GOP Leader Says Tax Deal Will Be Reached

Senate Minority Leader Mitch McConnell expressed confidence that the Republicans will strike a deal with Democrats to avoid raising anyone’s taxes in these uncertain economic times.

The Senate Republican leader says it’s become clear now that taxes will not be raised for anyone during the current economic downturn.

Sen. Mitch McConnell’s assessment comes a day after Senate Republicans voted down Democratic efforts to limit any extension of the Bush-era tax cuts for the top-earning Americans.

President Barack Obama then signaled a willingness to give in to Republican demands that the tax cuts that expire at the end of the year be extended at all levels.

McConnell, R-Ky., tells NBC’s “Meet the Press” that the question on tax cuts is how long they might be extended.

I’d like to see all tax rates made permanent and move along to getting the budget under control. Part of the deal will likely be an extension of unemployment benefits. Let’s hope they find a way to pay for it, say from the unspent Porkulus funds.

For those of you who argue that tax cuts for the rich don’t hurt the rest of us, you’re dead wrong. My husband runs a small home remodeling business. I don’t know how much money his clients earn, but I’m sure a few of them earn over $250K a year. Suppose they’re hit with a $40K per year tax hike. Will they be more or less likely to hire someone like my husband for a major home renovation? He also works for quite a few retirees who are living off investment income. Some believe that if the politicians don’t reach a deal on taxes the stock market could crash. If that happens, retirees will lose much of their investment and will be less likely to hire a contractor. When people stop hiring contractors, contractors have to lay off employees. They stop spending money at businesses like Home Depot and other suppliers, so those businesses will suffer as well. So don’t tell me raising taxes on the rich won’t hurt middle class families like mine. What we’ll get is trickle down misery.