• Colorado Democrat Jared Polis is unveiling a bill that would repeal the Republican tax cuts.
  • The bill would redirect taxpayer money that would otherwise be cut into erasing $1.4 trillion in student loan debt and investing in Pell grants.

WASHINGTON – As the new tax cuts ushered in solely by Republicans begin to take effect, one Democratic congressman is unveiling a repeal plan, signaling that President Donald Trump’s primary opposition is serious about reversing his signature legislative achievement.

Rep. Jared Polis of Colorado will introduce the Students Over Special Interests Act on Wednesday. The legislation, according to a summary viewed by Business Insider ahead of its introduction, would repeal the new tax law and redirect the taxpayer dollars to erasing the $1.4 trillion in student loan debt and investing in Pell grants. It is the first piece of actual legislation aimed at unraveling the entire tax law.

“The Republican tax plan was all about special interests cashing in at the expense of everyone else. My plan shows what a difference we can make for middle-class Americans for even less cost. So many people go to school, get a job, and work hard but still struggle to get ahead because they are weighted down by student loans. It’s time to help them get out from the mountain of debt they are under,” Polis said in a statement obtained by Business Insider.

“The good news is if we repeal the Republicans’ sweetheart deals for corporations, we can cancel out all student loan debt, make college more affordable for future students, and still have money left over to reduce our deficit,” said Polis, who serves as the ranking Democrat on the Education and Workforce Committee’s subcommittee on Higher Education and Workforce Development..

The bill is highly unlikely to advance under the current government, with Republicans in control of the House and Senate. Further, even if Democrats retake their majorities, Polis will not be in Congress in 2019 as he is running for governor of Colorado. And even then, Trump would not sign a law overturning is biggest success of his administration.

But Polis' bill does signal that Democrats are now crafting detailed policy plans to counter the tax law. Many more proposals can be expected, which Democrats will aim to unify around in the event they gain control of the House in November elections.

Repealing the corporate tax cuts would be a lofty challenge for Democrats, as they do not sunset like the individual rate cuts. And Republicans are aiming to force a vote this summer that would make the individual rates permanent, potentially forcing the hand of a lot of vulnerable candidates.