Dem rep: Trump's tax plan as believable as "magic, unicorns or Batman"
Rep. Ted Lieu (D-Calif.) blasted President Trump’s proposed tax reform policy on Monday, calling it “voodoo economics on steroids" that's as credible as the existence of "magic, unicorns, or Batman."
Trump tax plan is Voodoo Economics on steroids. If you believe in magic, unicorns or Batman, this plan is for you. https://mobile.nytimes.com/2017/04/26/us/politics/trump-tax-cut-plan.html?_r=0&referer=https://www.google.com/ …
— Ted Lieu (@tedlieu) 1:43 PM - 26 Apr 2017
Lieu joined a host of other lawmakers who have slammed Trump’s proposed tax reform.
National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin unveiled Trump's plan Wednesday. The proposal would lower the tax rate for corporations from 35 percent to 15 percent and would reduce the number of individual income tax brackets from seven to three, among a host of other changes.
"It's a great plan," Trump said as he signed an executive order at the White House. "It's going to put people back to work."
Trump’s plan came with few specifics, but congressional GOP leadership said they plan to use the proposal as a “guidepost” for tax reform legislation.
“Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business,” Speaker Paul Ryan (R-Wis.), Senate Majority Leader Mitch McConnell (R-Ky.) and the heads of the House and Senate tax-writing committees said in a joint statement.