Reuters, May 31, 2012
U.S. Republican Boehner holds firm on no tax-hike pledge
by David Lawder
...
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 ... In a sign of potential progress, a bipartisan group of 47
senators and as many House members are working with the leaders of a 2010
fiscal commission - former Republican Senator Alan Simpson and Democratic
ex-White House chief of staff Erskine Bowles - on a plan to solve U.S.
fiscal problems .
...
A so-called "grand bargain" on taxes, deficit- and debt- reduction is not
likely until after the Nov. 6 election, but both parties are trying to lay
the groundwork for legislation to deal with the expiring tax cuts
2-4-8 Response
Mr. Boehner contends that “raising taxes at this point
in our recovery is a big mistake†but so is cutting benefits for seniors and
the unemployed. No doubt it was a mistake to lower taxes in the first place
and to enact more than a trillion in tax expenditures over the years. The
tax code has forced the middle class to subsidies the wealthy for so long
that the wealthy feel entitled. They are not entitled anymore than Mr.
Romney is forever entitled to a 50% discount on the income taxes he pays.
The road to recovery must focus on restoring the health of middle class
consumers. As they spend and invest, more jobs will follow and the wealthy
will take their cut from business profits.
www.TaxNetWealth.com
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