Letting tax cuts expire for those making $250k a year will not be the end of the world and it is baffling that Republicans are willing to fall on their sword for this. Instead, Republicans should focus on trading this issue in order to get real corporate tax reform where we lower the nominal rate and eliminate loopholes. The latter will do much more good than being so obstinate about the former.
During last Wednesday’s news conference, President Obama offered his plan for dealing with the looming fiscal cliff and expiring tax cuts. While the President claims he desires to work with Congress to reduce the deficit in a balanced and responsible way, he was clear that he intends to hold the middle class hostage in order to achieve his goal of increasing taxes on more successful Americans.
How is the President doing this? By announcing that Congress must either bow to his agenda or send all Americans a higher tax bill.
While Obama was busily pushing his ultimatum, he seems...
But if we could get a grand bargain... maybe. The problem is getting Obama and the Dems to stick to their agreements. This year we agree to tax reform and it never happens. Or they just start adding the loopholes back in, and we're back where we started.
The only way to guarantee that the budget cuts take place is to let the sequester happen.