“It is a great day to be a billionaire in America. And that, my colleagues, is exactly the problem.”
Washington, D.C. — U.S. Senator Adam Schiff (D-Calif.) delivered remarks on the Senate floor calling out Republicans’ push for a budget reconciliation bill that would help the wealthiest Americans at the cost of hard-working Americans.
Watch Schiff’s full remarks HERE. Download remarks HERE.
On Trump’s trillion-dollar tax cuts for billionaires:
[…] It is a great day to be a billionaire in America. For the rest of us, not so much. Egg prices are the highest they’ve ever been. Rent is through the roof. Prescription drug costs are squeezing families and seniors. But billionaires like Elon Musk? Billionaires are doing just great.
In fact, they’re about to be doing a whole lot better. Because if Donald Trump and my Republican colleagues have it their way, they’re about to get another massive handout. A $4.5 trillion dollar handout, to be precise. Yes – trillion. With a “t”.
And one that will explode the national debt. This bill – the one we will all but certainly soon consider on this very floor – reads like a thank you card to the ultra-wealthy. It supercharges the president’s 2017 billionaire windfall. But how, we should ask, are we going to pay for it?
Well – we already know, don’t we? They’re going to come after Medicaid. 44% of their proposed cuts to fund this tax cut for billionaires are to Medicaid. They’re going to come after Medicare. And healthcare, generally. They’re going to come after the services that keep our veterans housed, our communities healthy, our children educated.
All of it — all of it is on the chopping block. And here’s the thing – they are already chopping away.
So, let’s be crystal clear about what Republicans are asking us to consider. It is a smash-and-grab targeting, not the local store, but the national treasury. A cash grab from the programs that keep so many hardworking families afloat. And what will be the biggest wealth transfer in modern American history. And in exactly the wrong direction. From working and middle-class families to the uber rich. At a time when billionaires need it the least.
On the harsh reality for hard-working Americans:
[…] For this administration, it’s never been about ordinary Americans. And if you look at what Donald Trump is proposing here – the priority is exceedingly clear. If you look at what Elon Musk has done over the last few weeks, his priority is pretty damn clear as well.
A single mother choosing between paying rent and buying groceries? That’s not the priority. A veteran wondering if the housing assistance that helped them get off the street is going to dry up? That’s not their priority. But that billionaire who wants another yacht? Now that is their priority. When a CEO wants another corporate loophole? That is the priority.
Now of course – they won’t put it that way. They’ll tell you this is about spurring investment, or creating jobs, or unleashing the power of the free market.
[…]
Donald Trump and Elon Musk would have you believe that America is broke. America isn’t broke. But it is broken for so many people who actually do the work. So no – it’s not a great day to be a teacher struggling to pay the rent. Or a nurse working a double shift just to afford groceries. It’s not a great day to be a retiree watching Social Security and Medicare under attack. But it is a great day to be a billionaire in America. And that, my colleagues, is exactly the problem.
Read the transcript of his remarks as delivered below:
Mr. President,
It is a great day to be a billionaire in America. For the rest of us, not so much. Egg prices are the highest they’ve ever been. Rent is through the roof. Prescription drug costs are squeezing families and seniors. But billionaires like Elon Musk? Billionaires are doing just great.
In fact, they’re about to be doing a whole lot better. Because if Donald Trump and my Republican colleagues have it their way, they’re about to get another massive handout. A $4.5 trillion dollar handout, to be precise. Yes – trillion. With a “t”.
And one that will explode the national debt. This bill – the one we will all but certainly soon consider on this very floor – reads like a thank you card to the ultra-wealthy. It supercharges the president’s 2017 billionaire windfall. But how, we should ask, are we going to pay for it?
Well – we already know, don’t we? They’re going to come after Medicaid. 44% of their proposed cuts to fund this tax cut for billionaires are to Medicaid. They’re going to come after Medicare. And healthcare, generally. They’re going to come after the services that keep our veterans housed, our communities healthy, our children educated.
All of it — all of it is on the chopping block. And here’s the thing – they are already chopping away.
So, let’s be crystal clear about what Republicans are asking us to consider. It is a smash-and-grab targeting, not the local store, but the national treasury. A cash grab from the programs that keep so many hardworking families afloat. And what will be the biggest wealth transfer in modern American history. And in exactly the wrong direction. From working and middle class families to the uber rich. At a time when billionaires need it the least.
Now don’t get me wrong, I’m all for people succeeding beyond their wildest imagination. But like everyone else, they should earn it through hard work, not by stealing it from working people. All of this comes as Elon Musk and Donald Trump seek to co-opt every lever of government to go after anyone who dares to stand up to them.
When I called out Musk for seeking access to Americans’ personal banking and financial data from the IRS – he retweeted one of the replies and aimed it at … well me. Yours truly.
It read: “He’s not trying to snoop around my personal finances. He’s trying to snoop around yours.” Meaning mine. They’re not even hiding it anymore.
The goal has never been to cut government waste. Or make government more efficient. No. The goal is to help their wealthy friends and go after anyone who dares criticize them. Or hold them accountable. They plan to use a weaponized IRS, a weaponized DOJ, a weaponized FBI to investigate and prosecute and persecute Donald Trump’s enemies.
Not just elected officials like myself. But anyone who steps out of line. Business owners — big or small — who could be next in line for an audit if they express their opposition to the president, and what he’s doing to hurt them with tariffs or anything else. Or journalists who write stories the president doesn’t like. Anyone.
Because anyone standing up to them is standing in the way of their very simple – well-demonstrated goal. One man rule. Give Donald Trump all the power. So that he can take from the poor and give to the rich, to feed his ego and his bank account, and that of his pals.
Remember winter of 2023? Donald Trump stood at the gold-plated Mar-a-Lago podium and told a room full of the richest people in America, and I quote: “You’re all people that have a lot of money … You’re rich as hell… We’re gonna give you tax cuts.”
Mr. President, most of my California constituents are not “rich as hell.” Far from it. And Donald Trump couldn’t care less about them. The vast majority of them make less in a decade than it costs to pay the million-dollar membership fee at Mar-a-Lago. Let alone the amount necessary to get a gold-plated promise from the now-president that their taxes will get lowered.
But for this administration, it’s never been about ordinary Americans. And if you look at what Donald Trump is proposing here – the priority is exceedingly clear. If you look at what Elon Musk has done over the last few weeks, his priority is pretty damn clear as well.
A single mother choosing between paying rent and buying groceries? That’s not the priority. A veteran wondering if the housing assistance that helped them get off the street is going to dry up? That’s not their priority. But that billionaire who wants another yacht? Now that is their priority. When a CEO wants another corporate loophole? That is the priority.
Now of course – they won’t put it that way. They’ll tell you this is about spurring investment, or creating jobs, or unleashing the power of the free market. We’ve heard that story before. Remember 2017? When Donald Trump gave trillions to the wealthy and promised those tax cuts would pay for themselves? Guess what – and you won’t believe this: They didn’t! They didn’t pay for themselves.
In fact, they exploded the deficit by as much as two trillion dollars. And now, they’re telling us the only way to fix the hole they dug is by cutting services for the Americans who actually need them. And of course, more tax cuts for rich people.
We all heard it when they told us if we just cut corporate taxes a bit more, the savings are sure to trickle down to working families. Well they didn’t. Corporate profits at record highs. CEO bonuses soared. But wages — wages for regular people, they barely budged.
To the point where it would take the average worker at a S&P 500 company almost 200 years to make what their CEO made last year. Just think about that for a moment. It would now take an average worker at a S&P 500 company almost 200 years to make what their CEO made last year. How is that right? How is that fair? And how is that good economics? And how could they possibly want to make that worse? What is their goal? To provide another tax cut for the wealthy so that it’ll now take 300 years to make what their CEO makes.
We’re hearing that same pitch again now. So, what changed since? Nothing. Nada. Bupkis.
They want you to believe that we can afford to shower the wealthiest people and corporations with even more tax breaks – but we can’t afford to pay federal workers, including a ton of veterans, who dedicated their lives to serving this country at home and abroad.
That we can hand trillions to millionaires and billionaires – but we can’t afford to help families afford childcare, or hire firefighters, or fund critical cancer research.
That the real problem they would have you believe in the richest country in the world is the program that helps seniors retire with dignity.
At the end of the day, governing is about choices. The choices aren’t always easy. There are very few clear choices in a complex and robust democracy. But this should not be a hard choice. Because today we are not asked what we can afford. We’re asked what we choose to afford. We could choose to invest in our children. In our workers. In our future. Or we can choose to hand the wealthiest Americans another tax cut they don’t need.
We can choose to honor the commitments we’ve made to seniors, to veterans, to families struggling to get by. Or we can choose to break those commitments, just to make sure that Elon Musk’s tax bill stays as low as humanly possible. After all – launching your car into space isn’t cheap. We can choose to build an economy that works for everyone.
Or we can choose to keep writing blank checks to those who already have more than they could spend in a hundred lifetimes or 200, or 300. Donald Trump has made his choice. Elon Musk has made his choice. What will we choose?
Donald Trump and Elon Musk would have you believe that America is broke. America isn’t broke. But it is broken for so many people who actually do the work. So no – it’s not a great day to be a teacher struggling to pay the rent. Or a nurse working a double shift just to afford groceries. It’s not a great day to be a retiree watching Social Security and Medicare under attack. But it is a great day to be a billionaire in America. And that, my colleagues, is exactly the problem.
I yield back.
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