Schumer Slams WH Report on Corporate Tax Cuts

Senate Minority Leader Chuck Schumer, D-N.Y., said a White House report predicting an increase in wages from cuts in the corporate tax rate is using "fake math."

The report was issued by the president's Council of Economic Advisers. And it claims a proposal in the Republican tax framework to slash the corporate tax from 35 to 20 percent would result in an increase in average household income of about $4,000 a year, The Hill reported.

Schumer spelled out his case in a series of tweets on Monday morning:

.@POTUS complains about fake news - this tax plan's fake math is as bad as any of the so-called fake news he has complained about. 1/6

— Chuck Schumer (@SenSchumer) October 16, 2017

This deliberate manipulation of #s & facts could lead to messing up the good economy inherited from @POTUS44 & hurting the middle class. 2/6

— Chuck Schumer (@SenSchumer) October 16, 2017

History shows tax cuts like these benefit the wealthy and the powerful to the exclusion of the middle class.
3/6

— Chuck Schumer (@SenSchumer) October 16, 2017

As @POTUS points out, the stock market is at record highs & cos are raking in unprecedented profits, yet wages remain relatively flat. 4/6

— Chuck Schumer (@SenSchumer) October 16, 2017

That's proof positive that companies already have a cash windfall, but they're not using it to boost wages. 5/6

— Chuck Schumer (@SenSchumer) October 16, 2017

Rather than helping biggest corps avoid paying their fair share, #taxreform should reward those cos that create jobs & raise US wages. 6/6

— Chuck Schumer (@SenSchumer) October 16, 2017