Bernie Sanders concedes defeat on tax reform fight (VIDEO)

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Vermont Sen. Bernie Sanders (I) was on CBS’s “Face The Nation” on Sunday, saying the fight against tax reform is very likely over for Democrats, and that while they “did everything” they could to stop it, the vote scheduled for early this week will probably go in favor reform.

The Republican tax reform plan will face a vote on Tuesday, and late holdouts like Sen. Marco Rubio (R-Fla.) and Sen. Bob Corker (R-Tenn.) have agreed to vote “yes” on the Senate bill, which the GOP says will cut tax rates for most Americans while closing deduction loopholes.

Sanders said on Sunday that despite their efforts, wealthy members of the White House administration and thousands of lobbyists were too great a force to reckon with.

“We did everything that we could,” Sanders said. “But at the end of the day what you had is people like [Treasury Secretary Steven] Mnuchin, who is worth $300 to 400 million; the president of the United States, who is worth several billion dollars, as you mentioned; from four or five thousand lobbyists doing everything they could to write a bill which significantly benefits the wealthiest people in this country and the largest corporations.”

Sanders said the tax reform bill is a major win for corporations – whose tax breaks are permanent – but not so great for the middle class, as their tax rate expires in 10 years.

Under the plan, the corporate tax rate drops from 35 percent to 21 percent, and it offers across-the-board cuts to individual taxpayers.

Congress will likely send the conference bill to President Donald J. Trump this week.

Trump said of the tax reform plan, “This is going to be one of the great gifts to the middle-income people of this country that they’ve ever gotten for Christmas,” and predicted that the plan would bring money in and boost the economy.

You may hear Sanders’ comments in the video clip below.

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