Bloomberg goes off on GOP tax bill: We CEOs ‘don’t need the money’

Bloomberg goes off on GOP tax bill: We CEOs ‘don’t need the money’

Former New York City Mayor Michael Bloomberg (I) slammed the GOP tax bill in a new column, calling it an “economically indefensible blunder that will harm our future.”

“Last month a Wall Street Journal editor asked a room full of CEOs to raise their hands if the corporate tax cut being considered in Congress would lead them to invest more. Very few hands went up,” Bloomberg wrote in a Bloomberg op-ed. “Attending was Gary Cohn, President Donald TrumpDonald John TrumpChelsea Clinton announces birth of third child Ukrainian officials and Giuliani are sharing back-channel campaign information: report Trump attacks 'the Squad' as 'racist group of troublemakers' MORE's economic adviser and a friend of mine. He asked: ‘Why aren't the other hands up?’

“Allow me to answer that: We don't need the money.”

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“It's pure fantasy to think that the tax bill will lead to significantly higher wages and growth, as Republicans have promised,” Bloomberg continued. “Had Congress actually listened to executives, or economists who study these issues carefully, it might have realized that.”

The former New York City mayor and billionaire businessman ripped the bill for its impact on education, infrastructure and wealth inequality, saying it will make challenges in each of those areas “worse.” 

Bloomberg also slammed the bill’s nearly $1.5 trillion impact on the national deficit.

“Ignoring the bill's price tag, or pretending we needn't worry about deficits, is like ignoring climate change or pretending we needn't worry about its effects,” he wrote. “I’ll say one thing for Republicans in Congress: They're consistent.”

The tax bill “hand[s] corporations big tax cuts they don’t need,” according to Bloomberg, “while lowering the tax rate paid by those of us in the top bracket and allowing the wealthy to shelter more of their estates.”

“The tax bill is an economically indefensible blunder that will harm our future,” he added. “The Republicans in Congress who must surely know it — and who have bucked party leaders before — should vote no.”

Bloomberg’s comments come as the House and Senate meet in conference committee to try and reconcile their tax bills into a final version.

Sen. Marco RubioMarco Antonio RubioAna Navarro lashes out at Rubio for calling outrage over Trump's 'go back' tweet 'self righteous' US-Saudi Arabia policy needs a dose of 'realpolitik' Media cried wolf: Calling every Republican a racist lost its bite MORE (R-Fla.) on Thursday threatened to vote against the bill unless the child tax credit is expanded, putting the legislation in jeopardy of being delayed past Christmas.

Sen. Bob CorkerRobert (Bob) Phillips CorkerTrump announces, endorses ambassador to Japan's Tennessee Senate bid Meet the key Senate player in GOP fight over Saudi Arabia Trump says he's 'very happy' some GOP senators have 'gone on to greener pastures' MORE (R-Tenn.) previously voted against the Senate’s version of the tax bill because it would add $1.5 trillion to the deficit, and Sen. Mike LeeMichael (Mike) Shumway LeeThe Hill's Morning Report — Mueller Time: Dems, GOP ready questions for high-stakes testimony This week: Mueller dominates chaotic week on Capitol Hill Overnight Health Care — Presented by PCMA — Health care moves to center stage of Democratic primary fight | Sanders, Biden trade sharps jabs on Medicare for All | Senate to vote on 9/11 bill next week | Buttigieg pushes for cheaper insulin MORE (R-Utah) has said he’s undecided currently undecided on the bill in its current form.

Lawmakers have promised a final version of the tax bill soon, and Trump has said he hopes to sign a bill before Christmas.