October 23rd, 2010
07:39 PM ET
12 years ago

Possible compromise on tax cuts?

(Updated 8:11 p.m. ET with comment from Republican Sen. Mitch McConnell)

(CNN) - The White House may be open to a compromise on the extension of the Bush-era tax cuts.

Vice President Biden said Democrats may be willing to raise the $250,000 threshold at which higher taxes come into effect under President Obama's proposal.

"Compromise is always possible," Biden said in an interview on Bloomberg's "Political Capital" airing this weekend. "I think it's important we get the middle-class tax cut made permanent. And so I think we're open to speak to the Republicans, if they really mean it, if they're talking about deficit reduction, if they're willing to move. I think there's a possibility."

Congress left Washington without extending the tax cuts, and the topic has been an issue throughout the election cycle. Republicans want to extend all of the Bush-era tax cuts, including for those making more than $250,000 a year.

The White House only wants to extend tax cuts for individuals making under $200,000 a year and couples making under $250,000 a year.

The Democratic line of attack on the campaign trail is that they don't want to give tax cuts to "millionaires and billionaires." Biden commented on the nation's wealthy in the interview as well.

"I don't have any problems with wealthy people getting a tax cut. I mean, for real," he said. "I mean, these are good guys."

Senate Republican Leader Mitch McConnell responded to Biden's comments in a statement.

"I would like to believe that the vice president's comments suggest a real conversion toward the views of most Americans and a rejection of the administration's job-killing policies of the past two years," McConnell said. "But it's a real challenge to believe it's anything other than a pre-election attempt to distract voters from the administration's record-and its oft-stated plan to sock America's job creators with a massive new tax hike sometime between now and January."

–CNN’s Shirley Henry contributed to this report

Filed under: issues • Taxes • Vice President Biden
soundoff (24 Responses)
  1. Independent

    Bring tax cuts back to the way there were during the Clinton years. Continuing Bush tax cuts after they've done absolutely NOTHING to create jobs is lunacy.

    October 23, 2010 07:41 pm at 7:41 pm |
  2. Louisiana Man

    Let the wealthy pay their fair share of taxes. The wealthy have NO problem stiffing the other 98% of us who do not have loop holes, have not received a generous tax cut for 10 yrs which results in a tax break on their dividends as well.

    They have had a break for 10 yrs now and where are all those numerous jobs that were supposed to be created from this luscious gift bestowed upon them by their most benevolent benefactor-idoit bush and cronies?

    All around they WIN WIN and we LOSE LOSE.

    Pox on them and let the hard working citizens receive their due for a change-
    Stop sucking up to the obsence rich and the GOP.

    October 23, 2010 07:54 pm at 7:54 pm |
  3. Klaxon McFlinderginder

    Funny how "patriotism" in America really means "I don't want to pay taxes, I want to own guns, and I don't like people who aren't white christians."

    October 23, 2010 07:55 pm at 7:55 pm |
  4. WeThePeopleOfVirginia

    No Thank You Mr. Vice President . . . this can wait until we vote the scumbags out and replaced with real representation.

    October 23, 2010 07:56 pm at 7:56 pm |
  5. Hugo

    The only ones left making $250K are government employees and politicians.

    October 23, 2010 07:57 pm at 7:57 pm |
  6. mj

    Imagine that .. a compromise. May be that they have finally figured out that by not extending the Tax Cuts they are destroying small business. Just where is Obama today? Looking for jobs for those who can't find work or doing what he does best – campaigning and blowing his own horn on how he is cleaning up after Bush. Never in my 60 years have I felt so scared of what a arrogant, self-serving President is capable of.

    October 23, 2010 08:11 pm at 8:11 pm |
  7. barry

    Republicans will have control soon. Obama will have to go along with whatever the Republicans want. He will either play the role Bill Clinton did in 1994 or life will get much tougher for him. Impeachment is possible with the right information from investigations.

    October 23, 2010 08:12 pm at 8:12 pm |
  8. vic nashville tn

    Time to zip it please do it for another 10days

    October 23, 2010 08:18 pm at 8:18 pm |
  9. thoughtdog

    Oh dear God...hear we go again.
    a quote from Mitch McConnell.
    "I would like to believe that the vice president's comments suggest a real conversion toward the views of most Americans and a rejection of the administration's job-killing policies of the past two years,"
    The Republicans idea of reaching out and willing to listen to compramise....spelled....surrender your ideals and betray your party.
    I hope the American people can see the transparency of their sincerity.

