House Republicans are preparing to unveil their tax plan this week, which aims to overhaul the country’s tax code. The House hopes it can pass the bill in a matter of weeks, but Democrats are calling the legislation a “middle class con job,” the New York Times reports.
During an hour-long meeting between the Senate Finance Committee and President Trump, Senator Ron Wyden recalled telling the president that the Republican plan would not deliver on his promises to cut taxes on the middle class.
“This is a middle-class con job,” said Wyden.
Democrats hope to kill the legislation, and work with the president to create a bipartisan bill that delivers a true tax cut for the middle class.
Republicans will unveil their tax plan on Wednesday. The plan will overhaul the tax system, the first reform effort since 1986. But the plan to cut $6 trillion in taxes for individuals and businesses is facing challenges even from Republicans.
The bill encountered opposition over the weekend by the National Association of Home Builders (NAHB). The NAHB opposes a change that would affect home how mortgage deductions are used.
The NAHB says the bill will hurt home prices and make mortgage interest deductions less of an incentive to buy a home.
“We’re opposed to the tax bill without the tax credit in there, and we’ll be working very aggressively to see it defeated,” Jerry Howard, NAHB CEO, told Reuters.
Republicans say the tax reforms will benefit the middle class. Cutting the corporate tax rate from 35% to 20%, according to the GOP, will increase wages for workers.
The GOP is working hard to pass the legislation and give the party its first major victory.
“Well, I think all of us realize that if we fail on taxes, that’s the end of the Republican Party’s governing majority in 2018,” said Senator Lindsey Graham on the “Kilmeade and Friends” radio show last week.