Photo: Wikimedia Commons
Senate Minority Leader Mitch McConnell (R-KY) rejected the “Buffett Rule,” President Barack Obama’s plan to create a new minimum tax rate for those making over $1 million a year.In an appearance on NBC’s Meet The Press, McConnell told David Gregory that there is bipartisan opposition to the proposal in Congress, and said it would hurt small businesses.
“If he’s feeling guilty about [his tax rate], I think he should send in a check,” McConnell said of billionaire Warren Buffett, who inspired the proposal.
Obama will unveil the proposal in a Monday morning speech from the White House Rose Garden, where it will be one component of his plan to tackle the nation’s long-term debt and deficit crisis.
The plan would ensure that those with high incomes pay at least the same percentage of their income to the federal government as those will middle-incomes.
On CNN’s State of the Union Sen. Lindsey Graham (R-SC) called the plan a “political move,” saying what is needed is a fairer tax code where deductions are eliminated and more people pay federal income taxes.
On Fox News Sunday, Rep. Paul Ryan (R-WI), the author of the GOP budget, called the Buffett Rule “class warfare.”
“Class warfare might make for good politics, but it makes for bad economics,” he said, saying it would slow the economy.
Sen. Dick Durbin (D-IL) told CNN’s Candy Crowley that in opposing the plan, the GOP was showing it is out of touch with the American people. “I wonder if Speaker [of the House John] Boehner knows how it sounds in Ohio,” he said.
House Republicans restated their opposition to any new tax increases last week, setting the stage for a showdown over Obama’s jobs bill and the work of the “Super Committee” tasked with finding $1.5 trillion in deficit reduction by the end of the year.
Watch McConnell on Meet The Press below:
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.