Watch live: Schumer, Jeffries hold briefing responding to GOP tax proposal

Senate Majority Leader Charles Schumer (D-N.Y.) and House Minority Leader Hakeem Jeffries (D-N.Y.) are speaking Wednesday afternoon about changes to the federal tax system proposed by a group of House Republicans.

The GOP proposal, dubbed the Fair Tax Act, would abolish the federal tax code and replace it with a new national 30 percent sales tax. Republicans have stepped up their criticism of the IRS after the agency’s budget was boosted by Democrats through the Inflation Reduction Act.

President Biden has slammed the plan and vowed during a meeting with Democratic leaders on Tuesday to block Republicans from trying to “wreck” the economy.

The press briefing is scheduled for 1:30 p.m. ET.

Watch the live video above.