Sen. McCormick on Trump's ‘Big, Beautiful Bill'

Bloomberg

10-06-2025

00:00
People that I met on the campaign trail were voting for change. They wanted change. They wanted an economy that worked for them, that worked for working families. They wanted trade policies that they felt were fair. They wanted a border that was secure and didn't didn't sacrifice their their families. And that's the agenda that that I largely ran on, which was to help working, working families build opportunity. Fair trade, not free trade. I was someone who negotiated with China 20 years ago for free trade deals, and I'm now one who believes that we need to be we need to be focused on reciprocity and fairness. We can talk more about that. People that wanted the border closed, wanted law and order, and essentially wanted their fair shake. And so if we talk about the big, beautiful bill, we talk about the border policies, we talk about trade, we talk about immigration. The framing of the policies starts, I think, with those experiences in Pennsylvania. And, you know, I'm I'm about 100 and 5060 days into the job, so I'm still figuring it out. But but I would say I'm very, very privileged to be able to do it. 50 I'm the 54th elected senator from Pennsylvania. But I think I have a unique perspective because I now have have I have learned what's going on on the ground in a way that I had grown away from since since I left for West Point. And I also, as I said, have some perspective as someone who sat in this room with all of you. So I'm delighted to have the chance to share that today. Honored to be here. And, David, when I turn to you and you can take it away. Okay, Senator, thank you so much. That was very helpful to set up. So let's pick up on exactly what you talked about and what you learned from traveling all around Pennsylvania for the working men and women, if I can put it that way, in particular, people who are not having an easy time of it. What makes this bill so beautiful? It's big. There's no question it's big. But what makes it beautiful for them? Well, I think the starting point for this and it's in some ways very advantageous to the people in this room and to them, is that if we don't pass the bill, we have the largest tax cut tax increase in history. And so, you know, there's lots of media around this. But essentially, if you look at the bill, if you're a family that makes $50,000 a year, if we don't pass this bill, your taxes go up by $2,000 a year, 2500. So it affects everybody. The large majority of the tax benefit for individual rates, 60% of it goes to people that make $400,000 or below, despite the fact that, you know, 80% of the taxes are paid by the people, that that that make 10% at the highest end of the 10%. But in addition to that, it's very pro-growth.