On Friday, Sen. Bernie Sanders (I-Vt.) said Trump’s tax plan proposal is “totally absurd” and that “we’ve got to [do] everything we can to oppose it.”
The White House on Wednesday unveiled a broad new plan to lower tax rates and provide relief for individuals and businesses.
Touted as the biggest tax cut in U.S. history, the plan would reduce tax rates for both corporations and small businesses to 15 percent — down from the current 35 percent corporate rate. It also calls for the end of the alternate minimum tax and the estate tax.
For individuals, the top personal income tax would be reduced from 39.6 percent to 35 percent. In addition, the standard deduction for taxpayers would double while all credits and deductions, except for mortgage interest and charitable giving, would be eliminated.
Democrats criticized the plan as a giveaway to the rich, and Sanders agrees, saying, “What concerns me right now, I have to tell you, sitting here in the Congress, is these incredible tax breaks that President Trump and the Republican leadership are proposing.”
“It just seems to me in a time of massive income and wealth inequality, the idea that we would give $353 billion in tax breaks to the top two-tenths of one percent while cutting back on education and healthcare and the needs of our children and seniors is, to me, totally absurd, and we’ve got to [do] everything we can to oppose that.”
See Sanders comment below:
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