Tax and Appropriations
As we get closer to the deadline to reach a solution to the fiscal cliff, a growing number of Republicans have publicly supported the idea of passing middle class tax cuts now to protect families and small businesses from a tax increase on January 1 while negotiations continue on higher tax rates for the wealthiest two percent in our country:
Over the weekend, more Republicans joined with lawmakers like Senator Tom Coburn and Congressman Steve LaTourette in saying that higher tax rates for the top 2 percent of incomes will be part of any balanced agreement to avert the fiscal cliff. Senator Bob Corker said on Fox News Sunday:
More and more Republicans are joining the chorus calling for a balanced, bipartisan solution to the fiscal cliff that protects middle-class families while asking the wealthiest to pay their fair share through higher tax rates. As Dana Milibank says in his Washington Post column:
When I say everything needs to be on the table… I want everybody to put their cards on the table and tell me what they’re going to do. … Now there’s some things we are absolutely not going to do… we’re not going to voucherize Medicare, we are not going to privatize Social Security. We believe very strongly that we need additional revenues if we’re going to get our country on a fiscally sound basis.
In case you haven’t seen it already, we wanted to pass along Sen. Tom Coburn’s common-sense remarks on the need to include revenues in an agreement to prevent the fiscal cliff. And by “revenues,” he means “rates.”
From MSNBC’s “Moring Joe” today:
“All I said yesterday was … we need a balanced package and we need to all come to the table honestly, realizing we have differences of opinion, but also realizing this is a math problem. It shouldn't be a philosophical problem or ideological or partisan problem, it's a math problem. We have to get America on a fiscally sustainable path and in order to do that, we’re going to have to have a balanced package. We’re going to have to look at additional revenues.”
Today, I signed the discharge petition filed by Rep. Tim Walz that would bring to the Floor an extension of tax cuts for 98% of Americans and 97% of small businesses. These middle class tax cuts were extended by the Senate in July, and the House ought to take action immediately to provide certainty to families and small businesses that their taxes won’t go up on January 1.
Democrats remain committed to reaching agreement on a balanced solution to the fiscal cliff. President Obama’s proposal would cut the debt by $4 trillion over 10 years, ask our nation’s wealthiest to pay their fair share, and make strategic investments to create jobs and grow our economy. While Republicans have taken the positive step of putting a proposal on the table, it lacks the specifics needed to meet the challenge we face. Why didn’t they include specifics? Because their math doesn’t add up. A significant amount of revenue is needed, which can’t be reached by continuing tax breaks for the wealthy, as Republicans insist on doing.
With time running out, it is imperative that Congress take action before the fiscal cliff hits to prevent tax increases on middle class families and turn off the damaging and arbitrary spending cuts of the sequester. Going off the cliff isn’t an option. It will take a balanced solution, and for the first time it looks like some Republicans are starting to agree.
“Everybody believes we ought not to go off the cliff. Sequester is not a good idea, and if we went off the cliff it would have substantial adverse effects on the economy. Nobody wants to go over the cliff including, in my opinion, [Speaker] John Boehner. However, we ought not to hold hostage middle-class tax cuts.”