The Trump administration’s new tax proposal, which leans heavily on tax cuts for corporations, has sparked a wave of criticism from the left and the right because Trump wants to slash the top tax rate for corporations to 15%, which will benefit his family business.
The administration’s tax outline leaves many questions unanswered and will be met with a lot of skepticism among lawmakers, even though Republicans control Congress. In fact, some GOP aides suggest that the White House — with its emphasis on tax cuts and too few details on how they’d be paid for — is not constructively contributing to a serious discussion of tax reform.
“It’s not tax reform,” one senior GOP aide told CNN. “Not even close.”
Sen. Jeff Merkley (D-OR) blasted the President’s tax plan on Wednesday by pointing out that it amounts to a massive $2 trillion giveaway to corporate America.
“Trump’s 15% corporate tax rate plan would REDUCE federal revenue by $2 trillion over next 10 years,” he wrote on Twitter. “Another misplaced priority.”
Merkley then ran off a list of things that we could pay for with $2 trillion — and it included some of the things that Trump had pledged to pay for during his presidential campaign, such as spending on infrastructure and treatment for opioid addiction.
As Merkley noted that $2 trillion could be used to make good on Sen. Bernie Sanders’ (I-VT) plan to offer universal tuition-free college.
Read Merkley’s tweets below: