Administration Proposes $1.6 Trillion Tax Increase

//Administration Proposes $1.6 Trillion Tax Increase

Administration Proposes $1.6 Trillion Tax Increase

Posted by: Heinz Brisske

House Ways and Means Committee Chairman Dave Camp (R-MI) echoed Boehner’s concerns when he said, “The President has called for a balanced approach, and the President needs to come forward with what that is.”

At a press conference, Democratic leaders responded to the Republican reaction. Sen. Charles Schumer (D-NY) stated, “We don’t expect the Republicans to be enthusiastic and start cheerleading about a deal that includes higher rates on the wealthiest Americans. They’re not going to openly concede on this point this far out from the deadline, but they see the handwriting on the wall.”

The Republican have changed their position since the election, in that most Senate and House leaders acknowledge the need for greater revenue for the federal government. Several leaders in the Republican party are now suggesting that a cap on deductions would be preferable to higher tax rates. In any event, Republicans insist that any tax increases on upper-income individuals be combined with new limits on the growth of federal spending.

Both parties are still hopeful for a deal by Christmas, but time is running short and, by all indications, the negotiations are proceeding at a snail’s pace.

By |2018-06-13T14:59:21+00:00December 1st, 2012|Trusts & Estates|0 Comments