Schumer: Trump’s Tax Plan Is Focused on the Wealthy and Powerful

RUSH TRANSCRIPT:

DICKERSON: "--tax reform quickly you’ve been talking to the president about making deals with the presidents this something you can do a deal with the president on?" 
SCHUMER: "Well, look, we Democrats sent a letter to the Republican leadership and the president, said that here were three things that we thought tax reform ought to have. One, tax breaks ought not to go to the top 1%. But ought to be focused on the middle class. Two, ought not blow a hole in the deficit. Three, ought to be done in bipartisan way not through reconciliation. Unfortunately the Republican plan doesn’t agree with any of those. First, it’s completely focused on the wealthy and the powerful not on the middle class. Second it blows a huge hole in the deficit third, they said they’re going to do it with through reconciliation, that’s a partisan pros, it excludes Democrats, the same process that led to the demise on health care. Let me just address one thing, John. Speaker Ryan kept — keeps saying helps the middle class. That’s not true. What he’s saying and what the plan is are totally different. Let me go over three quick points. One, they get rid of the estate tax, the only people who benefit are the very wealthy, estates over $11 million. 5,000 estates will get over $3 million each. Second, they lower the top rate from 39 do 35, that affects the wealthy. They raise the lowest rate from 10 to 12 that affects working people."