Pelosi: GOP Tax Cut ‘Is a Loophole Lalapalooza,’ a ‘Frankenstein’

Thursday House Minority Leader Nancy Pelosi (D-CA), said the Republican tax bill was “a loophole lalapalooza.”

Pelosi said, “Yesterday, Republicans took a victory lap because they successfully sold America’s children’s future by handing tax breaks to corporate America and the wealthiest. It’s an amazing thing, because they have been talking about it being a bill that’s a tax cut for middle class families when 83% of the benefits go to the top 1%. That is an immorality. 86 million middle class families face a tax hike, health care premiums spike, 13 million more Americans possibly uninsured leading to a smaller pool and higher premiums. They are saying they have closed loopholes — these are some of their selling points you probably know by now — that they closed loopholes. This bill is a loophole Lalapalooza.”

She continued., “How could it be that the president was on the campaign trail saying he was going to close the carried interest loophole and Congress said, ‘Not so fast, Mr. President.’ It’s there as are a continuation of many other loopholes. That’s a false argument. They said this was going to be simplicity. They say they were going to have seven brackets and go down to four. Well, they’re at seven. There isn’t simplicity there. They said you could send it in on a postcard. It would have to be a very large postcard.”

She added, “It’s a Frankenstein. Anybody who’s familiar with Frankenstein knows it was a creation, a monster that was created. Do you know the ending of the Mary Shelley’s story? The monster comes back to destroy.”

Follow Pam Key on Twitter @pamkeyNEN