Ivanka: Tax Reform Critical to Growing the Economy & Helping Middle Class

GOP Rep. King: House Tax Proposal Would 'Screw' New York

House Minority Leader Nancy Pelosi on Wednesday railed against the Republican tax plan, calling claims that it will help the middle class untrue.

"They throw a scrap to the middle class, provide a banquet for the wealthy and for corporate America, transform America in doing so," Pelosi said Wednesday at the Rally to Defeat the Republican Tax Bill on Capitol Hill. "We will not let that happen. Kill the bill."

She said Republicans are trying to change the U.S. government into a plutocracy that benefits the rich and powerful at the expense of the American people.

House Ways and Means Committee Chair Kevin Brady (R-Texas) told Harris Faulkner on "Outnumbered Overtime" that we've heard the same talking points from Pelosi for years, and in the meantime, nobody's gotten tax relief and the economy's been stagnant.

"We want a new era of American prosperity and that comes with the new tax code," Brady said.

As for the debate over the GOP plan doing away with state and local tax deductions, Brady said he is committed to maintaining the mortgage deduction, the charitable deduction and the property tax deduction up to $10,000.

"We know with the lower rates and this new family tax credit that even in high-tax states, we're providing tax relief regardless of where you live," Brady said. "I'm committed to keeping that in the final bill."

He said no one can defend the current tax code, and it is time to act.

"America's fallen too far behind, our jobs have been streaming overseas, it's time to give people bigger paycheck, a fair tax code and, frankly, more money in their pocket."

Watch more above.

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