McConnell: Tax reform is dead

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One day before Rep. Dave Camp (R-Mich.) is due to release his long-awaited tax reform plan, Senate Minority Leader Mitch McConnell (R-Ky.) offered some public advice: Don't bother.

“I think we will not be able to finish the job, regretfully,” McConnell told reporters after Senate Republicans regular Tuesday lunch. "I don't see how we can."

McConnell blamed his pessimism on  the refusal by Democrats to consider any tax reform plan that doesn't raise significant new cash for deficit reduction. President Obama has sought roughly $600 billion over the next decade, while Senate Democrats have approved a budget blueprint that calls for $1 trillion.

Given that reality, McConnell said, "I don't see how we can" advance tax reform. Republicans have refused to consider any changes in tax laws that would increase overall collections for the government.

 

Lori Montgomery covers U.S. economic policy and the federal budget, focusing on efforts to tame the national debt.

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