Schumer: Trump tax plan ‘wealth-fare’
Senate Minority Leader Chuck Schumer (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.
Senate Majority Leader Mitch McConnell (R-Ky.) praised the framework on Wednesday, saying it was time for a “significant change.”
“It’s a refreshing change from the current outdated tax code which for too long hasn’t worked for many Americans,” he said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 Sanders (I-Vt.), who caucuses with Senate Democrats, called it “morally repugnant and bad economic policy.” And Schumer and Sen. Ron Wyden (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.”
This is a step backwards from multiple bipartisan deals to 3x standard deduction. This is a bad deal for middle-class families. https://t.co/yePSN85gI0
— Ron Wyden (@RonWyden) September 27, 2017
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