Pelosi: Trump tax plan a 'wish list for billionaires'

House Minority Leader Nancy Pelosi (D-Calif.) on Wednesday tore into President Trump's tax reform plan, calling it "short on details and long on giveaways to big corporations and billionaires."

"Instead of focusing on hard-working families as he promised, President Trump's tax outline is a wish list for billionaires," Pelosi said in a statement.

The plan was unveiled Wednesday at a White House press briefing by Treasury Secretary Steve Mnuchin. It would collapse the seven existing tax brackets into three new ones at 10 percent, 25 percent and 35 percent. It would also eliminate most itemized tax deductions, the estate tax and an ObamaCare tax on net investment income for high earners.

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Pelosi said the White House's tax plan is an example of "the same Trickle Down Economics that undermined the middle class."

She didn't dismiss the possibility of working with Republicans on future tax reform efforts but had a warning for Trump: "There is room for bipartisan tax reform, but it must be fiscally-responsible and it must not come at the expense of hard-working Americans."