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"It's a refreshing change from the current outdated tax code which for too long hasn't worked for many Americans," he said 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) SandersBrown launches tour in four early nominating states amid 2020 consideration Gillibrand announces exploratory committee to run for president on Colbert Dem chairman Cummings meets with Trump health chief to discuss drug prices MORE (I-Vt.), who caucuses with Senate Democrats, called it "morally repugnant and bad economic policy." And Schumer and Sen. Ron WydenRonald (Ron) Lee WydenMobile providers at center of privacy storm Hillicon Valley: House chair seeks emergency briefing on wireless industry's data sharing | AG nominee to recuse himself from AT&T-Time Warner merger | Dem questions Treasury, IRS on shutdown cyber risks On The Money: Trump says he won't declare emergency 'so fast' | Shutdown poised to become longest in history | Congress approves back pay for workers | More federal unions sue over shutdown 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."