Sunday, March 3, 2013

True or Fal$e

"The President got his tax increase!"  That is the Congressional GOP position as to why they will not compromise on additional revenue(s) by closing tax loopholes.  That position is false

During the fiscal cliff negotiations, the Republicans offered to close tax loopholes as their solution to raising revenue rather than the president's plan of raising tax rates.  However, they offered no loopholes that they were willing to close.  Having agreed to raise tax rates on the top earners to avoid the fiscal cliff, an intransigent GOP is unwilling to look at raising additional revenues because "The President got his tax increase!"  He did not!

President Obama's plan, and the plan voted for by the majority of the American people, was to raise the income tax rate on earnings over $250,000.  The president compromised and agreed to increase the earnings rate to over $450,000 before the new rate kicks in.  So the claim that the president got his tax increase is patently false.  Obama's tax increase falls short by $200,000 of earnings for each high earning taxpayer.

Therefore, it is only fair and balanced that the GOP compromise and agrees to close tax loopholes which they claimed they were willing to close during the fiscal cliff negotiations.  And it is incumbent upon President Obama, his party, and his supporters to insist that no further cuts will be on the table until the Congressional GOP meets the president halfway on the issue of revenue(s) by agreeing to close many of the absurd tax loopholes that benefit only those in the top 2% who receive them to the detriment of the rest of the country.

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