"Republicans have directed a lion's share of the benefits to the already wealthy, the already powerful corporate America and the rich. There is perhaps no better example than President Trump and his family for whom this bill would be an express mail gift from heaven," Schumer said from the Senate floor.

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Schumer pointed to the legislation's repeal of the estate tax, as well as the lowering of the tax rate on profits from pass-through businesses.

"All of these things contained in the House Republican bill would likely pile more on top of President Trump's fortune while millions and millions of middle-class families end up paying more. I'm not so sure any family in America feels that it's right to subsidize tax cuts for folks like President Trump and his family," he added.

Schumer's floor speech came as Trump headed to Capitol Hill to huddle with House Republicans ahead of a vote this afternoon on the tax bill.

House GOP leadership appears to be on track to pass the measure, with only 10 Republican lawmakers formally opposed to the legislation, according to The Hill's whip list . Assuming every Democrat opposes the proposal, they can afford up to 22 defections.

But Schumer warned on Thursday that Republicans will pay a political price heading into next year's midterm elections if they support the legislation.

"During the debate on this bill and afterwards, this bill will be a huge burden for Republicans to carry on their backs over the next year, make no mistake about it," he said.

The Senate Finance Committee is expected to vote on its tax bill this week, with a vote on the Senate floor expected after the weeklong Thanksgiving recess.

"This plan does a lot of things including providing relief to businesses so they can create more jobs in America and keep them here," he said.

An analysis released on Thursday by the Joint Committee on Taxation found that while taxpayers would see their tax bills drop by 7.4 percent on average in 2019 under the Senate bill, by 2027, their taxes would rise by an average of 0.2 percent.