Christopher Hahn, a former aide to Sen. Chuck Schumer (D-NY), explained why President Trump would be committing political suicide if he were to sign his proposed tax bill into law.
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On Thursday, the House passed a $4 trillion budget in order to help support Trump’s tax plan, setting aside $1.5 trillion for tax cuts.
“There are a lot of people who still believe on the Republican side that the deficit needs to be considered. And from all I’ve seen about this tax bill, it’s going to greatly increase the deficit, which last year I recall them yelling at me about everything Obama did to increase the deficit, and now I guess they think it’s okay,” he told FOX Business’ Liz Claman on “Countdown to the Closing Bell.”
The tax bill has recently been under fire, after GOP lawmakers considered limiting the maximum amount of money Americans will be able to deduct from their taxes for 401(k) contributions.
Hahn believes that Americans will revolt if their 401(k) plans are impacted by Trump’s tax reform initiative.
“If that passes and the president signs it, he’s signing his own death warrant politically because there are too many people in this country that are relying upon that. With pensions really not existing as much as they used to in this world and Social Security being on rocky ground, Americans want to prepare for themselves and the 401(k) plan is the way most Americans now prepare for retirement,” he said.
During a meeting at the White House, President Trump urged lawmakers to pass his tax reform plan by the end of the year.
“I want the House to pass a bill by Thanksgiving. I want all of the people standing by my side when we get ready to sign by Christmas, hopefully before Christmas,” Trump said.