Obama Poised to Surrender to GOP on Tax Cuts for Rich
November 4, 2010
(ChattahBox Political News)—Well, that didn’t take long. The Republicans start throwing their weight around and talking about what the American people want, and the Obama administration indicates they are ready to give away the store by offering to extend the expiring Bush tax cuts to the wealthy. Extending tax cuts for the super rich will add $700 billion to the federal deficit, while doing little to create jobs and stimulate the economy. So, why would President Obama completely surrender to the Republicans who have publicly vowed to destroy his presidency? The White House is selling this stinker as a compromise, but it’s certainly not the case.
White House Press Secretary Robert Gibbs told reporters today President Obama would be open to compromise.
“He is certainly willing to listen to both sides,” said Gibbs when press specifically on a one or two-year extension for the tax cuts for the wealthy.
“It is again, November 4. We know that, when this year ends, tax rates are going to go up for the middle class… So if we don’t act on the expiring tax cuts by the end of this year, we know what’s going to happen… We have both houses coming back and this is an issue that must and has to be dealt with.”
The White House has been toying with a so-called “decoupling” compromise, wherein the Bush tax cuts would be extended for those making less than $250,000. American making more than that would pay the tax rates in effect during the Clinton administration. Republicans rejected the idea.
Now, Obama is supposedly offering a temporary extension of the Bush tax cuts to the wealthy for one or two-years. But that’s not really much of a compromise. The Republicans pretty much get everything they want.
But hold on, now. Even a temporary extension is not acceptable to the GOP. Remember McConnell’s words during his incendiary speech at the conservative Heritage Foundation? The senate Minority Leader said his Party has been “sticking together in principled opposition” for the past two-years and that’s not about to change.
Where are the Democrats’ principles? Why can’t the Democratic leaders unite together in principled opposition to the Republicans’ disastrous policies?
Sen. Orinn Hatch (R-UT), said during an appearance on MSNBC that Republicans will agree only to a permanent extension for all of the Bush tax cuts. That’s it, take it or leave it, no compromises.
And by the looks of it, Obama and the Democrats will cave.
Greg Sargent of the Plum Line points out that the GOP is not dealing from a place of strength, however much they are blustering. The majority of voters don’t support an extension of tax cuts for the rich.
“I’d just add, by the way, that the rationale behind the Republican strategy is fear. If Obama gets the middle-class tax rates now, Republicans would be forced to fight for an unpopular tax-cut plan that primarily benefits millionaires and billionaires later. They’d expect to lose, and they’d be right,” said Sargent.
These are depressing times.