House of Representatives Speaker John Boehner on Thursday dismissed suggestions that Republicans were warming to raising revenue as a part of a plan to cut the deficit, adding that tax hikes on millionaires would cost jobs.
The top Republican in Congress blasted a proposal from House Democratic leader Nancy Pelosi to raise taxes only on those earning more than $1 million, saying it would hurt too many small business owners, who hire the most U.S. workers.
“I believe that raising taxes at this point in our recovery is a big mistake,” Boehner told reporters. “At a time when we’re trying to help small businesses create jobs, this proposal would kill jobs.”
Boehner’s comments came after some Senate Republicans recently indicated they might be willing to change some key parts of U.S. tax law to eliminate some exemptions, credits and deductions as a part of broad tax reforms that would allow income tax rates to be lowered while shrinking federal deficits.