Breaking News

Boehner Holds Strong on Tax Standoff
Download PDF

John Boehner made it known that he is not going to bend when it comes to raising taxes for the rich after Representative Tom Cole said that the Republican party should take the offer from President Barack Obama to extend the Bush-era tax cuts for 98 percent of Americans. Cole said that despite not wanting the top federal income tax rate to rise back to the Clinton level of 39.6 percent, the party still should accept the deal right now.

Cole said that if the House had to vote on his proposal it would pass the vote and that many of his colleagues in the GOP agree with his stance. “I’m not the chief whip. I’m just a deputy whip.”

  
What
Where


Boehner said the following: “I told Tom earlier in our conference meeting that I disagreed with him. He’s a wonderful friend of mine and a great supporter of mine, but raising taxes on the so-called top 2 percent — half of those taxpayers are small-business owners that pay their taxes through their personal income tax filing every year. The goal here is to grow the economy and control spending. You’re not going to grow the economy if you raise tax rates on the top two [percent]. It’ll hurt small businesses; it’ll hurt our economy.”

Wealthy Americans pay a top income tax rate of 35 percent right now, with many of them not hitting that mark because of deductions and lower capital gains tax rates. If the top rate increases, the taxes would raise some $800 billion over the next 10 years.

The proposal from Cole to accept the plan from the Democrats was rejected by Senator Jim DeMint, a Republican from South Carolina. The plan is to extend the tax cuts for 98 percent of the country and let the top money makers in the country see their tax rates increase. The idea was described as ‘bad politics’ and ‘capitulation’ by DeMint.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“I think we need to extend the current rates until we can reform the [tax] code,” he told reporters on Capitol Hill Wednesday. “I don’t think any decoupling of the rates is a concession we should make. I think that’s capitulation — it doesn’t help the country. For Republicans to agree to that is bad policy, and I think it’s bad politics.”

Senator-elect Jeff Flake, a Republican from Arizona, also said that he is opposed to the acceptance of Obama’s plan and said that Cole’s comments were just ‘a lot of talk.’



“This notion that everything we said during the campaign about a balanced approach — that ‘balanced’ means just doing the top 2 [percent] rates and nothing else. That’s not balance,” Flake told The Huffington Post. “That’s what’s sticking out like a sore thumb today.”



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Attorney with 3-7 years of litigation experience

USA-IL-Chicago

Chicago office of our client seeks attorney with 3-7 years of litigation experience. The candidate s...

Apply Now

Defense Attorney with 3-4 years of litigation experience

USA-CA-San Francisco

San Francisco office of our client seeks defense attorney with 3-4 years of solid litigation experie...

Apply Now

Mid-level IP Litigation Attorney with electrical engineering experience

USA-CA-San Francisco

San Francisco office of our client seeks mid-level intellectual property attorney with 3-5 years of ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

In-house Counsel / Securities Attorney

USA-NY-Manhattan

Multi-billion and growing Midtown-based Real Estate focused Alternative Investment Manager sponsorin...

Apply now

In-house Counsel / Transactional Real Estate Attorney

USA-NY-New York City

Multi-billion and growing Midtown-based Real Estate Private Equity firm sponsoring a multi-family NY...

Apply now

Associate Attorney

USA-MN-Hibbing

Busy Northern Minnesota practice seeking associate attorney preferably with general practice experie...

Apply now

Litigation Associate

USA-NV-Las Vegas

Bailey Kennedy seeks a litigation associate with one to four years of experience to work on complex ...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top