MEMPHIS, TN (WMC) - Tax experts say the GOP's new tax plan would be the largest re-write of the federal tax code in three decades, promising tax cuts for all Americans.
However, one local Congressman says the plan is "cruel."
Sunday, Memphis Democrat Steve Cohen said the plan's elimination of the inheritance tax alone will take $269 million in expected tax revenue and give it to the wealthiest one percent of Americans.
He also said while the middle class may gain a higher standard deduction, they'll lose other deductions like the state sales tax deduction, high mortgage deductions, and medical deductions.
"They gave away billions of dollars to the wealthy and to the heirs of the wealthy to create oligarchs who will have money when other people who have loved ones with Alzheimer's will have nothing to help them," Cohen said. "It's a cruel bill."
The House Ways and Means Committee is scheduled to mark up the tax cut bill at noon Monday.