The Trump administration unveiled an ambitious overhaul of federal tax laws yesterday that it is touting as the “largest tax cut for individuals and businesses in U.S. history.
Republicans on Capitol Hill seem cautiously optimistic about the plan even though it was immediately attacked by the hateful class-warfare-mongering Left.
House Minority Leader Nancy Pelosi (D-Calif.) predictably described the plan as a “wish list for billionaires,” in a statement.
“The same Trickle Down Economics that undermined the middle class are alive and well in the President’s tax plan,” she said, without noting that the bogus concept of “Trickle Down Economics” was invented by the Left to mock market-based economics. “True to form, President Trump’s tax plan is short on details and long on giveaways to big corporations and billionaires.”
One of the House of Representatives’ most acute sufferers of Trump Derangement Syndrome, Rep. Ted Lieu (D-Calif.), tweeted that the plan is “Voodoo Economics on steroids. If you believe in magic, unicorns or Batman, this plan is for you.”
Senate Minority Leader Chuck Schumer (D-N.Y.) said the plan would make “life easier for the wealthy and special interests” and “harder for middle class and lower income Americans.”
“This plan will be roundly rejected by taxpayers of all political stripes,” Schumer said. “The American people, once again, are learning that what President Trump promised in his campaign and what he’s doing are totally at odds.”
Sen. Ron Wyden (D-Ore.), ranking member on the Senate Finance Committee, attacked the plan. “Light on details for people who work for a living, yet very detailed for the elite,” Wyden tweeted. “No estate tax, cut in capital gains and cut in top rate? All an #EliteGiveway. And yet the Trump team couldn’t tell you what the tax plan means for the typical American family. Self-serving & elitist.”
Socialist Sen. Bernie Sanders (I-Vt.) said the plan would help big businesses and the affluent. “We have a rigged economy designed to benefit the wealthiest Americans and large corporations,” Sanders huffed on Twitter. “Trump’s tax plan would make that system worse.”
GOP congressional leadership issued a lukewarm, open-ended endorsement of the tax reform plan. “The principles outlined by the Trump administration today will serve as critical guideposts” as lawmakers and the White House work on tax changes, House Speaker Paul Ryan (R-Wisc.) and Senate Majority Leader Mitch McConnell (R-Ky.) said.