As soon as Democrats retake the House in November, Democratic Minority Leader Nancy Pelosi told a town hall meeting Wednesday that the first priority is repealing and “replacing” the GOP tax cut package that passed last December.
Speaking to her constituents in Culver City, California, alongside Hollywood Congressman Ted Lieu, Pelosi pledged to discard the popular bill, which has prompted several major American companies to boost wages, share profits, and in some cases move their production operations back from overseas, because Republicans were so secretive in enacting the bill.
“One of our complaints about what they did with the tax bill is they did it in the dark of night with the speed of light,” Pelosi said.
As soon as they’ve done that, Pelosi said, she’ll “work with Republicans” on a fairer tax measure.
“We’ll sit down at the table and say … what would be a tax bill that creates growth, that creates good paying jobs as it reduces the deficit?” Pelosi said. “It’s not about chipping at this piece or that piece, it’s about a comprehensive look at what our tax policy should be for the future.”
If previous proposals are any indication, Pelosi plans on instituting a major tax hike, particularly focused on punishing those same generous corporations. In a plan published last month, Congressional Democrats proposed a $1 trillion dollar tax hike, pushing the corporate tax rate from its current 21% to 25%, undoing tax breaks for high earners, and re-instituting a top tax bracket that could tax some Americans at a rate of nearly 40%.
It’s likely a mistake: as Congressional approval sinks lower, President Trump’s approval rating recently cracked 50% for the first time, largely on the back of an increased sense of economic security among American taxpayers.