Chuck Schumer Takes GOP To Task Over Tax Proposals 'That Benefit The Wealthy:' 'Another Massive Hole In The Deficit'

Senate Majority Leader Chuck Schumer (D-N.Y.) has criticized the Republican party's tax proposals saying they are benefiting the wealthy while failing to aid lower-income families.

"The GOP is back doing what they do best — pushing tax giveaways that benefit the wealthy and telling lower-income families to take a hike. The latest House GOP Tax Scam is more of the same: Giveaways to large corporations, giveaways to Big Oil, another massive hole in the deficit," Schumer said in a tweet.

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On June 8, Ways and Means Committee Chairman Jason Smith introduced a new legislative tax relief and jobs package with three bills.

Contours: One of the bills intends to revive tax breaks for companies with regard to research and development (R&D) costs, expenses, and equipment and machinery purchases.

A second bill provides a new $4,000 Guaranteed Deduction Bonus for the next two years. Another bill seeks to repeal a requirement that taxpayers report transactions over $600 occurring on services like Venmo.

Smith had said in his statement that the legislation introduced pulls together critical ideas introduced by Ways and Means Committee members in response to needs and concerns voiced by the American people.

"It builds on successful tax policies enacted by Republicans that spurred higher economic growth — far more than projected — and sparked the fastest growth in real wages in 20 years. These policies will provide relief for working families, strengthen small businesses, grow jobs, and protect American innovation and competitiveness," he stated.

White House: The White House has strongly criticized the GOP tax proposals. "This bill makes House Republicans' values clear. Their priority isn't reducing the deficit; it's giving handouts to rich special interests and corporations that make the debt even larger," said Press Secretary Karine Jean-Pierre in her briefing on Monday.

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