Washington, D.C. – U.S. Senator Charles E. Schumer delivered remarks on the Senate floor regarding the president’s forthcoming “tax reform” plan. Below are his remarks:
Today we'll be hearing some details (we don't know how many) about the president's tax plan.
We'll take a look at what they're proposing, but I can tell you this, if the president’s plan is to give a massive tax break to the very wealthy in this country -- a plan that will mostly benefit people and businesses like President Trump's -- that won't pass muster with we Democrats.
The very wealthy are doing pretty well in America. Their incomes keep going up, their wealth keeps going up. God bless them. Let them do well. But they don't need another huge tax break while middle-class Americans and those struggling to get there need help just staying afloat.
It is already the case that CEOs and other folks at the top of the corporate ladder can use deductions and loopholes to pay less in taxes than their secretaries.
We don't need a plan that establishes that same principle in the basic rates -- by allowing wealthy businessmen (like President Trump) to use pass-through entities to pay 15% in taxes while everyone else pays in the 20s and 30s.
We don’t need a tax plan that allows the very rich to use pass-throughs to reduce their rates to 15% while average Americans are paying much more.
That’s not tax reform, that’s just a tax giveaway to the very, very wealthy that will explode the deficit.
So we'll take a look at what they propose later today. If it's just another deficit-busting tax break for the rich, I predict their proposal will land with a dud with the American people.