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Mon Dec 17, 2012, 08:56 AM

GOP Leaders Finally Ready to Cave on Taxing the Rich

by Daniel Gross Dec 17, 2012 4:45 AM EST

Boehner, McConnell, and other key Republicans are signaling they’ll agree to make the top 2 percent pay more. Many GOP House members still aren’t on board, but they need to realize the war over higher taxes on the rich is over, says Daniel Gross.


Fiscal cliff hostage situation, day 40. It’s taken six weeks, but President Obama has finally got the Republican House leader to make the case for a more progressive tax system. In an effort to resolve the fiscal cliff impasse, John Boehner reportedly has offered to raise income-tax rates on people who make more than $1 million a year—but if, and only if, Obama agrees to entitlement cuts. In addition, The Washington Post reported, Boehner also has offered to take the toxic debt-ceiling debate off the table for a year.

Like those Japanese soldiers holed up in caves on Pacific islands in 1945, the House Republicans don’t seem to grasp that the war over higher taxes on the rich is effectively over. This war ended, of course, with the election. Because it meant there would be no President Romney to demand the continuation of low tax rates. And because the Republicans, failing to take back the Senate, had no way to move legislation on their own preserving the Bush tax cut. And because the Republicans instantly lost hope of repealing Obamacare, which levies higher payroll and investment taxes on the wealthy. And because for the second straight time, the nation’s voters elected to office a president who had campaigned on the explicit promise to raise taxes on those making $250,000 or more.

And yet, it took several weeks for the reality to set in. The initial Republican orthodoxy seemed to be that Obama’s reward for winning a second term should be to capitulate to Republicans on taxes and propose deeply unpopular entitlement cuts. But as the fiscal cliff hostage situation has dragged on, and as the Obama administration has developed an effective stiff arm, the Republican mood has shifted from denial to acceptance—especially in the Senate.

Several Senate Republicans have come out and said the best course might simply be to cut a deal with Obama to preserve the low tax rates for the overwhelming majority of taxpayers and to let the top 2 percent who earn more than $250,000 in taxable income per year shell out a little more. Even Minority Leader Mitch McConnell, the most hardened partisan warrior in the Senate, seems to be backing this plan. And that’s a pretty major concession.

-snip-

http://www.thedailybeast.com/articles/2012/12/17/gop-leaders-finally-ready-to-cave-on-taxing-the-rich.html

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Reply GOP Leaders Finally Ready to Cave on Taxing the Rich (Original post)
DonViejo Dec 2012 OP
Johnny2X2X Dec 2012 #1
Texas-Limerick Dec 2012 #2
Redfairen Dec 2012 #3
jenmito Dec 2012 #4

Response to DonViejo (Original post)

Mon Dec 17, 2012, 09:40 AM

1. Hmm

I'd only be OK with this if the rates went up from the pre Bush levels to make up for the revenue lost from those making $250k to $1 Million.

Say 45% on all income over $1 Million.

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Response to DonViejo (Original post)

Mon Dec 17, 2012, 01:26 PM

2. One Percenta Claus

 



Congress  better watch out 
Congress better not cry 
Congress better not pout 
I'm telling you why 
One Percenta Claus is coming to town
One Percenta Claus is coming to town
One Percenta Claus is coming to town

He's making a list, 
Checking it twice; 
Gonna find out who've been obedient little mice
One Percenta Claus is coming to town
One Percenta Claus is coming to town
One Percenta  Claus is coming to town

He sees you which way you're voting 
He knows when you make a mistake
He knows if you lean  left or right
So be conservative for Grover's  sake 

You'll get  a big fat check or a kick in the  rump
Don't be a train wreck and get the bump
One Percenta Claus is coming to town 
One Percenta Claus is coming to town 
One Percenta Claus is coming to town 

He sees you which way you're voting 
He knows when you make a mistake
He knows if you lean  left or right
So be conservative for Grover's  sake 

Congress better watch out 
Congress better not cry 
Congress better not pout 
I'm telling you why 
One Percenta Claus is coming to town 
One Percenta Claus is coming to town 
One Percenta Claus is coming
One Percenta Claus is coming
One Percenta Claus is coming to town 

(Coming to town)
One Persenta's a busy man he has no time to play
He's got millions in graft to spread on Christmas day
(One Percenta Claus is coming to town)
(Coming to town)
(One Percenta Claus is coming to town)
(Coming to town)

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Response to DonViejo (Original post)

Mon Dec 17, 2012, 01:36 PM

3. They're not caving. Reject their offer.

Asking for entitlement cuts in return for a tax increase is not caving. The tax increase will happen no matter what they offer. They have no leverage. Give them nothing in return. Let's all hold hands and jump off the cliff.

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Response to DonViejo (Original post)

Mon Dec 17, 2012, 01:53 PM

4. Taxes must and will expire on the top 2% which is those making $250K and more-not $1 million. Jay

Carney just said so in his daily briefing. He said Obama would veto any bill that extended the tax cuts on the top 2%.

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