Boehner Offers Tax Hikes on $1M Earners, Obama Rejects
With fiscal cliff negotiations at a virtual standstill, Speaker of the House John Boehner has proposed a new plan that would put President Obama’s feet to the fire – but would also raise taxes on high income earners, betraying conservative principles in the process. Boehner told House Republicans today that he would try “Plan B” – code for legislation that would raise tax rates on those earning over $1 million, without giving President Obama any deal on the debt ceiling.
The last round of negotiations at the White House had President Obama proposing tax increases on anyone earning more than $400,000, plus a two-year postponement of any debt ceiling standoff.
Boehner’s proposed deal wouldn’t just extend the Bush tax rates for those earning below $1 million, it would make those tax rates permanent.
President Obama has rejected the move, proving that he isn’t serious either about raising tax rates or about cutting spending – what he really cares about is pushing off another debt ceiling fight. As Boehner spokesperson Brendan Buck stated, “After spending months saying we must ask for more from millionaires and billionaires, how can they reject a plan that does exactly that?”
Senate Majority Leader Harry Reid stated, “Speaker Boehner’s ‘Plan B’ is the farthest thing from a balanced approach. It will not protect middle-class families because it cannot pass both houses of Congress.”
Reid neglected to mention that President Obama’s plan could not even pass one house of Congress in its current form.