Rep. Tim Ryan: GOP Tax Bill 'Great Christmas for The Big Corporations'

Rep. Tim Ryan, D-Ohio, said the Republican tax reform legislation would only benefit the wealthy.

"It is going to be a great Christmas for the big corporations, who are sitting on more cash than they've ever had in their lives," Ryan said Tuesday on CNN's "New Day."

"A few people are going to get some crumbs, but the wealthiest people in the country are going to get all of the benefits here," Ryan said.

The congressman said the wealthy should be expected to pay more taxes.

"There's a responsibility that comes with being wealthy in the United States," Ryan said. "You have to help the rest of society.

"They've been making a lot of money for 30 years, while the wages for average people have been stagnant for 30 years," Ryan said in the interview.

"This doesn't even work," Ryan said in the interview, saying tax cuts under the George W. Bush administration led to a "stagnant decade of growth."

Ryan also addressed the tax legislation Friday, saying President Donald Trump went back on promises to help working Americans.

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