Boehner rebuffs Republican open to Obama's tax agenda
House Speaker John Boehner this morning rebuffed the one congressional Republican who has said the GOP should agree to President Obama's plan to extend the Bush-era tax cuts for most taxpayers before addressing the rest of the nation's fiscal issues.
Yesterday, Rep. Tom Cole, R-Okla., suggested Republicans should help pass an extension of the Bush-era tax cuts for income under $250,000, as Mr. Obama has pushed them to do. That would leave the 2 percent of Americans who earn more than $250,000 still facing a tax hike when the cuts expire at the end of the year.
"I think we ought to take the 98 percent deal right now," Cole told Politico. "It doesn't mean I agree with raising the top 2. I don't."
Republicans should fight for extending the current tax rates on higher income levels only after extending them for the middle class, Cole suggested.
The White House has accused Republicans of holding the middle class tax cuts "hostage" by insisting on extending all of the tax cuts. Cole said it was time to strip the White House of that argument.
Boehner said Tuesday that he does not agree with Cole.
"I told Tom earlier in our conference meeting that I disagree with him," Boehner told reporters Wednesday morning. He said that half of the taxpayers who would see higher rates are small business owners.
"We're willing to put revenue on the table as long as we're not raising rates," Boehner added.
Boehner taking "glass half full" approach to "fiscal cliff" talks
Pelosi: "Fiscal cliff" deal has to happen, "so let's just do it"
The Bush-era tax rates are set to expire at the end of the year. Negotiations over the tax cuts are part of the so-called "fiscal cliff" negotiations under way between House Republicans and the White House. The "fiscal cliff" refers to a series of tax increases and spending cuts slated to go into effect on January 1, which could potentially send the U.S. into another recession. Along with the expiration of the Bush-era tax cuts, it includes the expiration of the payroll tax holiday that Mr. Obama instituted. Around $1.2 trillion in cuts to both defense and non-defense programs are also set to kick in on January 2 unless Washington acts.
While they oppose raising income tax rates, some Republicans say they are open to increasing tax revenue by closing loopholes and tax deductions.
"We have done our part, we have put revenues on the table," House Majority Leader Eric Cantor said today. Now, he continued, Democrats should do their part by agreeing to scale back Medicare and Medicaid spending. "It is important we put these drivers of the deficit on the table and include them as any agreement to avoid the fiscal cliff," he said.
The White House and a top Democrat said yesterday they wanted to consider entitlement reforms after averting the "fiscal cliff".
Cantor criticized the Obama administration for not engaging in "serious discussion" over entitlements.
"We have not seen any good faith effort on the part of this administration to talk about the problem we are trying to fix," he said. "This has to be part of the agreement, or else we just continue to dig the hole deeper."
Meanwhile, House Democratic leader Nancy Pelosi said Congress has already enacted significant cuts, so the focus should be on raising revenues.
"It's important to note that we have already agreed to over a trillion-and-a-half in cuts in both the Budget Control Act and other acts in this session of Congress, and so now we're looking to see what the revenue piece will be to that," she said. "There has to be an agreement, so let us understand that it has to happen. I believe that everybody knows what the possibilities are, so let's just do it."
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I can only Hope that the New Arrivals" will see to the "Re-stringing" of these Wires!
Commentary on a republicans position on fiscal policy is pre-mature at this time.
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No, they've made it clear that they wish to follow George W. Bush's fiscal policy. Why? Well, ad um, that's what most American's are asking; why would you wish to continue any of George W. Bush's economic policies?
Remember, elections are coming and next term you may not have a job if you keep up this bull crap. Big corporations and the rich may fill your re-election coffers, but middle class America is (white, black, hispanics, young and old) are the ones that vote. All the money spent by Kotch, Schwab, Marriott's, Scaife and all the other did not help Romney and is not going to help Boehner and other republicans it they do not work to fix the problem they created.
What is the old saying "If you're not part of the solution, you're part of the problem". Well, right not "YOU ARE THE PROBLEM!!!".
Obviously, you really do not have a grasp on the situation. The reason we have a decreased revenue is because the total number of those paying taxes is far less.
The GDP decreased, so naturally, the spending should logically decrease. PROBLEM is... the spending increased!!
They could literally tax every working person 100% for the next year, still would not cover the total amount of debt.
They are risking further unemployment for the sake of agenda. Simply put, if just one employer in the $250,000-$500,000 bracket lets go one employee, they have offset any gain to the Tax revenue.
Kind of funny, Republicans have pushed for the REAL way that Millionaire save on their taxes... the loopholes.
Think about, why is it many millionaires have spoke up for tax hikes? What would they gain?
Simple... if they raise the tax percentage, they only need to find tax off sets. Such as property. There is no cap on the number or percentage of amount that anyone can right off for charitable gifts, tax offsets, property interests.
To put in basic analogy, many of the "write offs" most people enjoy, the super rich exploit. How many houses, business cars, ect... can they write off? Take a trip to Europe for 1 day of business... write off the whole 2 weeks... What to "hide" money? Simple, buy a business, let it stay just at monetary lost for the year, then write off the whole loss and include the lost of revenue to just have it part of the business structure.
Love the business expenditures write offs... they can upgrade the equipment (write off the whole amount), donate the old equipment to their own charitable organizations, allowing them to add a 2nd write off for the donation, based on the assessed value.
Same works for any equipment, from computers to vehicles.
So, it begs the question, who is really for fixing the problem and who it just faking it?
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Boehner is full of it. I am a small business owner and pay taxes as a S corporation on my 1040. During the year, there are many tax advantages that a small business can take advantage of so that the tax bite is lessened. Any small business owner that does not do so is an uptra patriot.
Besides, in order to generate enough income to meet the $250K benchmark, I have have to have very heavy sales that would generate that size of net income. Further, Obama is talking about taxing the rich folks at the lower rate for up to the $250K and then a higher percentage from the $250K mark.
Bottom line - the GOP is still a rich white man's party and Boehner is trying to protect his party. They are his master.
Ex. Don't just telling us the food is bad, tell us the food is over or under cooked, that wrong ingredients are used, that the presentation is terrible and so on. Get it?
Half of middle class Americans vote for these guys because they think either they will make it into the rich category, or that they have bought the GOP line that everyone else are leaches, or that gay marriage and abortion laws will be eliminated by the GOP. Consequently, nearly half of Americans must be either near religious zealots, rich wanabies, racist, homophobic, anti-women or just controlled by the GOP fear lie machine; otherwise, its difficult to explain. The GOP should be dissolved. Middle class Americans: the GOP does not really care about you...you are just a nuisance but you have votes.
Your move.
1. Our annual defense budget exceeds $700 billion whereas China's is $70 billion and other countries are in the single digit billion market. Why so much compared to other countries.
2. We have over 900 military installations overseas with around 600,000 troops to man them; many with families. Why not have a BRAC commission study these for closure/realignment/etc to see if they are all needed. I do not care about treaties. We do not need so many.
Before you advocate cuts to entitlements, can you respond to the above?