House Minority Leader Nancy Pelosi calls President Trump's tax plan a 'wish list for billionaires'
House Minority Leader Nancy Pelosi came out in fierce opposition to President Donald Trump's new tax plan shortly after his administration released details of it on Wednesday, calling it a "wish list for billionaires" in a statement released on her website.
"Instead of focusing on hard-working families as he promised, President Trump's tax outline is a wish list for billionaires," Pelosi said in a statement. "What few details are here overwhelmingly cut taxes for the richest and do little for middle class Americans and those trying to get there."
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The proposal unveiled on Wednesday included only a basic framework for what tax policy would look like, shrinking the number of individual brackets from seven to three: a 10 percent rate, a 25 percent rate, and a 35 percent and double the standard deduction. What earning levels fit within those brackets is still yet to be announced. It also eliminates all tax deductions other than mortgage and charitable contributions and drops the corporate tax rate from 35 percent to 15 percent.
As she tore into the landmark proposal, the Pelosi noted the Trump administration made no mention of "how his deficit-exploding tax plan will actually be paid for."
Treasury Secretary Steven Mnuchin said Trump's plan would "pay for itself with growth" and with the elimination of deductions and credits, but initial analyses by experts suggested that goal may be too lofty to achieve, given the extent of revenue lost in the plan.
Pelosi echoed some of those experts in her response.
"America cannot afford a Republican tax plan that hands multi-billion dollar tax breaks to the richest on the backs of the middle class," she said. "There is room for bipartisan tax reform, but it must be fiscally-responsible and it must not come at the expense of hard-working Americans."