Republicans still proposing tax cut for wealthy | Arkansas Blog

Wednesday, December 19, 2012

Republicans still proposing tax cut for wealthy

Posted By on Wed, Dec 19, 2012 at 9:05 AM

Republicans apparently are nearing a House vote on an alternative U.S. fiscal proposal that would give them the cover of a nominal (but misleaqding) return to higher tax rates for the very wealthiest, but otherwise visit more of the burden on the less fortunate.

It's a dishonest Trojan horse. The tax increase Republicans would allow still would mean a cumulative TAX CUT for all in the over-$1 million income category given the continued lower rates on amounts up to $1 million and a phaseout of deduction limits. In return for this tax cut for the wealthy, the Republicans would thank working poor by taking away improvement to their child and earned income tax credits. (CORRECTION: I characterized how the savings occurred incorrectly in my original post.)

President Obama responds.

The American people have been clear that they will not accept an economic approach that places too big of a burden on the middle class, seniors, students and the most vulnerable Americans while asking too little of the wealthiest Americans. The Congressional Republican “Plan B” legislation continues large tax cuts for the very wealthiest individuals - on average, millionaires would see a tax break of $50,000 - while eliminating tax cuts that 25 million students and families struggling to make ends meet depend on and ending critical incentives for our nation’s businesses. It would also cut off a vital lifeline of unemployment assistance to 2 million Americans fighting to find a job just a few days after Christmas, while deeply cutting Medicare. The deficit reduction is minimal, and perversely, given its authors, solely through tax increases with no spending cuts. This approach does not meet the test of balance, and the President would veto the legislation in the unlikely event of its passage.

The President believes this moment presents both sides an opportunity to reach a significant, balanced deal that is good for American families, the economy and for our nation’s future. He has put forward a proposal that meets the Speaker halfway on both taxes and spending, offering to work with Republicans to cut spending by an additional more than one trillion dollars beyond what he has already signed into law. The President urges the Republican leadership to work with us to resolve remaining differences and find a reasonable solution to this situation today instead of engaging in political exercises that increase the possibility that taxes go up on every American. The American people are watching closely and deserve no less.

Here's the White House analysis.

From CNN coverage of president's news conference today:

President Barack Obama said today that Republicans are too focused on getting the better of him personally in the fiscal cliff negotiations, rather than considering what is best for the country. "It is very hard for them to say 'yes' to me," Obama told reporters.

"At some point they've got to take me out of it" and focus on "doing something good for the country."

Obama alluded to the Connecticut school shootings in calling on Republicans to compromise, saying that "if there's one thing we should have after this week, it should be perspective about what's important." He added: "Right now, what the country needs is for us to compromise."

Unions are backing this TV ad below, being shown in the 1st District. As if Rep. Rick Crawford might pay attention.

Tags: , , , ,

From the ArkTimes store

Favorite

Comments (12)

Showing 1-12 of 12

Add a comment

 
Subscribe to this thread:
Showing 1-12 of 12

Add a comment

More by Max Brantley

  • Three ead in WLR

    Three dead in suspected double murder-suicide in West Little Rock.
    • Aug 20, 2017
  • One dead in shooting at Buffalo National River

    KTHV reports a man was fatally shot Saturday at the Buffalo National River in Searcy County in what is being called an officer-involved shooting. No other details at the moment.
    • Aug 20, 2017
  • If it's really about history ..... read some

    The Confederate statue defenders in Hot Springs insist their regular demonstrations are about historic preservation, not white supremacy. History in books (if not on statues) tells another story.
    • Aug 20, 2017
  • More »

Readers also liked…

  • Charter school accountability: Non-existent in Arkansas

    A state audit finds charter school spending violated state law, but the state Education Department says it has no responsibility for ensuring proper management of charter schools. Say what?
    • Mar 5, 2016
  • Rep. Mary Bentley's website now supports gay rights

    Somebody has cybersquatted on Republican Rep. Mary Bentley's website, replacing her messaging with a call for equal rights for LGBTQ people.
    • Jul 18, 2017
  • Policy group urges opposition to new charter seats in Little Rock

    The Arkansas Public Policy Panel is urging supporters of the Little Rock School District to tell state Board of Education members they oppose applications to be heard this week to dramatically expand the number of charter school seats in the Little Rock School District.
    • Mar 9, 2016

Most Shared

  • Take yourself there: Mavis Staples coming to LR for Central High performance

    Gospel and R&B singer and civil rights activist Mavis Staples, who has been inspiring fans with gospel-inflected freedom songs like "I'll Take You There" and "March Up Freedom's Highway" and the poignant "Oh What a Feeling" will come to Little Rock for the commemoration of the 60th anniversary of the desegregation of Central High.
  • Klan's president

    Everything that Donald Trump does — make that everything that he says — is calculated to thrill his lustiest disciples. But he is discovering that what was brilliant for a politician is a miscalculation for a president, because it deepens the chasm between him and most Americans.
  • On Charlottesville

    Watching the Charlottesville spectacle from halfway across the country, I confess that my first instinct was to raillery. Vanilla ISIS, somebody called this mob of would-be Nazis. A parade of love-deprived nerds marching bravely out of their parents' basements carrying tiki torches from Home Depot.
  • Lynchings hidden in the history of the Hot Springs Confederate monument

    Hot Springs twice erupted into the kind of violence that has its roots in the issues left unresolved by the Civil War, and both times, it happened right where that monument to Confederate soldiers stands today.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation