WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Wednesday spoke on the U.S. Senate floor to call out Republican’s latest tax and spending plan for benefitting billionaires and corporations at the expense of seniors and working families. Murphy slammed Trump for using the government as a cash machine for his family and billionaire friends, gutting oversight, handing out policy favors, and now pushing a tax plan that delivers massive breaks to the ultra-wealthy—paid for by slashing programs that millions of Americans rely on like Medicare and Medicaid. 

“The heart of this Republican economic proposal is a massive tax cut for the very, very wealthy and for corporations. And this time, not borrowed to be paid back later by middle class taxpayers, this time paid for by immediate cuts to some of the programs that regular, ordinary Americans, many frail seniors, depend on, like the Medicaid program,” Murphy said.

Murphy slammed Trump for letting Elon Musk hijack the government to enrich himself: “Since Elon Musk, the richest man in the universe, has taken control of the government with Donald Trump, the value of his business has gone up by 30%. Tesla’s stock has gone up by 30%. Of course it has. Because Elon Musk is now able to get inside the government to arrange things to benefit his companies. For instance, the NLRB is gone. They fired the Democrat on the board, it is unable to muster a quorum. It’s not coincidental that the NLRB had several open investigations of Tesla. Our foreign policy has been monetized to support people like Elon Musk. News just broke yesterday that Vietnam is really worried about Trump's tariff policy, and so the way that they're going to try to get some help from the Trump administration is to give some help to Elon Musk's businesses. They are going to give Elon Musk a Starlink contract, and they believe that by doing that, they’ll be able to get some help from the Trump administration on tariffs. So, Elon Musk and the billionaires are able to operationalize and monetize our foreign policy.”

On Trump also cashing in on the presidency, Murphy said: “Trump is doing very well too. He made $100 million off of a meme coin–a meme coin, where we have no idea, as Americans, who's buying it. It is very likely foreign actors trying to influence the administration, who can secretly buy the meme coin and then whisper to Donald Trump that we got your back when you needed it. $40 million from Amazon for a new documentary of the First Lady, legal settlements from ABC News, Meta, and X, all–shockingly–settled with cash payments to the Trump family after the election.”

Murphy called out the GOP tax plan for funneling billions to the rich while working families get next to nothing: “If you're in the top 1%, your average tax cut is about $70,000. That's a lot of money. That's a lot of money. But if you're making $30,000 a year–and there's a whole bunch of people in this country that are making $30,000 a year, especially when Republicans refuse to support the minimum wage going above $7.25 an hour – if you make $30,000 a year, you are going to get about $130. $70,000 if you're doing really, really well. $130 for everybody else. That doesn’t make any sense. Why do people making $600,000 a year need $70,000 while only a hundred bucks goes to everybody else?”

He debunked Republicans’ claim that the extending the 2017 tax cuts will help working people: “It's a scam. Trickle-down economics is a scam. When you put this much money into the hands of the wealthy, it does not trickle down to everybody else. When you give corporations those enormous tax cuts, it does not trickle down to everybody else. It stays in the pockets of the wealthy. The corporations use it in order to do stock buybacks, in order to inflate CEO salaries. It just separates the rich from the poor. It is a scam. It is a scam.”

On how Republicans plan to pay for this giveaway to billionaires, Murphy said: “The cut that they're contemplating in the House of Representatives is a cut to Medicaid. Now, they're also thinking about cuts to Medicare, your parents’ primary health insurance. They're contemplating cuts to the Affordable Care Act, that's the program that insures 20 million working Americans. But they’re really zeroed in on Medicaid, and they're contemplating such devastating cuts to Medicaid that it would eviscerate the program.”

He concluded: “The whole thing just feels like a scam to people: the favors being given to billionaires that are inside the government, the tax cut that benefits the very, very wealthy at the expense of everybody else, the cutting of services that help regular people in order to finance the tax cut. And whether it ends up being one bill or two bills, the centerpiece is still the centerpiece. The transfer of resources and wealth from regular people, from the middle class, from poor people, to the very, very wealthy, the millionaire and billionaire class, the corporations.”

A full transcript of his remarks can be found below:

MURPHY: “Thank you, Mr. President. I’m down here on the floor this afternoon with my colleague Senator Kaine from Virginia, and the Ranking Member of the Finance Committee, Senator Wyden, to talk about the spending and tax bill that is coming before the Congress, driven by Republicans and the Trump administration. 

“Whether it's one bill or two bills, it doesn't really matter. It is the centerpiece of Donald Trump's economic agenda. And it's really important to talk about the impacts that this spending and tax package will have on the American public. 

“While there will be some new spending for defense and some new spending on immigration policy, the heart of this spending and tax package will be familiar to many Americans, because they remember it from 2017, during the first Trump administration. 

“The heart of this Republican economic proposal is a massive tax cut for the very, very wealthy and for corporations. And this time, not borrowed to be paid back later by middle class taxpayers, this time paid for by immediate cuts to some of the programs that regular, ordinary Americans, many frail seniors, depend on, like the Medicaid program. 

“Just for a little bit of context, it does appear to a lot of Americans that this whole thing feels a bit like a scam, that this is a government that is being handed over to the billionaire class in order to operationalize government to make money for the very, very wealthy, and for the rest of us to pay the price. The cost of gas is going up, the cost of groceries continues to go up. And meanwhile Donald Trump and his billionaire crowd are doing better than ever.

“Just a couple of examples. Since Elon Musk, the richest man in the universe, has taken control of the government with Donald Trump, the value of his business has gone up by 30%. Tesla’s stock has gone up by 30%. Of course it has. Because Elon Musk is now able to get inside the government to arrange things to benefit his companies. 

“For instance, the NLRB is gone. They fired the Democrat on the board, it is unable to muster a quorum. It’s not coincidental that the NLRB had several open investigations of Tesla. 

“Our foreign policy has been monetized to support people like Elon Musk. News just broke yesterday that Vietnam is really worried about Trump's tariff policy, and so the way that they're going to try to get some help from the Trump administration is to give some help to Elon Musk's businesses. They are going to give Elon Musk a Starlink contract, and they believe that by doing that, they’ll be able to get some help from the Trump administration on tariffs. So Elon Musk and the billionaires are able to operationalize and monetize our foreign policy. 

“And of course, Elon Musk has access to the data, especially the data inside Treasury, that's going to help him gain an advantage on his competitors, whether he’s trying to set up a new tax payment system or he’s trying to set up a new universal payment capacity on Twitter. 

“So it's not shocking that the value of Musk's business has gone way up, because he now controls the federal government in a way that can benefit his business. 

“But Trump is doing very well too. He made $100 million off of a meme coin–a meme coin, where we have no idea, as Americans, who's buying it. It is very likely foreign actors trying to influence the administration, who can secretly buy the meme coin and then whisper to Donald Trump that we got your back when you needed it. $40 million from Amazon for a new documentary of the First Lady, legal settlements from ABC News, Meta, and X, all–shockingly–settled with cash payments to the Trump family after the election. 

“And, the monetization of foreign policy for Donald Trump, just like the monetization of foreign policy for Elon Musk. News this week that the PGA and the Saudis were meeting with the President to try to settle their disputes. Not coincidental to the fact that Donald Trump is in business with one of those golf leagues. 

“So it just appears to many Americans this administration puts the billionaires, the corporations, those that are loyal and friendly to Donald Trump first, and all the rest of us second. 

“The apex of this effort to turn our government–and government policy–over to the billionaires is this tax cut. Again, this tax and spending package has a lot of elements to it, but the centerpiece is a tax cut that is 852 times bigger for the top 1% of earners in this country than for low-income families. That's a number that's a little hard to get your head wrapped around so I just wanted to put it on this chart. That's what 852 times looks like. 

“The rates go down for folks that make more than $600,000 a year, but they don't move for folks that make under $600,000 a year. They're not trying to hide what's going on here: rates are coming down if you make a whole ton of money. Rates are staying the same if you're middle income or lower income. 

