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GOP slams Obama’s millionaires tax as ‘class warfare’
President to propose taxes on millionaires
Congressional Republicans wasted no time Sunday dismissing the “Buffett Rule,” President Obama’s proposal to raise taxes on millionaires, a day before Mr. Obama was poised to outline measures to cut the federal deficit by some $2 trillion.
Senate Minority Leader Mitch McConnell, Kentucky Republican, said raising taxes “is a bad thing to do in the middle of an economic downturn,” and House Budget Committee Chairman Paul Ryan, Wisconsin Republican, called the proposal “class warfare.”
“We don’t want to stagnate this economy by raising taxes,” Mr. McConnell said on NBC’s “Meet the Press.” “We had that vote a couple of years ago when Democrats basically owned the Congress, they had overwhelming control of the Senate and the House, and it was defeated then.”
While Mr. Obama has tried to build momentum in Congress to act quickly to deal with the nation’s struggling economy, the Senate’s No. 2 Democrat indicated Sunday that the Democrat-controlled chamber isn’t likely to take up Mr. Obama’s proposal until next month at the earliest.
Sen. Richard J. Durbin, Illinois Democrat, said the proposed legislation had been submitted and was added to the Senate calendar by Majority Leader Harry Reid, Nevada Democrat, but Mr. Durbin said a vote was unlikely this week. After this week, the Senate is in recess until Oct. 3.
The White House leaked some details Saturday of the tax proposal as well as spending cuts that the president plans to outline Monday morning, including the so-called Buffett Rule, named after billionaire investing guru and Obama supporter Warren Buffett, who has called repeatedly for higher taxes on the wealthy to help address the federal debt crisis.
The administration has not specified a rate or how much revenue the millionaires tax would raise, but the Buffett Rule is one of several changes to the federal income tax code that the president will propose as part of his plan to raise revenue and cut the deficit.
Mr. McConnell left room for compromise in his comments Sunday, saying Republicans were open to proposals to require means-testing in an effort to address the Social Security and Medicare long-term funding crisis.
“We’re not opposed to more revenue,” he said, but “the way you get more revenue is get the economy going.”
The minority leader said the president’s proposal sounds like another stimulus plan, and he took a shot at the blossoming controversy over a failed solar energy company that received large subsidized loans from the Obama administration.
“If you look at the stimulus bill … what did we get out of that? Turtle tunnels and [solar-panel maker] Solyndra. And now, he’s asking to do it again,” he said.
Republicans contend that Mr. Obama’s $800 billion-plus stimulus plan of 2009 failed to deliver the job growth that the administration promised. Citing what he called an old Kentucky saying, Mr. McConnell said, “There’s no education in the second kick of a mule.”
Mr. Ryan, a leading GOP voice on Capitol Hill on budget issues, said in an appearance on Fox News that the president had made “constructive” comments about reforming entitlement programs such as Social Security and Medicare.
“He’s acknowledging that there’s a big problem with these programs. And he has made that acknowledgment a couple of times now, saying they’re going to go bankrupt if we don’t do something to fix them. That’s good.”
But he dismissed the proposed Buffett Rule.
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About the Author
David Eldridge joined The Washington Times in 1999 and over the next seven years helped lead the paper’s coverage of regional politics and government, Sept. 11, and the sniper attacks of 2002. In 2006, he was named managing editor of the paper’s website. He came to The Times from the Telegraph in North Platte, Neb., where he served as executive ...
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