McConnell Urges Obama to Extend All Tax Breaks
Senate Minority Leader Mitch McConnell is urging President Barack Obama to use Friday’s press conference to announce his support for extending the Bush tax cuts for all income brackets — advice Obama is highly unlikely to follow.
In an opinion piece published by AOL News, the Kentucky Republican wrote that Obama should announce his opposition to raising taxes “on ANY small businesses.” Republicans have argued that Obama’s plan to allow the tax cuts enacted in 2001 and 2003 to expire for Americans earning more than $200,000 annually would amount to a tax hike on small businesses.
“The president could end that uncertainty — today — by simply stating what small businesses are holding their breath waiting to hear from Democrats in Washington: We will not raise taxes on your families or your businesses,” McConnell wrote. “And if the president won’t say it, we need the Democratic leaders in Washington to show some independence, stand up to the president (as a growing number of Democrats are doing) and refuse to allow his tax hike to go into effect.”
The president and Democratic leaders want to extend the tax cuts only for those individuals earning less than $200,000 annually and married couples earning less than $250,000, contending an across-theboard reprieve would exacerbate the federal deficit. Republicans support extending the tax cuts for all income brackets, arguing to do otherwise would hamper small-business hiring and depress wages for those who already have a job.
Obama is scheduled to hold a nationally televised press conference today from the White House.