Many Republicans abandon opposition to higher tax rates for the rich
An increasing number of House Republican leaders are saying goodbye to their strong opposition to higher tax rates for rich Americans and are urging their fellow Republicans to do the same. This augmenting chorus of GOP leaders is aiming to clear the road for a big deal they think would control the federal health and retirement program expenditures.
Few weeks to go for the fiscal cliff’s cut-off date and President Barack Obama continues to be inflexible about increasing tax rates for the richest taxpayers. Analysts think that with such a deal, the president will, without doubt, go over the fiscal cliff completely.
Meanwhile, House Speaker John Boehner has challenged Obama, saying Rich Americans will pay more tax revenue. He called on the president to sit down with him and hit an agreement for averting the fiscal cliff.
"We have got to cut spending and I believe it is appropriate to put revenues on the table," Boehner told reporters on Wednesday, according to CNN. "Now, the revenues that we are putting on the table are going to come from guess who? The rich.”
Boehner further explained that there are many methods to put a border around deductions, close loopholes and make the same people pay more money to the central government devoid of increasing tax rates. He said raising tax rate on the wealthy would hurt the economy.
Reports suggest that several Republicans are pushing Boehner to give up on tax rates now, yet he still possesses some influence to ask for something in return.
GOP leaders are keen to be the victors of introducing changes to fast increasing safety-net programs, including lifting the entitlement age for Medicare and application of a tougher measure of inflation to Social Security benefits.
Rep. Steven C. LaTourette (R-Ohio) has said that he and some other Republicans are making efforts to grant Obama what he wants, stressing that this needs to be an element of a package that decelerates federal borrowing and cuts the debt by at least $4 trillion.
Thomas J. Rooney (R-Fla.) has said that it would be extremely hard for him to oppose higher tax rates for the wealthy if there are true and valid entitlement transformations and improvements to shelter Social Security and Medicare for future generations.
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An increasing number of House Republican leaders are saying goodbye to their strong opposition to higher tax rates for rich Americans and are urging their fellow Republicans to do the same. This augmenting chorus of GOP leaders is aiming to clear the road for a big deal they think would control the federal health and retirement program expenditures.
Few weeks to go for the fiscal cliff’s cut-off date and President Barack Obama continues to be inflexible about increasing tax rates for the richest taxpayers. Analysts think that with such a deal, the president will, without doubt, go over the fiscal cliff completely.
Meanwhile, House Speaker John Boehner has challenged Obama, saying Rich Americans will pay more tax revenue. He called on the president to sit down with him and hit an agreement for averting the fiscal cliff.
"We have got to cut spending and I believe it is appropriate to put revenues on the table," Boehner told reporters on Wednesday, according to CNN. "Now, the revenues that we are putting on the table are going to come from guess who? The rich.”
Boehner further explained that there are many methods to put a border around deductions, close loopholes and make the same people pay more money to the central government devoid of increasing tax rates. He said raising tax rate on the wealthy would hurt the economy.
Reports suggest that several Republicans are pushing Boehner to give up on tax rates now, yet he still possesses some influence to ask for something in return.
GOP leaders are keen to be the victors of introducing changes to fast increasing safety-net programs, including lifting the entitlement age for Medicare and application of a tougher measure of inflation to Social Security benefits.
Rep. Steven C. LaTourette (R-Ohio) has said that he and some other Republicans are making efforts to grant Obama what he wants, stressing that this needs to be an element of a package that decelerates federal borrowing and cuts the debt by at least $4 trillion.
Thomas J. Rooney (R-Fla.) has said that it would be extremely hard for him to oppose higher tax rates for the wealthy if there are true and valid entitlement transformations and improvements to shelter Social Security and Medicare for future generations.
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