Dem rep: Trump's tax plan as believable as 'magic, unicorns or Batman'

Rep. Ted Lieu (D-Calif.) blasted President Trump’s proposed tax reform policy on Monday, calling it “voodoo economics on steroids" that's as credible as the existence of "magic, unicorns, or Batman."

Lieu joined a host of other lawmakers who have slammed Trump’s proposed tax reform. 


House Minority Leader Nancy Pelosi called the proposal “a wish list for billionaires,” and Sen. Bernie SandersBernie SandersDemocrats redefine center as theirs collapses Speculation swirls around whether Bloomberg will make Las Vegas debate stage Pelosi: 'I'm not counting Joe Biden out' MORE (I-Vt.) said Trump’s plan would make the “rigged economy” even worse.

National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin unveiled Trump's plan Wednesday. The proposal would lower the tax rate for corporations from 35 percent to 15 percent and would reduce the number of individual income tax brackets from seven to three, among a host of other changes.

"It's a great plan," Trump said as he signed an executive order at the White House. "It's going to put people back to work."

Trump’s plan came with few specifics, but congressional GOP leadership said they plan to use the proposal as a “guidepost” for tax reform legislation. 

“Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business,” Speaker Paul RyanPaul Davis RyanPaul Ryan says Biden likely won't get Democratic nomination Judd Gregg: Honey, I Shrunk The Party The Hill's Morning Report — Dems detail case to remove Trump for abuse of power MORE (R-Wis.), Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellTrump declares war on hardworking Americans with new budget request The Hill's Morning Report — AG Barr, GOP senators try to rein Trump in Overnight Health Care: Nevada union won't endorse before caucuses after 'Medicare for All' scrap | McConnell tees up votes on two abortion bills | CDC confirms 15th US coronavirus case MORE (R-Ky.) and the heads of the House and Senate tax-writing committees said in a joint statement.