Mega-millionaire Republican Sen. Dave McCormick opposes tax hike for rich
U.S. Sen. Dave McCormick (R-PA), who is worth north of $123 million according to his own financial disclosures, says that a tax hike for the rich is harmful and unlikely in the Republican-controlled government.
U.S. Sen. Dave McCormick (R-PA), who is worth north of $123 million according to his own financial disclosures, says that a tax hike for the rich is harmful and unlikely in the Republican-controlled government.
McCormick made the statement during an interview with Bloomberg Television on Wednesday, where he also said taxing the rich would hurt working families.
“I don’t think that’s likely to happen,” McCormick said. ““We’ve got to reel in the spending. That’s going to require some tough choices. But we can’t do that by raising taxes, which slows the economy and hurts working families.”
The potential tax hike, which reportedly would include a 40% tax rate for people making more than $1 million, is a rumored proposal from within the Trump administration to offset the cost of extending Trump’s 2017 Tax Cuts and Jobs Act. The cost of extending these cuts alone is projected to cost trillions over the next decade.
Extending the tax cuts is also expected to substantially increase the national debt by at least $4 trillion over the next decade, even though GOP lawmakers constantly decry big spending.
The tax hike idea has been met by opposition from many of McCormick’s Republican colleagues in Congress, many of whom have been opposing raising taxes for the rich for decades.
While running for the Senate, McCormick spent hundreds of thousands on travel costs, which at times returned him to his $16 million mansion in Connecticut’s Gold Coast.
