Republicans seek more “skin” to tax
When it comes to reaching a deal to reduce the nation’s $14.3 trillion debt, Republicans say they won’t go along with raising taxes — except maybe for the 50 percent of Americans who they say pay no federal income taxes.
“I would not impose a significant tax on the lower half or certainly not the lower 10 percent,” explained Senator Jon Kyl in a Senate speech. “But I think it’s important for all Americans to know that we all have a stake in this and that more than half of the people can’t just expect the so-called wealthy to bear all of the burdens of government.”
House Republican Leader Eric Cantor said House Republicans plan to push for tax reform that lowers rates for corporations and individuals, reduces a number of tax breaks and broadens the tax base.
“We have got nearing 50 percent of the people in this country who don’t pay income taxes,” Cantor told reporters. “I think most people would say everybody should have some skin in the game and pay their fair share.”
Raising taxes on middle and lower income people while lowering tax rates for corporations and higher income people might be a tough sell to voters. Public opinion polls show that a strong majority want to raise taxes on the wealthy to reduce deficits and debt.
Democrats have called for raising taxes on the wealthy and note that wage earners pay Social Security and other payroll taxes even if they don’t make enough to pay income taxes.
Photo credit: REUTERS/Brendan McDermid (House Majority Leader Cantor rings opening bell at New York Stock Exchange)