President Donald Trump fired the first salvo Wednesday in the battle for his tax plan by slamming Democrats for "trying to bail out insurance companies from disastrous Obamacare, and Puerto Rico with your tax dollars" – calling the efforts "sad."
Here is Trump's tweet:
Treasury Secretary Steve Mnuchin and Trump economic adviser Gary Cohn unveiled the president's tax plan earlier Wednesday, which would slash tax rates for businesses and on overseas corporate profits returned to the country.
The proposal would also raise standard deductions for individuals, while repealing inheritance taxes on estates and simplifying tax returns.
But Democrats have ripped the outline for lacking details, arguing it does not offer ways for raising new revenues and could possibly add billions of dollars to the federal deficit.
House Minority Leader Nancy Pelosi blasted the proposal as a "wish list for billionaires."
"The same trickle-down economics that undermined the middle class are alive and well in the president's tax plan," the California Democrat said in a statement. "True to form, President Trump's tax plan is short on details and long on giveaways to big corporations and billionaires."
Her Senate counterpart, Chuck Schumer of New York, charged the president's tax effort would make "life easier for the wealthy and special interests" and "harder for middle-class and lower-income Americans.
"This plan will be roundly rejected by taxpayers of all political stripes," Schumer told Business Insider. "The American people, once again, are learning that what President Trump promised in his campaign and what he's doing are totally at odds."
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