'The Alternative Isn't A Pretty One': Thune Discusses Need To Pass Budget Reconciliation Bill

Forbes Breaking News

At a Senate Republican press briefing on Tuesday, Sen. John Thune (R-SD) spoke about the Senate Finance Committee's portion of the budget reconciliation.

Transcript

00:00good afternoon everyone everybody's over here today go figure we have received as

00:11you know from the house budget reconciliation bill the Senate now

00:14Finance Committee has completed its portion of it and it was released the

00:20text was last night we believe it leads to a stronger and more prosperous America

00:26and so we are excited to to get this bill out and on the floor I want to applaud

00:33the members of the Senate Finance Committee and particularly Chairman Mike

00:37Crapo for the yeoman's work that he did to ensure that this this product got out

00:43there everybody's had a chance now to look at it but we're excited about what it

00:47does for a number of reasons and it does create permanence in a lot of areas the

00:52tax code it makes permanent the 2017 tax cuts and Jobs Act rates it makes

00:59permanent the expanded child tax credit and increased standard deduction it

01:04makes permanent a lot of the business tax deductions which will lead to growth and

01:08expansion economy and better paying jobs and of course it includes many of

01:13President Trump's promises on the campaign trail including including no tax

01:19tax on tips no tax on overtime and reduced taxes for seniors and on the

01:24business side we believe that making permanent a lot of the business tax

01:27provisions will lead to that growth in the economy that will create those

01:32better-paying jobs and and lead to a stronger and a more prosperous country and

01:38obviously if you look at what happens if we don't do this the alternative isn't a

01:44pretty one I don't think it's a universe that anybody wants to live in because it

01:48means a four trillion dollar tax increase at the end of the year on the American

01:53people 2.6 trillion of that tax increase will fall on families making less than

01:58four hundred thousand dollars a year and six hundred billion dollars of that tax

02:02increase would hit small businesses that's the alternative if we don't take

02:08steps to act it also includes a number of reforms and strengthens Medicaid in a

02:13way that makes it stronger and and and gets it back to what it was designed to do and

02:19for the people it was intended to benefit and we had an opportunity today to hear

02:23from the CMS Administrator Dr. Oz he talked about some of those provisions in the bill

02:28and I'm going to ask him to come up and speak to that followed by Senator Brasso

02:33and then we'll be happy to take some of your questions Dr. Oz sorry there you are

02:37make your wish

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