GOP Rejects Obama Offer of $1.6 Trillion Tax Increase……


Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.
Treasury Secretary Timothy Geithner shuttled among congressional leaders yesterday with a plan to trade $1.6 trillion in tax increases for $400 billion in unspecified entitlement program cuts, Republican congressional aides said.

Republicans complained that the offer was little more than a rehash of old budget proposals, setting the stage for more contentious negotiations over the next several weeks as the year-end deadline approaches for more than $600 billion in spending cuts and tax increases to kick in.

“If the president is going to lead on this critical issue, he has to propose a plan that can actually pass,” said Republican Senator Roy Blunt of Missouri. “This is simply not a serious proposal.”

Geithner’s offer, as described by two Republican aides, is based on Obama’s fiscal 2013 budget and his 2011 proposal to the deficit-cutting supercommittee, which last year didn’t come up with a plan all sides could accept.

Top Earners

It would raise taxes for top earners by $1.6 trillion over the next decade with higher rates on income, capital gains, dividends and estates, along with limits on tax breaks. It would call for about $400 billion in cuts to entitlement programs, which Republicans have deemed insufficient.

The plan would either extend or replace a payroll tax cut that is set to expire at the end of the year, according to the Republican aides. It would protect millions more people from having to pay the alternative-minimum tax and defer by a year the federal spending cuts set to start taking effect in January.

Categories: Politics | Tags: , , , , , , , , | 4 Comments

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4 thoughts on “GOP Rejects Obama Offer of $1.6 Trillion Tax Increase……

  1. Without getting into what is moral or fair, I have found one thing to be true. You simply can not tax the wealthiest people because they always find a way to pass that bill on to the little people. Obamacare is a perfect example. Raising costs of doing business is causing some employers to cut hours to avoid paying for employee healthcare. I think this issue can be debated over and over and all I can see is gridlock coming. I doubt that this can make it through the House of Representatives but we will see.

  2. I reblogged this by the way. Thanks for the great information.

  3. Hi Dean, thanks for the reblog, and I completely agree with you on all points in your comment. This type of socialist taxing has been tried in Europe and completely failed….seems no one learns from History.

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