U.S. Rep. John Yarmuth sounds off on President Trump's tax plan
Arguing that the plan would cut taxes for corporations, while taking an ax to social programs, Yarmuth blasted the President's proposal for what he said was a lack of detail.
LOUISVILLE, Ky. (WDRB) -- John Yarmuth, U.S. Representative for Kentucky, sounded off on President Trump's proposed tax overhaul Wednesday -- and he doesn't like it.
Arguing that the plan would cut taxes for corporations, while at the same time taking an ax to social programs, Yarmuth blasted the President's proposal for what he said was a lack of detail.
The full text of Yarmuth's statement is below:
"It’s tough to call this new proposal from the Trump administration a "plan" given its lack of detail, but what’s clear is that it will explode the national debt and make it impossible for our country to invest in our future. President Trump’s plan cuts taxes for the wealthy and corporations by trillions of dollars, which will lead to massive cuts to programs that provide economic security to millions of American families. The American people deserve far better from their President."
Earlier on Wednesday, officials laid out President Trump's vision for tax policy, which includes reducing the corporate tax rate from 35 percent to 15 percent. The plan would result in the biggest tax cut in U.S. history, officials claim.
Trump's administration says it wants tax relief for middle-income families, an end to the alternative minimum tax and a simplified tax code.
President Trump also wants to take the seven tax brackets in place today and reduce them to three: a 10 percent bracket, a 25 percent bracket and a 35 percent bracket.
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