    October 23, 2010 08:27 pm at 8:27 pm |
  10. George of the jungle

    McConnel is an A hole Most americans won't have to worry only the ones making over 250,000. IF the tax cuts have been in place for the last two years how come they haven't created jobs? the repos think we are stupid. Get real vote them all out in November Vote for change go foeward not back vote democratic.

    October 23, 2010 08:44 pm at 8:44 pm |

    He'll have a worst look than that on his face come Nove 2. 2010. Get ready to move out of the White hous trash. 2012 will be here quicker than you think.

    October 23, 2010 09:07 pm at 9:07 pm |
  12. Jon

    You know, I remain somewhat skeptical about the whole link between the wealthy and job creation. Yes, one might be able to use one's wealth to create jobs... but only on one's own terms.

    October 23, 2010 09:12 pm at 9:12 pm |
  13. ORLANDO R.

    Job killer policies? Lol they said the same thing about clintons policies and guess wat! They were wrong. Jobs went up, the deficit went down, we had a budget surplus and the economy was booming. The policies of W Bush and the GOP were actually job killers! Deficits went uup, jobs went down. We went through a financial crisis. Wow and they think they can turn around the economy when their proposing the same failed policies that got us into this mess

    October 23, 2010 09:34 pm at 9:34 pm |
  14. michaelam

    Quit pandering to the far right, corporate tools. They hate you! I know you know the definition of insanity, correct?

    October 23, 2010 09:37 pm at 9:37 pm |
  15. Ron in California

    I make 240K. I do not consider myself wealthy. I consider myself to be a hard working person who should be allowed to keep as much of what I earn aspossible for MY family. Over my 40 years of working life I have skimped and saved to allow myself and and my wife to have a secure retirement and pass on to MY family what is left in my estate. The government has no right to tax me and tax me and tax me to support people who chose not do do what I did.

    October 23, 2010 09:49 pm at 9:49 pm |
  16. joey

    We need some spine in our politicians. Stand up to the corporate monstrosities and don't let our nation become an oligopoly.

    October 23, 2010 10:12 pm at 10:12 pm |
  17. duke

    Don't do it,no compromise!
    If we don't stop trying to appease the wealthy this land will never get back to greatness!

    October 23, 2010 10:25 pm at 10:25 pm |
  18. Mike - Las Vegas

    So what Turtle McConnell is basically saying is No.

    October 23, 2010 10:35 pm at 10:35 pm |
  19. S.B. Stein E.B. NJ

    I think that a slow phasing in of the orginal tax rates for those that are making over $250,000 per year makes sense. Have it done over the course of 3 years is fine with me. If they can't demonstrate that they create jobs with the money that they have (or demonstrate some dramatic help to the people who need the soup kitchens and other social support services), then these taxes should be raised higher.

    October 23, 2010 10:40 pm at 10:40 pm |
  20. Anonymous

    250,000 or 500,000 – it won't matter- The Republicans will still complain.

    October 24, 2010 02:42 am at 2:42 am |
  21. J.V.Hodgson

    Can you imagine the boehner and Mc Connel actual as a "compromise" keep all the cuts in place and make them permanent. Good try Joe but they are not really listening. Just lok at what Mcconnell says Democrats are for Huge tax increases. its not true, at laseast not yet.

    October 24, 2010 02:59 am at 2:59 am |
  22. ddr

    Mr. Cantor, it's not political. It's what it's been the whole time. You sir are the real reason there isn't more job growth and our economy is the way it is. You are political. You think only of "your" party and not the American people. You don't give a squat about the average worker. Where were you when Bush sent our jobs oversea(outsourcing)? Where were you when Bush gave tax cuts the the wealthy that cost us (working Americns) 4 tirllion. Sure "now" you say your for the working man. After you've done everything in you're power to screw him. You sir are a hypocrite!!!

    October 24, 2010 03:48 am at 3:48 am |
  23. McCain-in-4

    Don't Compromise! This was your last arrow into the hearts of those who shipped our jobs to China to draw bigger profits. Every serious Republican contender has used the threat of higher taxes against Big Business, and will do so time & time again. The only difference is Palin and her bevy of Tax Wizards & Witches can depict Democrats any way they want with no political fallout.

    October 24, 2010 08:16 am at 8:16 am |
  24. Zeus

    How does NOT extending a tax cut that was implemented with a clearly defined expiration date translate into a tax hike?
    Let's kick the can again and again. So what if our deficit continues to grow...your kids will pay it since I don't have any kids.

    October 24, 2010 08:46 am at 8:46 am |