Repubs Have Already Caved On Tax Rate Increases
For the record, I’m all in favor of going over the fiscal cliff. I’m willing to pay higher taxes for a few months in order to get a better deal on spending cuts and to save the soul of the Republican Party, which will be lost should they get snookered like George H. W. Bush into agreeing to a tax hike. We all saw how much good “compromise” did Bush I.
According to Politico, though, all this talk from House Speaker John Boehner about not cutting taxes is posturing:
There is no chance taxes are not going up for people making north of $250,000 – and virtually no chance that doesn’t include their tax rates, too.
Republicans publicly say they are opposed to rate hikes – but privately they know they are going up, if not all the way to the Clinton-era 39.6 percent, then darn close.
The reason is simple math. Take a look at this list, and you will see that any tax loopholes worth closing won’t get Obama or Republicans close to their targets.
If this is true, Republicans are not only going to lose their base, they’re going to get snookered by Obama with these spending cuts. Because the only can that’s going to get kicked down the road is the one marked “entitlements.”