|Politico said the basic FC avoidance framework is in place. Could see a resounding market spike.|
Re: Senior US House Republican sees income tax hikes in fiscal deal
Share This Post:
Peace, commerce and honest friendship with all nations--entangling alliances with none. ~ Thomas Jefferson (First Inaugural Address)
War therefore from its productiveness as it easily furnishes the pretense of necessity for taxes and appointments to places and offices becomes the principal part of the system of old governments and to establish any mode to abolish war however advantageous it might be to nations would be to take from such government the most lucrative of its branches ~ Thomas Paine
| Reply to bdawgp - Msg #2335040 - 11/29/2012 16:11|
Senior US House Republican sees income tax hikes in fiscal deal
WASHINGTON, Nov 29 (Reuters) - A senior Republican in the
U.S. House of Representatives on Thursday said he expects tax
hikes on the rich, as demanded by President Barack Obama, will
be part of a fiscal cliff deal.
"I wouldn't have a problem with letting those tax rates go
up," provided they are coupled with spending cuts,
Representative Mike Simpson said.
Simpson said that raising taxes on the rich "wouldn't be my
preferred way to do it. But elections have consequences,"
referring to Obama winning a second term earlier this month.
A senior Republican lawmaker, who asked not to be
identified, told Reuters that a Democratic bill, which passed
the Senate in July and would raise income taxes on families with
net incomes above $250,000, could pass his chamber.
The lawmaker said he was confident, however, that House
Speaker John Boehner, a Republican, would not allow such a bill
to be brought to the House floor for a vote, explaining: "It may
be popular" but, "It's class warfare."
The increased income taxes for the rich could be part of a
broader, final deal - one that possibly raises the $250,000
Representative Steve King, one of the most conservative
House Republicans, said: "Conservatives might be able to figure
how they can go home and rationalize a vote that included a
revenue increase and or a tax rate increase."