WASHINGTON, D.C. - U.S. Senate Republican Leader Mitch McConnell made the following statement Monday regarding tax reform:

“I certainly support reforming the tax system and agree with the President that we must crack down on tax evasion through the use of tax shelters or abuse of offshore bank accounts. But as to the larger part of his proposal: I cannot endorse a plan that gives preferential treatment to foreign companies at the expense of U.S.-based companies and the 52 million people they employ.

“When even a member of the President’s cabinet says a recession is the wrong time to raise taxes, the administration’s plan—a significant tax increase on companies representing 44 percent of total U.S. private employment—seems particularly harmful to our shared goal of creating more American jobs rather than driving them overseas by increasing the cost of job creation here at home.”

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