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Democrats waste no time slamming 'catastrophic' GOP tax plan

  • Democrats took to Twitter, press conferences and the Senate chamber to sound off on the Republican tax reform proposal.
  • House Minority Leader Nancy Pelosi says the plan would be a "catastrophic transfer" of wealth to the rich.
  • Some critics have started using the hashtag #BillionairesFirst to describe the bill.

The most comprehensive version to date of the GOP's long-awaited tax plan came a little earlier than many expected Thursday morning — but not too soon for Democrats to immediately plant a flag of staunch opposition.

Among other changes, the summary details of the proposal outline large increases of the standard deduction for individuals and families, as well as raising the child tax credit and doubling the estate tax while scheduling its repeal in six years.

The bill would also permanently lower the corporate tax rate to 20 percent, sources told CNBC.

In a time of stark polarization in Congress, Democrats didn't bother waiting for the full text of the bill before taking their criticisms public.

Sen. Chris Murphy, D-Conn., an especially outspoken critic of both the opposition party and President Donald Trump's administration, said the plan is essentially designed to transfer money from poor to rich, from Democrat to Republican, and away from government programs generally.

House Minority Leader Nancy Pelosi of California, branding the plan with the hashtag #BillionairesFirst, called the proposal "disastrous" in a tweet. At a press conference Thursday, Pelosi said the GOP plan would constitute a "catastrophic transfer" of wealth to the rich from the middle class.

Senate Minority Leader Chuck Schumer of New York, using similar language as his colleague in the House, said the plan will raise taxes on the middle class and serve the wealthiest Americans most, according to reports.

Former Michigan Gov. Jennifer Granholm described the tax plan as a "giveaway to the ultra-rich winners of the ovarian lottery" in a tweet.

Sen. Elizabeth Warren, D-Mass., and Bernie Sanders, the Independent senator from Vermont and former Democratic presidential candidate, went a step beyond a pugnacious tweet by posting a nearly four-minute video discussing the plan. Warren said the biggest beneficiaries of the GOP plan will be large banks and multinational corporations.

"Estimated to be number one on the list is Wells Fargo. Remember our friends from the fake accounts scandal?" she asked Sanders.

"The socially conscious institution?" He joked.

And Rep. Ted Lieu, D-Calif., chided his opponents while responding to a report that an unnamed House Republican thinks the tax proposal "sucks."

To be sure, members of high political office were far from the only ones weighing in on the Republicans' tax code overhaul. Political PACs, activist websites and political advisors with varying degrees of affiliation with the Democratic Party all took a swing at the GOP plan.

An activist group supporting Sanders, for instance, took a hard jab at the plan while sounding off on another Trump-related headline — this time that Sam Clovis, a questionably credentialed nominee to head the Agriculture Department, had withdrawn his nomination.

WATCH: Sen. Warren says she won't support this tax bill