Senate Minority Leader Chuck Schumer said he predicts Republicans’ efforts on tax reform will have a similar outcome to their attempt to repeal and replace Obamacare.
After the bill was pulled from the floor Friday, lawmakers said health care reform would be shelved while they move on to other pressing priorities like tax reform. But, Schumer said without bipartisan support, he sees a similar outcome for Republicans.
While the White House has expressed hopes they can include Democrats in the process, Schumer said if they plan to pass the measure using the reconciliation process, they will run into some issues.
“Now that the jig is finally up on health care, our Republican friends have signaled they will turn to taxes. I hope they have learned the lessons of Trumpcare,” he said on the Senate floor Monday. “One of the reasons that Trumpcare failed so spectacularly was because Republicans tried to rush and ram it through via a reconciliation process even though it was deeply unpopular with the public.”
Both parties have expressed concerns over companies leaving the country due to more competitive tax rates abroad, but Democrats argue cooperate tax cuts and lowering individual tax rates for all income brackets disproportionately benefits high-income brackets.
“So I would say to my friends on the other side of the aisle if you try to pass a Republican tax plan using the same reconciliation method in order to get a huge tax break for the wealthy and already profitable and powerful corporations, it will fail,” he continued. “The American people are not crying out for tax breaks on the wealthiest Americans. God bless the wealthy. They’re doing just fine without the tax breaks.”
Republicans said they would like to have legislation for pro-growth tax reform crafted this spring.