Schumer: Trump tax plan 'wealth-fare'
© Greg Nash
Senate Minority Leader Chuck SchumerChuck SchumerThe first Southern state legalizes marijuana — what it means nationally H.R. 1/S. 1: Democrats defend their majorities, not honest elections McCarthy asks FBI, CIA for briefing after two men on terror watchlist stopped at border MORE (D-N.Y.) ripped President Trump's long-awaited tax framework on Wednesday, arguing it would provide a financial "windfall" for wealthy Americans. 
 
"It seems that President Trump and Republicans have designed their plan to be cheered in the country clubs and the corporate boardrooms," Schumer said from the Senate floor. 
 
He added the GOP tax plan should be called "wealth-fare." 
 
"[Republicans are] going to be in for a rude awakening as the American people are going to rise up against this," Schumer said. "It's little more than an across-the-board tax cut for America's millionaires and billionaires." 
 
Republicans are pivoting to tax reform after a failed 11th hour attempt to repeal and replace ObamaCare. They hope to pass a tax agreement by the end of the year.
 
The plan, according to a copy obtained by The Hill, would cut the top tax rate for the wealthy, drastically slash taxes for businesses and eliminate most itemized deductions. 
 
 
"It's a refreshing change from the current outdated tax code which for too long hasn't worked for many Americans," he said 
 
But Democrats have pounced on the plan, arguing it doesn't do enough to help the middle class. 
 
Sen. Bernie SandersBernie SandersHillicon Valley: Amazon wins union election — says 'our employees made the choice' On The Money: Biden .5T budget proposes major hike in social programs | GOP bashes border, policing provisions Overnight Defense: Biden proposes 3B defense budget | Criticism comes in from left and right | Pentagon moves toward new screening for extremists MORE (I-Vt.), who caucuses with Senate Democrats, called it "morally repugnant and bad economic policy." And Schumer and Sen. Ron WydenRonald (Ron) Lee WydenThe first Southern state legalizes marijuana — what it means nationally A bold fix for US international taxation of corporations Democrats offer competing tax ideas on Biden infrastructure MORE (D-Ore.) are expected to hold a press conference later Wednesday to knock the plan. 
 
Wyden added separately that he will be "live tweeting and fact checking Trump's tax 'reform' speech this afternoon. And I don't need 280 characters to do it."