“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.
From left, Lisa Peng, daughter of Peng Ming, Grace Ge Geng, daughter of Gao Zhisheng, and Ti-Anna Wang, daughter of Wang Bingzhang, hold pictures of their imprisoned fathers during a House Subcommittee on Africa, Global Health, Global Human Rights, and International Organizations hearing in the Rayburn House Office Building titled “Their Daughters Appeal to Beijing: ‘Let Our Fathers Go!’”
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.