Nancy Pelosi Chuck Schumer

  • Democratic leaders were quick to slam the GOP’s tax plan, unveiled on Thursday. 
  • They argued that the proposal would dramatically exacerbate income inequality by enriching corporations and the wealthy at the expense of middle and working class Americans. 

Top Democratic lawmakers and leaders were critical of House Republicans’ tax plan unveiled Thursday, calling the proposal “catastrophic” and a “Ponzi scheme” designed to enrich the wealthiest individuals and corporations at the expense of middle and working class Americans. 

Sens. Bernie Sanders and Elizabeth Warren released a joint video in which they tore apart the GOP plan and argued that it will dramatically exacerbate income inequality. 

“This is the issue of our time and if we don’t rally the American people to stand up and create an economy that works for all of us … this country is going to be in deep, deep trouble,” Sanders said. 

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Here are the reactions of some prominent Democrats:

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House Minority Leader Nancy Pelosi

“This is a shell game, a Ponzi scheme that corporate America will perpetrate on the American people,” Pelosi said during a press conference on Thursday. “But if you’re the wealthiest 1%, Republicans will give you the sun, the moon, and the stars — all of that at the expense of the great middle class.”

Senate Minority Leader Chuck Schumer

“In the old days you could give a crumb to the middle class and give most of the tax breaks to the wealthy, and people would say, ‘Okay,'” Schumer said in an interview with The Washington Post on Thursday. “But with income distribution, sourness and populism where they are, that’s not working, so I think this bill has real trouble … The more people find out about it, the less they’ll like. This bill is like a dead fish. The more it’s in sunlight, the more it stinks, and that’s what’s going to happen.”

Massachusetts Sen. Elizabeth Warren

“They’re planning to give away $2 trillion in tax giveaways to a handful of giant corporations,” Warren told CNN. “Do you know who’s going to make the most money out of this? It’s projected to be Wells Fargo … the next group that’s going to make out big are foreign investors … and the third big group are multi-national corporations, who will be given bonuses, in effect, for building their factories, for putting their jobs everywhere except America.”

See the rest of the story at Business Insider