Reactions to President Trump's Tax Proposal

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On Wednesday April 26th, President Trump and his administration released a tax cut proposal via Treasury Secretary Steve Mnuchin and National Economic Council director Gary Cohn. The proposal, which includes reducing individual and businesses taxes, has received mixed reviews since it has been released.

 

U.S. Congressman Lloyd Doggett, Ranking Democrat on the House Ways and Means Tax Policy Subcommittee reacts to the Administration's tax cut proposal by saying "Boasting of his previous influence in bending the Tax Code to his whim, Trump claims only he can fix it. But will he 'fix' it for himself, or fix it for the middle class? Without an end to the Republican cover-up of Trump's tax returns, we cannot determine whether this is mostly just more self-enrichment for the Trump family."

 

Democrat Senator Chuck Schumer of New York said Wednesday, "We don't need a tax plan that allows the very rich to use pass-throughs to reduce their rates to 15 percent while average Americans are paying much more. That's not tax reform. That's just a tax giveaway to the very, very wealthy that will explode the deficit."

 

House Speaker Paul Ryan put a positive note on the proposal, noting that he saw the administration's announcement as a clear example that "progress is being made and we're moving and getting on the same page." Ryan, Senate Majority Leader Mitch McConnell, House Ways & Means Committee Chairman Kevin Brady, and Senate Finance Committee Chairman Orrin Hatch issued the following joint statement on Wednesday:

 

"The principles outlined by the Trump Administration today will serve as critical guideposts for Congress and the Administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy. Lower rates for individuals and families will allow them to keep more of their hard-earned money and empower them to invest more in their future. Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business. With an eye toward fairness and simplicity, we're confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage, and bring prosperity to all Americans."

 

House Minority Leader Nancy Pelosi called Trump's tax reform outline a "wish list for billionaires" and claimed that "America cannot afford another Republican tax plan that has billions of dollars in tax breaks [going] to the richest on the backs of the middle class." However, despite her criticism, Pelosi believes that Democrats are prepared to work together to bring forward a simplified tax code. "There is room for bipartisan tax reform."

 

While Republicans and Democrats are releasing official statements with their opinions on the tax proposal, many Americans have been posting their opinions on social media outlets, especially Twitter. There are critics and there are supporters of change but as for what happens next, Treasury Secretary Steve Mnuchin said, "We are going to move this as fast as we can. We are working very closely with the House and the Senate to turn this into a bill that can be passed and the president can sign."

 

When more news and information occurs, we will continue to share it.

 

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