The Republicans in the House of Representatives are liars. They do not care about the deficit or the debt one bit, and their current actions in Congress are concrete proof of this. Right now, Republicans are working on a tax cut package for the wealthy elite that they are planning to unveil 2 weeks after the debt ceiling deadline passes. This package will explode the deficit, something these Republicans claim to be against. Good luck running on that next year. Ring of Fire's Farron Cousins explains what's happening.
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Our Republicans repeatedly try to get President Biden and the Democrats to go along with their plan to screw over poor people as part of the debt ceiling negotiations, right? We gotta cut the food stamp benefits, we gotta cut Medicare. We've gotta take money, food, healthcare away from poor people in the United States because spending is outta control. That's the message from Republicans right now and behind closed doors for a couple weeks. Now, those very same Republicans who say that spending is out of control have been secretly working on a new tax cut package for the wealthy elite and corporations while they're telling us that we gotta make sacrifices. The government has to stop wasting money by keeping poor people alive. Oh, and by the way, we also need to give more money to rich people. That is the message from the Republican party today. But it's a message they didn't want you to hear yet because you see this tax cut package that they're working on, because that's the only thing Republicans know how to do.
It's not supposed to be unveiled until two weeks after we hit that kind of drop dead date for the debt ceiling. It's exactly two weeks after that date that Republicans are planning on bringing this legislation to the floor. So what would this legislation do? Key parts of the tax cut package will likely include a full restoration of research and development deductions. Full bonus depreciation, removing caps on business interest dispensing, and a doubling of the 1.08 million limitation on the section 1 79 deduction, which like bonus depreciation, allows a company to deduct an assets cost up front. Now, one of the biggest pushers of this Republican tax cut package that will also make permanent the 2017 tax cut package is Verne Buchanan, a Republican representative from the state of Florida. Now, you may remember that name because in 2017 when Republicans were pushing their tax scam on the American public, Verne Buchanan was out there pushing it.
And then on the day that it passed, like literally on the day it passed, after he voted yes for it, saw that it was passing, Verne Buchanan left Congress and bought a $5 million yacht. He is one of the wealthiest members of Congress, by the way. He voted to give himself a tax break, didn't even wait 24 hours, and he bought himself a new mega yacht. That's what we're dealing with with the Republican party, and they're not even trying to hide it. But you know what I say, let 'em do it. Let 'em introduce this legislation. Let's put it back on the table, because apparently these morons don't remember what happened in 2017. The American public was already a little iffy on the tax cuts when Republicans
Introduced them in 2017, but we were told by Paul Ryan, who was then the speaker of the house, he promised us up and down, don't you worry folks, you're gonna get a raise. You are gonna get these bonuses. And then in the immediate, you know, two weeks after the tax cut package passed, we saw stories about Walmart giving employees a thousand dollars bonus. At and t was giving people thousand, $5,000 bonuses.
