Republicans Wimp Out, Fail to Oppose Democrat Plan to Tax Wealth Producers
November 19, 2012
Congress is currently in discussions with the Obama administration about enacting a new round of taxes to pay for profligate government spending. The increase will fall on the “rich,” defined by the government as anybody who earns more than $250,000 a year.
Democrats are all for taxing the so-called rich, while Republicans favor going after entitlements in order to confront the so-called “fiscal cliff.” Republicans, however, have agreed to not “explicitly reject the suggestion they accept a Senate-passed bill that would allow tax rates to rise on top earners,” in other words the last remaining producers of wealth in the United States.
An aide to House Speaker John Boehner said in December GOP bosses will accept an increase in taxes on “top earners” in exchange for agreement on binding tax and entitlement reform mechanisms next year, the National Post reports.
Boehner’s “top earners” category does not include the financial elite. Prior to the imposition of federal income taxes early in the last century, the elite had established tax avoidance foundations under the cover of humanitarianism.