In a sign that Republicans feel the pressure from the White House and Congress to pass “something” that resembles fiscal reform, more Republicans in D.C. are showing signs that they are willing to accept tax increases on the wealthy to avoid the so-called fiscal cliff that looms in the near future.
This includes Tea Partiers who at one point slammed Congress for not doing enough to curb spending and provide tax relief for the majority of taxpayers. At the heart of the matter is whether or not the Bush-era tax cuts will get extended to all Americans, or just those who make under $250,000 a year.
“I am not going to take anything off the table if we can resolve some of our biggest issues as a country,” said Michigan representative Justin Amash – an attorney by trade – who enjoyed big-time Tea Party support. Or Sean Duffy from Wisconsin, who said that he believes in a “balanced” approach to the fiscal problem and generally accepting of the language put in place by Democratic leadership to raise revenue via taxation.
Even Florida Congressman Allen West, who recently lost his re-election bid (but still holds his seat until January) said he generally supports tax increases on wealthier Americans. He believes the threshold for “wealthy” needs to be set at $2m, rather than the $250k set forth by the president.
Many of these Republicans seem unaware that public revenues often decrease as taxes on the wealthy are increased. Facts and basic economic principles be damned, though, as our elected representatives decide on which Americans to screw over in order to fund the next wave of government spending.
Many support the closure of loopholes in the system, and that’s good. But far too much attention is being paid on the easier solution of raising taxes on those who already pay the majority of taxes – which, as we’ve stated many times before throughout SmallGovTimes.com, encourages the exploitation of loopholes, offshore bank accounts and in some cases a straight exodus of revenue-generating businesses from our nation.
Republican Steve King said of the matter, “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.” There always seems to be a way, and that is the problem.