POLITICO: “It’s a very scary moment,” Sen. Richard Blumenthal (D-Conn.) said in the first major GOP response to the Senate’s tax bill.
The stakes are too high.”
The comments came just hours after the Senate voted 52-48 to advance the measure and follow the House’s rejection on a similar motion.
The Senate has yet to approve its own version of the bill.
And on Monday, Republican leaders unveiled a sweeping tax bill that would give businesses and individuals a $1,000 credit for state and local taxes paid, and $1 for federal taxes paid.
The bill would also extend the estate tax, cut taxes on dividends and capital gains and repeal a number of other provisions.
On Monday, Blumenthal, the top Democrat on the Senate Finance Committee, said in a statement that he was “deeply concerned” by the “historic tax cuts and massive cuts in personal and corporate taxes.”
He said the legislation should not be considered in a vacuum and called on the White House to oppose it.
The White House did not immediately respond to a request for comment.
Senate Republicans, meanwhile, have signaled they are considering changes to the tax bill in a separate vote, and they are expected to offer their own version.
“I have concerns that it does not provide enough relief for the middle class,” Blumenthal said Monday, as he introduced the bill in the Senate.
“It does not address the needs of working families.”
On Tuesday, House Minority Leader Nancy Pelosi (D) criticized Republicans for not offering an alternative to the legislation.
“The Republican plan doesn’t add any of the necessary reforms to ensure that our tax code is fair to working families, the middle-class, and small businesses,” Pelosi said in an emailed statement.
“Instead, this plan proposes massive tax cuts for the wealthy and big corporations, and it would cut $4,500 from the Earned Income Tax Credit.
The Republicans’ tax plan also does not include a single major provision that would help working families and small business.
Instead, they would eliminate the child tax credit, the child care credit, and the earned-income tax credit.
House Speaker Paul Ryan (R-Wis.) said the tax legislation will be introduced in the coming days. “
These tax cuts are not needed to solve our nation’s economic problems, and we must address them now,” Pelosi added.
House Speaker Paul Ryan (R-Wis.) said the tax legislation will be introduced in the coming days.
“Our goal is to get it to the floor by Thanksgiving, and that’s what we’re doing today,” Ryan said.
“This is not about politics.
This is about helping Americans get back on their feet and grow our economy.”
And Sen. Ron Johnson (R), the chairman of the Senate Ways and Means Committee, echoed the sentiment Monday.
“A bill that doesn’t solve the real problem is not a bill,” he said in statement.