Colorado Lawmakers React To Tax Reform Plan

DENVER (CBS4) - Sen. Cory Gardner says he supports a massive Republican plan to cut taxes and simplify the tax code.

"What we need to do is jumpstart this economy ... to put a massive boost into economic vitality in this country, and tax reform, tax relief is one of the best ways to do that," said Colorado's junior senator, a Republican.

President Donald Trump unveiled the plan in Indiana on Wednesday and wants it passed by the end of the year.

Sen. Michael Bennet, Colorado's senior senator and a Democrat, says the plan's "intent to lower corporate rates, create a huge new loophole and repeal the estate tax can only mean two things: Slashing taxes dramatically for the wealthy and increasing the national debt by trillions of dollars."

"The math simply does not add up," said Bennet.