Schumer: Trump tax plan 'wealth-fare'
© Greg Nash
 
"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"It's a refreshing change from the current outdated tax code which for too long hasn't worked for many Americans," he said 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 SandersBernard (Bernie) SandersFive takeaways from Cruz, O'Rourke's fiery first debate Ben & Jerry’s co-founders announce effort to help 7 Dem House challengers Dems look to Gillum, Abrams for pathway to victory in tough states MORE (I-Vt.), who caucuses with Senate Democrats, called it "morally repugnant and bad economic policy." And Schumer and Sen. Ron WydenRonald (Ron) Lee WydenHillicon Valley: NYT says Rosenstein wanted to wear wire on Trump | Twitter bug shared some private messages | Vendor put remote-access software on voting machines | Paypal cuts ties with Infowars | Google warned senators about foreign hacks Overnight Health Care: Opioids package nears finish line | Measure to help drug companies draws ire | Maryland ObamaCare rates to drop Google says senators' Gmail accounts targeted by foreign hackers 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."