Republicans’ Best Hope For Denying Obama’s Tax Goals: Fold Immediately

[DonViejo]

Congressional Democrats say they want House Republicans to fold — to pass Senate legislation extending all of the middle-income Bush tax cuts, and to allow bonus tax cuts for high income earners to expire.

“Republicans can prove that they’re prepared to work in good faith on the fiscal crisis facing our country by calling up a vote to extend the middle-income tax cuts now,” House Minority Leader Nancy Pelosi told reporters at her Capitol briefing Thursday.

That’d be a huge break from past practice for Republicans, who oppose raising revenue by taxing wealthy Americans and are downright allergic to voting for legislation that results in higher income tax rates.

But it wouldn’t be an unalloyed victory for the Democrats.

If Republicans do cave, it’ll bank just under $1 trillion in new revenues over 10 years, all from the top two percent of earners in the country. President Obama’s goal, though, is to boost 10-year revenues by $1.6 trillion. In other words, if Republicans cut their losses before the end of the year, they’ll leave Obama over half a trillion short of his ultimate goal, and without enough leverage to force them to vote for more.

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more:
http://tpmdc.talkingpointsmemo.com/2012/11/republicans-best-hope-for-denying-obamas-tax-goals-fold-immediately.php

[Dubster]

1. Spam deleted by gkhouston (MIR Team)

[msongs]

2. Dems should wait for the new congress, they will have better votes nt

[SoCalMusicLover]

3. Naive Nancy

More of the same.

Politics As Usual.

I'm sure the repubs are all lining up behind Nancy, and are prepared to work in good faith on the fiscal crisis.

Hey Nancy, maybe they'll buy a bridge from you also.

[gravity]

4. I think that is what Boehner is trying to do

but he fears a backlash from the Tea Party.

The Republicans are shooting themselves in the foot here just like they did for the Affordable Care Act.