Senate Minority Leader Chuck Schumer of N.Y., and Sen. Ron Wyden, D-Ore., discuss the Republican tax plan during a news conference on Capitol Hill in Washington, Wednesday, Sept. 27, 2017. (AP Photo/Pablo Martinez Monsivais)

Schumer: Republican Tax Plan ‘Socks It to the Middle Class’

SCHUMER: “The President said he didn’t want to give tax breaks to the rich. Then he should, this afternoon, denounce the repeal of the estate tax which goes exclusively to the rich when you repeal it. By slashing the top rate — this was an unpleasant surprise — top rate goes down from 39.6 to 35. The very wealthiest of Americans get even a bigger tax break. The high end, the 1 percent, they’re doing great. God bless them. We’re glad they’re doing great. They don’t need a tax break. Middle class people do. So look at what this plan does. It gives huge tax cuts to the wealthiest and the biggest corporations and socks it to the middle class. Eliminating state and local deductibility is a blow to the wallet of millions of middle class taxpayers across the country. In states like New York and California, doubling the standard deduction and eliminating the personal deduction will not make up for the loss that middle class people, particularly in the suburbs, it will not make up for the loss when you eliminate state and local deductibility.”

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Charlie Thomas

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