“Another way to tell the story is that if you're in the top 1%, your average tax cut is about $70,000. That's a lot of money. That's a lot of money. But if you're making $30,000 a year – and there's a whole bunch of people in this country that are making $30,000 a year, especially when Republicans refuse to support the minimum wage going above $7.25 an hour – if you make $30,000 a year, you are going to get about $130. $70,000 if you're doing really, really well. $130 for everybody else. That doesn’t make any sense. Why do people making $600,000 a year need $70,000 while only a hundred bucks goes to everybody else? 

“The corporations are in the mix here too. They came to Congress in 2007 and said ‘we need a lower tax rate.’ And then Trump and his Republican allies gave them a tax rate even lower than they asked. “And they made this claim that all this extra money going to the corporations was going to be passed down to workers. They had a specific claim that it was going to result in $4,000 more in income to every American. Because that's how trickle-down economics works in the brains of Republicans. You give a whole bunch of money to corporations, and they’re going to be generous and they’re going to give that money to workers in extra income. 

“Well, we now have eight years of experience since that first tax cut that they are looking to reauthorize. We know what happened. The studies show that it wasn't $4,000 of extra income; it wasn't $3,000; it wasn’t $2,000; it wasn’t $1,000; it wasn't $500; it wasn’t $400. It wasn’t even $200. It was zero. The tax cut resulted in an increase in salary – to those people that worked for those corporations that got the big tax cut – a salary increase of zero. It's a scam. Trickle-down economics is a scam. When you put this much money into the hands of the wealthy, it does not trickle down to everybody else. When you give corporations those enormous tax cuts, it does not trickle down to everybody else. It stays in the pockets of the wealthy. The corporations use it in order to do stock buybacks, in order to inflate CEO salaries. It just separates the rich from the poor. It is a scam. It is a scam.

“Now, the last thing I'll say before turning it over to Senator Kaine is that this version of the giant billionaire and corporate tax cut is so much worse than the first version. It still is a tax cut for the wealthy that's 852 times bigger than for folks at the bottom of the income scale. But whereas in 2017 it was all borrowed–and that's bad because that money has to be recouped somehow, that means that everybody eventually is going to either pay higher interest rates or have their taxes raised, or their services cut to service all that debt–trillions of dollars worth of debt–this time Republicans are contemplating not borrowing the money, but instead just taking it from poor people and middle class people. Just taking it from them to give it to the billionaires and the corporations.

“The cut that they're contemplating in the House of Representatives is a cut to Medicaid. Now, they're also thinking about cuts to Medicare, your parents’ primary health insurance. They're contemplating cuts to the Affordable Care Act, that's the program that insures 20 million working Americans. But they’re really zeroed in on Medicaid, and they're contemplating such devastating cuts to Medicaid that it would eviscerate the program. And maybe you can say well, Medicaid, it’s for poor people and that's not me. 

“Well, listen, I think we have an obligation to try to make sure that everybody in this country, even poor children, have access to health care. But Medicaid also pays for your parents’ or your neighbors' nursing home costs. If you cut the amount of money that they're talking about out of the Medicaid program, you're literally talking about nursing homes shutting down and seniors being out on the street. That's not hyperbole. That's what happens if you make these massive cuts to Medicaid. And so what they're talking about this year is not just running up a credit card bill in order to fund the tax cuts for the wealthy. They're literally talking about putting seniors out on the street in order to fund a tax cut for the wealthy. 

“The whole thing just feels like a scam: the favors being given to billionaires that are inside the government, the tax cut that benefits the very, very wealthy at the expense of everybody else, the cutting of services that help regular people in order to finance the tax cut. And whether it ends up being one bill or two bills, the centerpiece is still the centerpiece: the transfer of resources and wealth from regular people, from the middle class, from poor people, to the very, very wealthy, the millionaire and billionaire class, the corporations. 

“And so, we're going to tell this story–here on the Senate floor, all over the country–while this bill moves its way through the process, either as one bill or two bills. Because regardless of the process, the story is still the same: a scam. To take money from regular people to make the lives of the rich and powerful even more lavish. I yield the floor.”

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