Democrats on Wednesday slammed President Donald Trump’s tax reform plan, calling it “morally repugnant,” suggesting there would be little to no cross aisle support for the initial outline of the plan.
President Donald Trump’s plan would reduce the number of personal income tax brackets and overhaul business taxes, lower the corporate tax rate from 35% to 20%, reduce the pass-through tax rate from almost 40% to 25%, and “streamline” business tax breaks.
Democratic leaders immediately condemned the bill, casting it as a proposed tax break that would largely benefit the wealthy by lowering the top income tax bracket from 39.5% to 35% and lowering the pass-through tax rate, something largely used by wealthy earners.
Senate Minority Leader Chuck Schumer decried the proposal in a speech on the Senate floor, saying Republicans “designed their tax plan to be cheered in country clubs and corporate board rooms.”
Sen. Bernie Sanders argued that the plan would exacerbate income inequality, singling out its proposal to repeal the estate tax, noting that the top 10% of earners pay 90% of estate taxes.
“At a time of massive wealth and income inequality, Trump’s tax plan is morally repugnant and bad economic policy,” Sanders said in a statement.
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