U.S. Senator Mitch McConnell does not expect any major tax reform legislation to pass in the current Congress. The Kentucky Republican accuses Democrats of pushing the issue to generate extra revenue for the federal government…
“Well, I honestly don’t see how we get there. Back in the 80’s, there was a bi-partisan agreement between President Reagan and Speaker Tip O’Neill that the whole purpose of comprehensive tax reform was to make the country more competitive, not to raise revenue for the federal government.” – Sen. Mitch McConnell
McConnell says Congress cannot just modify the corporate tax structure; it needs to overhaul the entire code because many companies pay their taxes as individuals.