Democrats slammed President Donald Trump's speech on tax reform Wednesday, with House Minority Leader Nancy Pelosi calling it a "billionaires-first, trickle-down tax scheme that hands out massive tax cuts to the wealthiest, at the expense of American families."
"Instead of offering the American people a plan for real, job-creating tax reform, President Trump is pushing a billionaires-first, trickle-down tax scheme that hands out massive tax cuts to the wealthiest, at the expense of American families," Pelosi, who represents California, said in a statement.
"If Republicans have their way, they will blow a huge hole in the deficit, gut Medicare, Medicaid, Social Security and the Affordable Care Act — all just to fund deficit-busting tax breaks for the high-end.
"Democrats believe that hard-working Americans deserve real tax reform that creates jobs and fuels economic growth, while ensuring the wealthy pay their fair share," Pelosi said.
"We are committed to giving the American people 'A Better Deal' with better jobs, better wages and a better future — and we will continue to demand 'Not One Penny' in tax cuts for the top 1 percent."
House Minority Whip Steny Hoyer of Maryland said that Trump's speech smacked of "little more than the same old supply-side hocus-pocus."
"For tax reform to be permanent it must be bipartisan, and to be serious it must abandon the tired myth that tax cuts pay for themselves," Hoyer told The Hill.
Speaking in Springfield, Missouri, President Trump outlined a vision for tax reform that would be "pro-growth, pro-jobs, pro-worker and pro-American.
"We want to renew our prosperity — and to restore opportunity, then we must reduce the tax burden on our companies and on our workers," he told employees of the Loren Cook Co., which makes fans and exhaust systems.
"We're here today to launch our plans to bring back Main Street by reducing the crushing tax burden on our companies and on our workers."
The president also warned Congress — saying "I don't want to be disappointed" — after ripping legislators for the failed effort to repeal and replace Obamacare last month.
"The United States is counting on it."
But Democrats attacked Trump's speech as a boon for the wealthy.
"President Trump has chosen to take a backseat when it comes to leading on tax reform," New Jersey Rep. Bill Pascrell, a member of the House Ways and Means Committee, told NorthJersey.com.
"The only uniting principle he seems to have with the Republicans in Congress is tax cuts for the wealthiest," he said. "Trickle-down economics didn't work in 2001 and 2003 and it won't work now."