Tax reforms a scam, rewards corporate America: Democrats
Democratic leaders and Indian- American lawmakers have labelled the tax bill passed by the US Congress as "tax scam", as it robs future of the children, ransacks the middle class and rewards one per cent of corporate America.
The entire Democratic party voted against the tax reform bill. The passage of the bill by the Senate and House of Representatives is considered to be the first major legislative victory for President Donald Trump, after coming to power.
"The GOP tax scam robs from our children's future and ransacks the middle class in order to reward the top one per cent and corporate America," Democratic leader Nancy Pelosi said reflecting the sentiments of her party members.
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Trump's Republican Party enjoys majority in both the chambers of the US Congress House of Representative and the Senate.
"Now we know they're popping champagne down Pennsylvania Avenue," Pelosi said referring to the celebrations inside the White House.
"There are only two places where America is popping champagne -- the White House and the corporate board rooms, including Trump Tower. Otherwise, Americans have a lot to regret," Pelosi said.
Joining Pelosi, at a news conference, Senate Minority Leader Chuck Schumer said tax breaks don't lead to job creation.
"They lead to big CEO salaries, and money for the very, very wealthy," he said.
"Today's passage of the partisan tax bill officially cements the Republican party as the party of the wealthy and the party of big corporations against the middle-class and the working people of this country. Why? President Trump, his rich fans, cabinet members and donors, and the biggest corporations make out like bandits, while the middle class gets crumbs and tax hikes. Corporations get permanent tax breaks; individual tax breaks expire," Schumer alleged.
By 2027, according to the Joint Committee on Taxation, 83 per cent of the middle class -- almost 145 million American families will either get a tax increase, or see a tax change of less than USD 100, Schumer said.
Meanwhile, according to the Tax Policy Center, the top one per cent of earners reap 83 per cent of the benefits, he said.
Indian-American Congressman Raja Krishnamoorthi said the Republican tax bill would add nearly USD 1.5 trillion to the national debt while raising taxes on working families, and destabilising our health care system by leaving 13 million more Americans without insurance including 2 million who currently have employer-provided coverage.
"This legislation is a ticking tax bomb: millions of middle-class families could see their taxes increase over the next decade as state and local tax deductions and other middle-class provisions get dramatically scaled back," he said.
"Health insurance premiums will jump by 10 per cent per year, and massive additional debt will be piled on the backs of our children and future generations," he said.
Describing the new bill as "horrible", Indian-American Congressman Ro Khanna said this will increases deficits by USD 1.5 trillion over ten years that favours corporations and the wealthiest Americans, while doing nothing for the middle class.
"This is flawed policy that will increase income inequality in our nation even further," Khanna said.
"The GOP tax scam bill is an all-out war on any idea of opportunity in this country. It's a massive tax break for the ultra-wealthy on the backs of middle-class families. It's outrageous that Republicans in the House voted to pass this love letter to their largest donors and corporations," said Indian-American Congresswoman Pramila Jayapal.
"This tax "plan" is little more than a gift to corporations and the top one per cent and an attack on our values," alleged Senator Kamala Harris.
"Instead of a real middle-class tax cut, the overwhelming majority of the benefits of this bill an astounding 83 per cent go to the top one per cent over the next decade," she said.
"With corporate profits at an all-time high, this plan permanently lowers the corporate tax rate and increases taxes on 57 per cent of middle-class Americans over the next decade," Harris said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
06:38 AM IST