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Free AccessUS'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
[TOPICS: M$U$$$,MC$$$$,MFU$$$,MGU$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.