US's Schumer: GOP Should Not 'Sneak Through' Partisan Tax Bill

--Senate Minority Leader Schumer Continues To Assail Republican Leaders On Tax

Overhaul Strategy

--Sen. Schumer: American Public Will 'Rebel' Against Deep Tax Cuts For Wealthy

By John Shaw

     WASHINGTON (MNI) - Staying relentlessly on message, Senate Minority Leader

Chuck Schumer Thursday urged Republicans to work with Democrats on bipartisan

tax reform and sternly warned Republicans of the folly of trying to "sneak it

through on a partisan basis."

     In remarks that seem designed to shape the fall debate on tax reform,

Schumer said a bipartisan package can be assembled--as long as they follows the

broad principles that Democrats unveiled earlier this week in a letter.

     These principles are that a tax reform package should not cut taxes on the

top 1% of Americans, should not be moved through Congress under budget

reconciliation rules that allow for expedited consideration, and should not

increase the budget deficit.

     Schumer said that if Republicans don't follow these guidelines their

package will never be approved by Congress.

     "Unfortunately, history is repeating itself," Schumer said, charging that

Senate Republicans are poised to replicate their failed partisan health care

strategy.

     He predicted that Americans "will rebel against a tax cut for the wealthy."

     Senate Majority Leader Mitch McConnell vowed Wednesday to lead a "historic

effort" to overhaul the U.S. tax code, adding he hopes Democrats participate in

the project which could transform the American economy.

     McConnell said comprehensive tax reform is the most important action

policymakers can take to boost the economy and help middle class Americans.

     He said the failure to modernize the tax code has hurt American firms

trying to compete internationally.

     "There is a great deal of bipartisan consensus about what ails our tax

code, and my hope is that our friends on the other side of the aisle will join

with us in a serous way to address it," he said. 

     McConnell said tax reform will be developed in the Senate Finance Committee

and the House Ways and Means Committee--and the process will be open to ideas

from both parties.

     He said Congress should be able to approve tax reform this year.

--MNI Washington Bureau; tel: +1 202-371-2121; email: john.shaw@marketnews.com

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