The battle over the Bush era tax cuts continues to rage. Incoming Senate Majority Leader Mitch McConnell lambastes a new plan offered by Sen. Charles Schumer, D-N.Y., who will head a new Senate Democratic policy group next year. Schumer proposed an extension
of tax cuts only for families with annual income of less than $1 million, The Hill reports.
Previously Democrats had insisted on a threshold of $250,000.
“Where did that number [$1 million] come from?” McConnell says “Well, it turns out this figure has no economic justification whatsoever. Nowhere will you find a study or survey which indicates that raising taxes on small businesses with over $1 million in income will create jobs or help spur the economy. In fact, the author of this proposal freely admits it isn’t an economic policy proposal at all, but rather one that was designed to provide better political messaging — an astonishing admission.”
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