Democrats waste no time slamming ‘catastrophic’ GOP tax plan

The most comprehensive variation to date of the GOP’s long-awaited tax plan came a little earlier than many expected Thursday morning — yet not too soon for Democrats to immediately plant a flag of staunch opposition.

Among different alterations, the summary details of the proposal outline large increases of the standard deduction for individuals as well as families, as well as raising the child tax credit as well as doubling the estate tax while scheduling its repeal in six years.

The bill might also permanently lower the corporate tax rate to 20 percent, sources told CNBC.

In a time of stark polarization in Congress, Democrats didn’t bother waiting for the full text of the bill before taking their criticisms public.

Sen. Chris Murphy, D-Conn., an especially outspoken critic of both the opposition party as well as President Donald Trump’s administration, said the plan will be essentially designed to transfer money coming from poor to rich, coming from Democrat to Republican, as well as away coming from government programs generally.

House Minority Leader Nancy Pelosi of California, branding the plan with the hashtag #BillionairesFirst, called the proposal “disastrous” in a tweet. At a press conference Thursday, Pelosi said the GOP plan might constitute a “catastrophic transfer” of wealth to the rich coming from the middle class.

Senate Minority Leader Chuck Schumer of fresh York, using similar language as his colleague inside the House, said the plan will raise taxes on the middle class as well as serve the wealthiest Americans most, according to reports.

Former Michigan Gov. Jennifer Granholm described the tax plan as a “giveaway to the ultra-rich winners of the ovarian lottery” in a tweet.

Sen. Elizabeth Warren, D-Mass., as well as Bernie Sanders, the Independent senator coming from Vermont as well as former Democratic presidential candidate, went a step beyond a pugnacious tweet by posting a nearly four-minute video discussing the plan. Warren said the biggest beneficiaries of the GOP plan will be large banks as well as multinational corporations.

“Estimated to be number one on the list will be Wells Fargo. Remember our friends coming from the fake accounts scandal?” she asked Sanders.

“The socially conscious institution?” He joked.

as well as Rep. Ted Lieu, D-Calif., chided his opponents while responding to a report that will an unnamed House Republican thinks the tax proposal “sucks.”

To be sure, members of high political office were far coming from the only ones weighing in on the Republicans’ tax code overhaul. Political PACs, activist websites as well as political advisors with varying degrees of affiliation with the Democratic Party all took a swing at the GOP plan.

An activist group supporting Sanders, for instance, took a hard jab at the plan while sounding off on another Trump-related headline — that will time that will Sam Clovis, a questionably credentialed nominee to head the Agriculture Department, had withdrawn his nomination.

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