Republicans willing to push for tax reform but not increases on the wealthy, McConnell says

12/18/2011 05:28 PM

Republicans will continue to block efforts to raise income taxes on the wealthy but would consider tax reform to close loopholes and end preferences, Republican U.S. Sen. Mitch McConnell said.

“We’ve stepped over that threshold,” McConnell said about being open-minded to raising more revenue through taxes.

“The question is how do you get it? If you reform the tax code, take out the preferences, produce a more productive taxing structure, you do get more revenue. So it’s a question of how do you get it?” McConnell said (2:30 of the video).

However, McConnell wasn’t optimistic that could happen in 2012 amid a presidential contest. (3:15)

“Both Democrats and Republicans are interested now in doing comprehensive tax race both on the corporate side and the individual side,” McConnell said (4:00).

And find out what McConnell says about Republicans’ chances in the 2012 presidential election (7:00).

McConnell said in the interview, recorded Thursday before McConnell and others agreed to a compromise over the spending bills, that “we are not going to raise taxes and we are going to fund the government. And we’ll do it in a responsible way.”

The spending bills passed both chambers on Friday. However, extending the payroll tax cut for working Americans remained in doubt Monday. The Senate approved a two-month extension. But House Republicans said that wasn’t good enough and expected to vote it down.

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