Skip to comments.McConnell slams the door on raising tax rates in deficit deal
Posted on 11/29/2012 9:26:30 AM PST by Kaslin
Senate Republican Leader Mitch McConnell (Ky.) slammed the door Thursday morning on Democratic demands to raise tax rates on families earning more than $250,000 per year.
Were insisting on keeping tax rates where they are, first and foremost, to protect jobs and because we dont think government needs the money in the first place, McConnell said on the Senate floor.
The problem, as Ive said, is that Washington spends too much. But if more revenue is the price that Democrats want to exact, then we should at least agree to do it in a way that doesnt cost jobs and disincentivize rates, as we all know raising rates would do, he said.
McConnells comments came a day after Speaker John Boehner (R-Ohio) shot down a proposal by a senior GOP lawmaker, Oklahoma Rep. Tom Cole, to agree to extend tax rates only for families earning below $250,000 and resume the battle against higher tax rates on the wealthy next year.
Boehner said President Obama and Democrats should focus on finding ways to cut spending and reform entitlement programs.
The fate of the Bush-era tax rates which will expire for all income levels in January has dominated the debate over the slew of tax increases and spending cuts that are set to begin next year.
McConnell scolded the president Thursday for sticking fast to his campaign pledge to seek higher taxes on the rich, and made clear that raising tax rates on anyone is unacceptable.
The longer Democrats keep saying it, the longer its going to take to come up with an agreement, he said. The only reason Democrats are insisting on raising rates is because raising rates on the so-called rich is the holy grail of liberalism.
Their aim isnt job creation, theyre interested in wealth destruction, he said.
McConnell warned that raising rates would discourage people from working and investing their money. He said dual-income households would be especially affected, as married women thinking about entering the workforce would have a powerful disincentive.
He noted Republicans have proposed capping tax deductions by reforming the tax code and argued that would be a better path because it would broaden the tax base.
McConnell said restructuring tax deductions would probably have a smaller negative effect or even a positive effect on the amount of labor supply.
There’s words, and there’s deeds.
At last, some backbone. Hopefully it holds. Bring Congressman Tom Cole to the wood shed.
The Dems have already said any spending cuts will happen way down the road.... NEVER
Obama just wants the trophy
Deny Obama a Participation Trophy
which is why Harry Reid wants to scrap the filibuster
More Kabuki theater from the Party of Surrender.
Durban the Turban said no spending cuts,too just 2 days ago.
Embrace the cliff- “let’s move”
When did it become universally accepted that the purpose of government is to create jobs?
freezing tax rates at today’s high levels during this expanding recession is not good news, its crazy
we need a substantial tax CUT (even Keynes said so!)
ps: freezing tax rates while eliminating deductions is just s sneaky way of RAISING TAXES! That’s like giving the economy poison instead of medicine
when will the R congresscritters show even a tiny little bit of courage? we’re tired of having them sell out America all the time
BANG! Dead on target, IMO.
McConnel, Boehner, are word class spelunkers. (cavers)
Having a hard time imagining a priss like Mitch doing anything that would remotely make a slamming noise.
There should only be a deal if the Dems will state exactly what cuts will happen THIS YEAR. Not 5 years from now, not 10 years from now, THIS YEAR.
If there are no cuts on the table this year, then tell the Dems to take a hike.
Thanks to "budget reconciliation" -- which cannot be filibustered -- Reid doesn't need to change the rules to gain passage of tax legislation.
The so-called "Bush tax cuts" were passed under budget reconciliation, with a simple majority vote, so they can be renewed (or changed) without facing a filibuster.
Propose a middle class tax CUT!
Levin said last night they should vote to lower both middle rates by 10% and just send it to senate. Let Dingy Harry say no.
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