Tags: obama | mcconnell | tax | plan

Minority Leader McConnell: Obama’s Tax Proposal ‘A Joke’

Thursday, 15 Nov 2012 02:25 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama’s proposal to increase taxes by $1.6 trillion over the next decade is laughable, says Senate Minority Leader Mitch McConnell.

“The only way we succeed is if the president steps up and leads,” he said on the Senate floor Thursday, The Hill reports. “And an opening bid of $1.6 trillion in tax hikes just isn’t serious. . . . It’s a joke."

Obama’s most recent budget plan called for raising that amount of revenue through higher taxes on corporations and the wealthy, defined as households with annual income of more than $250,000.

“What they want is to sock it to the ones they call ‘rich,’” McConnell said. Republicans will only negotiate a budget accord if Democrats agree to include spending cuts and entitlement reform as part of negotiations, he says.

A tax increase on those bringing in more than $250,000 wouldn’t matter, as it would only fund the government for a week, McConnell says. At the same time, such a tax hike would end up hitting small business, he and other Republicans say.

Americans are dubious that a budget agreement can be reached before Jan. 1, when automatic spending cuts and tax hikes are slated to begin, according to a new Washington Post-Pew Research Center poll. It shows that 51 percent of Americans don’t think a budget compromise can be reached to avoid that fiscal cliff, while 38 percent do.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Cruz Blamed as House GOP Tries to Revive Border Funds Bill

Thursday, 31 Jul 2014 17:19 PM

House Republicans leaders are struggling to find support for a plan addressing child migrants at the U.S.-Mexico border  . . .

Wall Street Tumbles; Dow Drops More Than 300

Thursday, 31 Jul 2014 11:40 AM

U.S. stocks slumped in a broad decline on Thursday, with the Dow and S&P 500 turning negative for July on concerns about . . .

Report: 40 Companies Laying Off Workers in Cuomo's New York

Thursday, 31 Jul 2014 17:00 PM

A recent review reveals that several companies are abandoning the Empire State or laying off workers, bringing New York' . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved