WATCH: Pelosi addresses GOP tax plan
Democratic leaders, including House Minority leader Nancy Pelosi, spoke about the GOP tax plan this afternoon. Watch their remarks in the player above.
President Donald Trump and congressional Republicans unveiled their tax overhaul plan on Wednesday, promising tax cuts for middle class families and corporations. Democratic leaders, however, condemned the proposal, saying it would worsen income inequality in the country.
On the Senate floor Wednesday, Senate Minority Leader Chuck Schumer said the GOP tax plan was designed “to be cheered in country clubs and corporate board rooms.”
The plan proposes a drop in the corporate tax rate from 35 percent to 20 percent, a part of the overhaul that the president said Thursday was “non-negotiable.” Republicans said the plan will also provide relief for middle class taxpayers, though it wasn’t clear how the plan would affect them, the Associated Press reported.
“Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans,” the nine-page plan said. “With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families.”
Sen. Bernie Sanders also knocked the tax plan, saying it catered to the wealthy.
“At a time of massive wealth and income inequality, Trump’s tax plan is morally repugnant and bad economic policy,” he said in a statement.
PBS NewsHour will update this story as it develops.