Posted on 12/22/2017 10:20:43 AM PST by Teflonic
New York Sen. Chuck Schumer, likely to be majority leader next year if Democrats take back the Senate, told CNBC Tuesday that one of his top two 2017 priorities would be an enormous corporate tax cut.
Speaking of himself in the third person, Schumer said that “we’ve got to get things done. … The two things that come, that pop to mind — because Schumer, Clinton, and Ryan have all said they support these — are immigration and some kind of international tax reform tied to a large infrastructure program.”
American multinational corporations are now holding a staggering $2.5 trillion in profits overseas, refusing to bring the money back at the current tax rates until they get a special deal.
Revenue-starved Democratic leaders have broadly hinted they are prepared to cave, either for a “holiday” period or permanently.
In an exchange with CNBC’s John Harwood, Schumer confirmed that the latter is in fact in the works. When Harwood asked Schumer if “it would be a permanent lower rate, not a holiday rate,” Schumer replied, “Yes, you can’t do a one-shot deal.”
Schumer said he envisions “international tax reform” as providing funding for an infrastructure bank.
Hillary Clinton has not publicly supported such a plan. However, during a private October 13, 2014, speech to the Council of Insurance Agents and Brokers, Clinton told the audience that “A number of business leaders have been talking to my husband and me about an idea that would allow the repatriation of the couple trillion dollars that are out there. And you would get a lower rate — a really low rate — if you were willing to invest a percentage in an infrastructure bank.”
For his part, Schumer has long been negotiating with Ohio Republican Sen. Rob Portman to lay the groundwork for such a corporate-friendly deal.
While Massachusetts Democrat Sen. Elizabeth Warren has called such a scheme “a giant wet kiss for the tax dodgers,” Schumer told CNBC that he’d have no trouble getting her on board. “She’s going to surprise everybody,” Schumer said. “She’s going to be both a progressive and a constructive force.”
Amazing but not surprising!
Thanks for posting this.
>>some kind of international tax reform tied to a large infrastructure program
This isn’t hypocrisy. “International tax reform” is a handout to the MNCs to keep employing non-Americans and “large infrastructure program” is handouts to people who contributed to the right causes and will do studies on which infrastructure to improve/rebuild.
This just Progs being Progs.
Shumucky Schumer needs to take to the nearest podium and lecture his navel, as he always does, and explain his hypocrisy.
Wow - we really dodged a bullet.
+++++
New York Sen. Chuck Schumer, likely to be majority leader next year if Democrats take back the Senate,
In fairness, Democrats ALWAYS call your attention to their left hand while their right hand is doing the dirty work. They throw up distractions and misdirection all the time. For example, their name for Obamacare was the “Affordable Care Act” . . . nothing about it was “affordable”. One thing you can take to the bank about Democrats: whatever they announce in public is a damned lie!!!!
Just like Harry Reid who wanted to stop Illegal Immigration back in the 90’s.
yeah but bill would have recommended an individual tax *hike* to go along with the corporate tax cut. because taxing and spending is what democrats do.
trump should tie hillary’s rotting political carcass to this hypocrisy like ahab to moby dick, and let hillary continue to wave to her democratic party colleagues: “this way, join me.” lol
This whole video is SO funny. Didn’t age well at all.
Schumer is talking up the honesty of Crooked Hillary.
No wonder he is crying so hard now. He was making yuge plans for the Hillary win.
Praising repatriating income & how good it will be. Infrastructure reform.
“Middle-class incomes is a must.”
This video needs to go viral It is basically Schumer endorsing everything Trump has done & wants to do.
"Infrastructure Bank", also known as "The Clinton Foundation". There is absolutely no doubt in my mind.
I posted this to do my part helping it to go viral. I know it would provide Rush Limbaugh a field day and lots of laughs!
“The tax bill the democrats are all moaning about is likely quite similar to what they would pass themselves given the chance!”
I really doubt that. It’s the type thing they’ll campaign on , but never deliver. DJT delivered
Amazing dig, thank YOU.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.