“Instead of raising rates, Republicans have proposed capping deductions through tax reform instead. If the only way to get Democrats to agree to pro-growth tax reform and meaningful entitlement reform is through more revenue, a smarter way to do it is by capping deductions. Capping deductions, or tax expenditures as some call them, is a far less painful, more economically sound way of closing deficits,” McConnell said.
McConnell noted that Obama has proposed several ideas for capping deductions in the past, and he said those ideas combined would “dwarf the $442 billion revenue his own Treasury estimates he could grab from increasing the top two rates.”
Meredith Shiner and Humberto Sanchez contributed to this story.
Former Sen. Scott Brown, R-Mass., candidate for U.S. Senate in New Hampshire, holds his hand over his heart during the singing of the national anthem as he waits to take the stage for his town hall campaign rally with Sen. John McCain at the Pinkerton Academy in Derry, N.H., on Monday, Aug. 18, 2014.