Crowley: New Tax Reform Bill Nothing But a 'Bait and Switch'

The newly passed tax reform bill is nothing but a "bait and switch" on the part of Republicans that will increase, not lower the nation's tax bills, House Democratic Caucus Chairman Joe Crowley said Wednesday.

"I think it was a bait and switch on a proportion we've never seen before," the New York lawmaker told MSNBC's "Morning Joe" program. "The president said that he would help the middle class. He campaigned on that in middle America."

However, a third of the nation's middle class, or 83 million households, will see a tax increase under the bill, insisted Crowley.

"It really was a classic bait and switch," Crowley said. "They dangled it out there for the middle class, and what it's really doing is helping the corporate special interests as well as the wealthiest in this nation to the tune that's been really unheard of in modern history."

He admitted that there are many businesses in his district that will celebrate the tax cuts that are coming with the bill, as it means they'll have more money in their pockets.

However, he pointed out that "very, very, very few jobs" were seen growing through the American Jobs Act, because history shows that when corporations have extra money, they don't return it to the workforce or research.

"They put it into their own pockets, dividends," said Crowley. "It's really not something that's going to help the bottom line. That is the paycheck of the individual in a pay raise by those corporations. I hope it happens. It's just history has shown it doesn't happen."

Crowley said that as Americans, Democrats hope the GDP will grow to 4 or 5 percent, as has been estimated, but they don't think that will happen.

"What the reality is that many of my constituents back home in Queens will not see that tax decrease," said Crowley. "As well, you know, the economy has been ticking along quite well in terms of the job growth in the United States has been ticking along, the economy, the stock market. This notion that it's only happened in the past year is ridiculous."

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