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Wednesday, February 26, 2014

Mitch McConnell and Harry Reid pull plug on 2014 tax reform -- By Susan Ferrechio, The Washington Examiner

Senate Minority Leader Mitch McConnell, R-Ky., said he has “no hope” that Congress will be able to pass a comprehensive tax reform measure this year.

McConnell, speaking to reporters after a private meeting with rank-and-file Republicans, blamed the hold up on Senate Majority Leader Harry Reid, D-Nev., and President Obama, who he said are insisting tax reform produce $1 trillion in new revenue.

McConnell said Republicans want tax reform to lower rates without adding additional revenue to the nation's coffers, a plan that would follow the tax reform agreement forged during the 1980s by Republican President Ronald Reagan and Democratic House Speaker Tip O'Neill.

“We can’t get that out of this majority leader and out of this president,” McConnell said. “So I think we will not be able to finish the job, regretfully, in 2014.”

The House, however, may not agree with McConnell.

McConnell’s declaration comes a day before House Committee on Ways and Means Chairman Dave Camp, R-Mich., is expected to release a comprehensive tax reform plan that lowers rates and broadens the tax base.

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