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Nancy Pelosi: Republican tax plan 'gives away the store to the wealthiest'

092717 Pelosi opposes GOP tax reform framework photo
House Minority Leader Nancy Pelosi, D-Calif., speaks with reporters on Capitol Hill in Washington, Wednesday, Sept. 20, 2017. (AP Photo/J. Scott Applewhite)

House Minority Leader Nancy Pelosi criticized the Republican tax reform framework unveiled Wednesday because it cuts the top tax bracket, repeals the estate tax, and raises the base tax rate.

Pelosi, D-Calif., said the GOP plan does not qualify as tax reform but is "a framework that gives away the store to the wealthiest while sticking the middle class with the bill."

"Democrats have always been willing to engage in bipartisan tax reform," she said. "Republicans' tax framework is not tax reform. It is a framework that gives away the store to the wealthiest, while sticking the middle class with the bill. Cutting the top tax bracket for the richest and the $270 billion giveaway of repealing the estate tax reveal a GOP tax framework built for billionaires."

"Make no mistake: After Republicans' tax plan blows a multi-trillion dollar hole in the deficit, they will sharpen their knives for Social Security, Medicare, Medicaid and vital job-creating investments for middle class families across America. Behind Republicans' vague framework and deceitful math, the American people find a billionaires-first tax plan that treats the middle class as an afterthought."

Her opposition suggests there will not be bipartisan cooperation on writing actual tax legislation, which is not surprising given the wide gulf on what the two parties want to achieve when it comes to reforming the tax code.

Pelosi also condemned the GOP plan because it would increase the deficit. Meanwhile, the token provisions for hardworking middle class families are likely swallowed by Republicans raising the base rate and forcing them to pay more for their state and local tax burden.

"The American people want tax reform for hard-working middle class families, and not one penny more in deficit-exploding tax breaks for the wealthiest one percent," she added. "The GOP tax framework today shows Republicans are still mired in the tired, trickle-down agenda that ballooned our deficit and weakened middle class America. Democrats will continue to demand job-creating, wage-raising tax reform with not one penny in tax breaks for the wealthiest one percent."