million children out of poverty.

In contrast, this bill is expected to lift only 500,000 children out of poverty when it is fully phased in. So this is not an extension of the child tax credit that we passed in the American Rescue Plan. It is not as generous, it does not help the lowest income families, and unlike the ARP plan, there are no monthly checks. People do not pay their bills once a year. They pay them monthly. So the impact of this program will not nearly be as strong as the former child tax credit that we passed in the American Rescue Plan.

So this deal fails to reinstate the economic gains made for working families, and it fails to come anywhere close to the reduction of child poverty achieved under the American Rescue Plan. While providing only $33 billion in benefits for children, this bill prioritizes $185 million in tax cuts for corporations that were included in the 2017 Trump tax scam.

It is overwhelmingly lopsided in favor of big corporations that are already paying historically low tax rates as a result of the Trump tax scam. What is even more egregious is that the bill makes the tax breaks for corporations and businesses retroactive and immediate, while not doing the same for working families. This doesn't make sense from either a budgetary or a public policy perspective, and is a bold display of misplaced priorities.

It is notable that congressional Republicans sanctimoniously complain about the national debt and budget deficits.

Earlier this month, Republicans on the House Budget Committee even passed the so-called Fiscal Commission Act because they were seemingly so concerned about the national debt and claim to want to do something about it, and yet, they consistently abandon all sense of fiscal responsibility when it comes to enacting corporate tax cuts.

In fact, before the bill has even come to the floor, we just passed the tax cut last night costing about $200 billion that, when fully phased in over 10 years, will cost about $700 billion over the 10-year period.

Mr. Speaker, ultimately, I voted ``no'' because this fiscally irresponsible tax deal is too lopsided in favor of corporations and special interests, while failing to provide equivalent support for working families.

Mr. Speaker, I thank Rosa DeLauro for her advocacy for the child tax credit and for families.

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