Senate Majority Leader Harry Reid (D-Nev.) is off and running in his bid to push President Obama’s plan of extending the Bush-era tax hikes but not for upper-income brackets.
“The same Republicans who say we have to get our fiscal house in order also claim millionaires and billionaires can’t afford to contribute their fair share to that effort,” Reid said in a floor speech yesterday.
He also added some of Obama’s campaign work to the tax-bill effort on the president’s behest.
“They say multi-millionaires like Mitt Romney need lower taxes than ever,” Reid said. “Well, let me tell you what – Mitt Romney doesn’t need another tax break. In fact, he’s got so much money he doesn’t even know where all of it is. Some of it has run off to Switzerland, the Cayman Islands, Bermuda. No wonder he doesn’t want America to see his tax returns.”
Reid urged his GOP colleagues to do what Obama said earlier this week: Pass the middle-class tax cut now, then debate the rest of the tax cuts later.
All of the Bush tax cuts expire come December.
“So, what’s stopping us from doing the right thing – right now? I hope it won’t be more Republican hostage-taking on behalf of the top 2 percent,” Reid said.
“At a moment when the American people are reeling from the slowest recovery in modern times, when the percentage of those who could work are working is at a three-decade low, and just five months away from the economic body blow that will result if tax rates spike, as scheduled, on January 1st, the President’s solution is to take more money away from the very businesses folks are counting on to create the jobs they need,” Minority Leader Mitch McConnell (R-Ky.) said on the Senate floor this morning.
“Presumably, so he can spend it on solar companies and stimulus bills. This was the president’s brilliant economic solution to the mess we’re in.”