Republican unity on tax rates starts shaking
Linkedin

Republican unity on tax rates starts shaking

Washington : DC : USA | Nov 28, 2012 at 9:18 PM PST
XX XX
Views: Pending
 


GOP unanimity against Obama’s proposal to increase tax rates for rich Americans started to shake after a Republican congressman, Tom Cole, announced that he would support an agreement with the president to increase tax rates for the wealthy but expand tax cuts for Americans with earnings lower than $250,000 per year.

President Obama has long been saying that he is ready to restrain expenditures, including on entitlement programs. All he wants in return is increasing the tax rate on the wealthy, while retaining the same tax for the middle class.

At a time when Congress is expediting its work to ward off a cycle of tax increases and expenditure cuts because of the fiscal cliff, Cole said Wednesday that the GOP should endorse an agreement guaranteeing 98 percent of Americans do not bear tax hike that puts the economic recovery at risk.

"If we have an opportunity to, right now, secure the Bush tax cuts for 98 percent of the American people ... and then continue to fight on these other issues, I think we should do that," Cole told Reuters in an interview.

House Speaker John A. Boehner (R-Ohio) countered Cole, saying that even though Cole is a friend and supporter, he deviates completely from his position.

“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 rates,” Boehner said, according to LA Times.

The GOP has been inflexible regarding enlarging the lower tax rates for all taxpayers, including people with income exceeding $250,000 a year. After Cole’s statement, the Obama administration has voiced its hopefulness that some conservatives are becoming lenient in their stances on taxes.

According to reports, President Obama held meeting Wednesday with top executives of major corporations, including the CEOs of Yahoo Inc. and Goldman Sachs. The leaders of the top companies said they support an agreement that increases tax rates for rich Americans like themselves.

Cole, who formerly led the House Republican campaign team, is counted among the GOPs most realistic members and a faithful follower of Boehner. According to some analysts, Cole’s suggestion could politically protect the Republicans by assuring most Americans lower tax rates without pushing legislators to vote for higher tax rates for the rich, which would start to happen without any involvement if Congress does nothing.

1 of 1
Rep. Cole
Republican unity on tax rates starts shaking - Rep. Cole (Image: US Congress)
Kamran Ahmed is based in Seattle, Washington, United States of America, and is an Anchor on Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • First cracks in GOP resolve on tax rates

      Item of Millbum and Short List
    The first cracks are developing among Republicans over whether to accept a quick deal with President Barack Obama on allowing the top two income tax rates to expire. Conservative Oklahoma GOP Rep. Tom Cole told GOP colleagues in a private meeting on...
  • Boehner to GOP: Stick together

      Politico
    John Boehner had a message for House Republicans Wednesday morning: stick together or be left out. The Ohio Republican privately urged his House colleagues not to waver from their position to keep tax rates frozen, calling it a principled position.
  • Cracks show in Republican unity on tax rates

      Turks and Caicos Free Press
    Republican unity against raising tax rates for the wealthy began to show cracks on Wednesday after a conservative congressman said he would back an agreement with President Barack Obama to raise rates on the rich but extend tax cuts for income below $...
  • Cole's compromise plan shot down

    Rep. Tom Cole of Oklahoma, a member of the leadership team that helps round up House votes, told fellow GOP lawmakers that he thought they should, as a matter of political strategy, extend just the tax-rate cuts for those making $250,000 or less...
  • Obama says debt-cutting deal can be reached soon

      Turks and Caicos Free Press
    President Barack Obama said Wednesday he believes that members of both parties can reach a "framework" on a debt-cutting deal before Christmas, making his case with a mix of optimism and pressure on congressional Republicans to keep tax rates from...
  • Greg Sargent: Boehner: No tax cuts for middle class without tax cuts for ...

      Washington Post
    ET, 11/28/2012 Nov 28, 2012 09:03 PM EST TheWashingtonPost Boehner: No tax cuts for middle class without tax cuts for top two percent As you know, GOP Rep. Tom Cole made waves today by urging Republicans to give in to the Dem demand that they extend...

Images

 >
 
  •  	Republican unity on tax rates starts shaking - Rep. Cole (Image: US Congress)

    Rep. Cole

More From Allvoices

Related People

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Most Commented Reports



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.