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:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Foley Captors Sent Taunting Letter to Family

Friday, 22 Aug 2014 06:46 AM

Journalist James Foley's jihadist captors sent his family a taunting and rambling email threatening to kill him, just a  . . .

ISIS Fight Could Take US to Syria

Friday, 22 Aug 2014 06:45 AM

At the heart of President Barack Obama's quandary over the Islamic State militants is their haven in Syria.The president . . .

Top Pro-Immigration Groups Silent as Fall Elections Near

Friday, 22 Aug 2014 06:37 AM

Groups founded last year by three of the nation's billionaires to push for immigration reform are silent as this fall's  . . .

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