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Forbes: “House Speaker John Boehner has made a decision that will make some wealthy Americans squeal, while making most Americans smile. Boehner, after weeks of rhetoric that Republicans and Democrats were miles apart on fiscal cliff talks, relented on a stance that high earners shouldn’t see higher taxes. Now, Boehner has agreed to raise taxes on Americans making more than $1 million, reversing an earlier position that all Bush Era tax cuts should stand.”
Politico: “It is the first time Boehner has offered any boost in marginal tax rates for any income group, and it would represent a major concession for the Ohio Republican. Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually, beginning Jan. 1, two sources said.”
Boehner also offered to lift the debt limit for a year.
The left doesn’t like Boehner’s proposal.
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it's about time. Butt Boehner's proposal has not gone far enough...in taxing the rich and raising revenue!!
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Those who benefit more from the system should pay more to maintain the system.
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Don't touch Social Security and Medicare.
I am with you piggy, no cuts to medicare nor Social Security. Medicare for the poor as long as business's show record profit and wealth for those that have the most. I am on Medicare, and Social Security and it is the nations promise to keep these programs viable. Raise revenue, do not cut life lines for the seniors and the poor. Don't like it republicans, secede from the union. Texas would be a good start. Go live in the most back ward, lowest wage state in the country but do not expect foreign aid to keep it viable.
Pigotry, can you explain how the rich benefit more from roads, police, fire, teachers, social programs and the like and therefore should pay more to maintain it. Just trying to follow your train of thought.
Thanks.
The result of increased tax on the high income earners
FY2013 ($ Billions)
Budget = $3803 {Proposed}
Income = $2902 {Estimated}
Deficit = $901
% Deficit Spending = 23.7% and in 2010 it was 41.8% which is where we began to say that 41¢ of every dollar in spending was borrowed money.
The additional tax on income above $200K/$250K will fund our Government for only 8 days which is 2.7% of our annual budget and covers 9.3% ($83.4 Billion) of our deficit. (Some Republican Senators says 11 days, 11 days would be 3.0% and $114.6 Billion not borrowed)
According to many, taxing the high income earners won't do anything to help reduce our deficit and/or address out debt and spending problems. That means a reduction of over $80 Billion a year in borrowing is meaningless.
In a compromise effort John Boehner has said he would agree on a tax increase for incomes above $1 Million. This would reduce the additional tax revenue from just over $80 Billion to just under $50 Billion.
http://en.wikipedia.org/wiki/2013_United_States_federal_budget
http://en.wikipedia.org/wiki/2010_United_States_federal_budget
http://www.breitbart.com/Big-Government/2012/11/28/Obama-Tax-Hike-On-Rich-Will-Fund-Govt-For-8-Days
It's going in the right direction, BTW.
Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually
No kidding? How very big of him. Of course the Bush tax cuts on the wealthiest should expire. Those cuts did nothing to create jobs and simply added to our deficit. I don't ever want to hear "fiscal conservative" and Republican used in the same sentence again. Republicans took Clinton's surplus and turned it into a huge deficit, turned a booming economy into a recession, then lengthened the recession with their obstructionism. They have lost all credibility on fiscal matters.
Hardly a breakthrough. That was the Democratic fall back position in 2010 when they had NO leverage. Boehner has simply offered what the Democrats would have accepted to get UE benefits extended for Christmas that year. It's not going to fly this time around.
No it isn't enough, what else that is needed is for big businesses to start hiring more people or give their workers more money in their pockets so they have more money to spend. Companies like Wal-Mart and others make millions in PROFITS but give little back to their workers. Just think if they did give their workers more money, they would spent it in their stores or others and the US and world economy would get better.