Republican Amendment by Ambush is $157 Billion Multinational Giveaway

WASHINGTON, D.C. – Today, Congressman Lloyd Doggett (D-TX), Ranking Member of the House Ways and Means Tax Policy Subcommittee, spoke during the Republican Tax Bill (H.R. 1) mark-up concerning how the Republican's last-minute amendment is a $157 billion giveaway to multinational corporations. You may view Rep. Doggett's full speech here. Rep. Doggett said:

"On Monday, five and a half hours after this Committee began, the Chairman urged adoption of a 33-page amendment no Democrat had ever seen before [Amendment 1]. He would not tell us what was in this amendment, what it cost, nor would he permit us even five minutes to review this complex amendment outside of the committee.

"Mr. Levin correctly called this a ‘mockery' of the committee, that essentially placed us under ‘authoritarian' rule. I have now reviewed that surprise amendment and the Joint Taxation Committee analysis – it is a $157 billion gift to multinational tax dodgers—particularly the Koch brothers and big Wall Street banks. $157 billion of the total $160 billion cost of this amendment presented in secret endeavors, is to tax attorneys who can find more ways in foreign islands to avoid paying taxes. The Republicans have eroded 95 percent of the ‘base erosion' provisions of their original bill.

"With the same $157 billion that is a corporate giveaway – the medical expense deduction for middle class families, the student loan interest deduction to help with loans that are burdening so many students, the out-of-pocket cost of teachers across America, the adoption tax credit, the American Opportunity Tax Credit to help veterans and others get back in our workforce – all of those could have been included in this bill and still would have left a billion or two left to spare.

"And now Republicans apparently plan another amendment by the Chair—another amendment by ambush to significantly change this bill. This will only lead to more wrongs because the debate on the entire bill will close before we ever have the cost analysis or the full implications on what any of these last minute changes do."

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