The job proposal that was put forth by President Barack Obama has been met with firm opposition from GOP leaders, as the “Buffet Rule” that was outlined in the plan was denounced by Republicans as faulty economics, The Washington Times reported.
Senate Minority Leader Mitch McConnell (R-Ky.) saw the proposal as a hindrance to economic growth and something that had been tried before, reported the news outlet.
“We don’t want to stagnate this economy by raising taxes,” McConnell said on NBC’s Meet the Press. “We had that vote a couple of years ago when Democrats basically owned the Congress, they had overwhelming control of the Senate and the House, and it was defeated then.”
The President’s plan is anchored by $1.5 trillion in new tax increases and entitlement cuts, as the Administration is hoping that the wealthiest Americans will be willing and able to bail out the rest of the country, Fox News reported.
A group of tax hikes will be the foundation on which the President will be able to implement his $447 billion jobs plan, according to the news outlet.