SALT LAKE CITY — Democratic U.S. Senate candidate Jenny Wilson unveiled her own tax reform bill Thursday, saying the Republican plan isn't working for middle-class families while corporations are riding high.
"We had hoped we would see job creation and that we would see companies move toward real investment for workers and economic expansion," she said at a news conference at her campaign headquarters. "Today, we have not seen that. … There is nothing more in this (GOP) bill than a giveaway, and it's overt."
Wilson, a Salt Lake County Council member, said she could sit around frustrated or offer a solution. She outlined "critical corrections" to the Republican plan in a draft bill she said she would introduce next January if elected in the fall.
"I'm as frustrated as you are that the Democrats aren’t in position to make a fix right now on this because every day matters," she said.
"We're caring for the country club folks. We're caring for the people who do very, very well, and we are concentrating wealth in this nation that will never allow us to return to sanity," Wilson said.
Congress passed a sweeping tax overhaul in December that Republicans say will lead to bigger paychecks for middle-class Americans, economic growth and more jobs. Sen. Orrin Hatch, R-Utah, chairman of the Senate Finance Committee, played a critical role in pushing the bill through.
A former chief of staff to the late Democratic Utah Congressman Bill Orton, Wilson will face either former Massachusetts Gov. Mitt Romney or state Rep. Mike Kennedy, R-Alpine, in November to replace the retiring Hatch.
Wilson said her tax proposal would reduce the deficit caused by the GOP plan, now estimated at $1.9 trillion over 10 years by the Congressional Budget Office, and reapply that money to the middle class.
Her bill would repeal the tax break for the highest wage earners, which she said would generate $100 billion in savings that cover a tax cut for everyone. Utah families would get an additional $1,524 in tax relief over eight years, she said.
The plan would also repeal a tax break for heirs of married couples with estates valued at more than $11.2 million. She said she would apply the estimated $83 billion in savings to increase the child tax credit $150.
Wilson also wants to raise the corporate tax rate to 25 percent from the 21 percent in the GOP law. The $500 billion savings would be dedicated to reducing the budget deficit, she said.
Wilson said she worked with a "seasoned" budget team to come up with the plan.
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