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Thursday, April 27, 2017

Sanders: Trump Tax Plan 'Would Slash Taxes for Himself and His Billionaire Friends'

Sen. Bernie Sanders. (photo: Getty)
Sen. Bernie Sanders. (photo: Getty)
By Max Greenwood, The Hill
27 April 17
 
en. Bernie Sanders (I-Vt.) on Wednesday railed against President Trump's proposed tax plan, saying it would make the "rigged economy" even worse.

"At a time when we have a rigged economy designed to benefit the wealthiest Americans and largest corporations, President Trump’s new tax plan would only make that system worse," Sanders said in a statement.

"He would slash taxes for himself and his billionaire friends and significantly increase the deficit, while doing little to help rebuild the collapsing middle class," he added.

The White House unveiled a list of sweeping reforms to the tax code on Wednesday aimed at simplifying the system and doing away with most deductions. The plan would lower the number of tax brackets from its current seven to three and would wipe out all deductions for individuals, except for the mortgage interest and charitable donation deductions.

But the plan also calls for an end to the estate tax and alternative minimum tax and would dramatically slash the corporate tax rate from 35 percent to 15 percent.

"Rather than making large profitable corporations — many of which pay nothing in federal income tax — finally contribute their fair share, Trump wants to give them a huge tax break," Sanders said.

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