House Minority Leader Nancy Pelosi told reporters Thursday that the plan to reform the tax system presented by the GOP will help millionaires but will cost middle class families thousands of dollars.
The plan includes a $331,000 tax break for those making over $1 million while middles class households are expected to pay an additional $4,500 in taxes, Pelosi said during her weekly press conference on Capitol Hill.
“There’s so much more that’s wrong with what’s on the floor right now … it’s stunning. It almost has an immorality to it,” Pelosi said.
The plan, which would pave the way for legislative action on tax reform in 2013, would require the House Ways and Means Committee to take action by early next year to simplify the tax code in an effort to cut corporate and individual taxes.
The Republican majority passed the legislation by a 232-189 vote Thursday.