CEOs: Taxes have to be part of debt plan
October 25th, 2012
02:07 PM ET
10 years ago

CEOs: Taxes have to be part of debt plan

New York (CNNMoney) - As Congress dithers on resolving the fiscal cliff and long-term debt, 87 CEOs of major companies publicly urged lawmakers to compromise - and fast.

Their prescription: a debt-reduction plan that raises tax revenue and cuts spending.


Filed under: Debt • Deficit • Taxes
soundoff (15 Responses)

    Raise taxes? Republicans can't do that! They signed Grover's pledge. What about Grover republicans? He's going to hold your feet to the fire.

    October 25, 2012 02:10 pm at 2:10 pm |
  2. 4moreyears

    Is this not what the President been saying??????

    October 25, 2012 02:11 pm at 2:11 pm |

    I like that Simpson/Bowles calls for revenue increases, but it's still a Trojan Horse in my view. It's a business friendly deal while it still asks for an increase in the SS age limit. This is not a plan, but it's a demand that We The People want from Congress: STOP PINCHING OUT OF THE COOOKIE JAR

    October 25, 2012 02:20 pm at 2:20 pm |
  4. Sandy

    So they like the President's approach as opposed to Romney's. Romney's plan doesn't raise taxes, unless you're talking about the middle class. He raises taxes on them by eliminating the home mortgage deduction, etc.

    October 25, 2012 02:25 pm at 2:25 pm |
  5. Middle Class Independent Swing State Voter

    Well DUH!!!!!!!! This is exactly what President Obama wants to do. Anybody with common sense, who is serious about being fiscally responsible, knows this. Too bad the republicans refuse to do what works and has worked in the past. They are too busy being greedy obstructionist and signing Grover pledges!

    Lets continue to move FORWARD America!


    October 25, 2012 02:28 pm at 2:28 pm |
  6. scarf

    All discretionary, non-military spending amounts to about $500-600 billion dollars. If you eliminate ALL of that (things like the State Dept., Agriculture Dept, Justice Dept.) you would still have a defiicit of $500-600 billion. I don't believe this gap is going to be covered by the growth of the economy. Any sensical person knows that to balance the budget you'll need to also cut defense, modify entitlement programs, raise taxes, or some combination thereof. To define the problem is the first big step to solving it.

    October 25, 2012 02:29 pm at 2:29 pm |
  7. Rick McDaniel

    Yes........but not just on the RICH. When 47% of the people are paying NOTHING, something is very, very wrong in America.

    I'm a senior citizen, on SS and retirement income, and I am STILL Paying taxes! I am by NO MEANS, wealthy!

    So just who, are all these DEADBEATS.........who pay nothing???? The Democrats are such liars........about who these people really are. The seniors I know, have to struggle to keep their taxes down, so they don't have to lose SS value........they don't pay NOTHING!

    October 25, 2012 02:30 pm at 2:30 pm |
  8. Fair is Fair


    Is this not what the President been saying??????
    Actually, it was what Simpson-Bowles – Obama's hand-picked commission – said. And Obama dismissed their findings out of hand. So perhaps the president can talk the talk, but he sure can't walk the walk.

    October 25, 2012 02:33 pm at 2:33 pm |
  9. Sniffit

    "Their prescription: a debt-reduction plan that raises tax revenue and cuts spending. "

    Anyone care to post a list of Obama quotes when he said EXACTLY that over the past 4 years? He's been repeating it ad nauseum and Norquist's ninnies have been opposing it for 4 years PRECISELY BECAUSE IT IS CORRECT AND WOULD, INDEED, HELP THE ECONOMY AND BUSINESSES. It was far FAR more important to them to cause gridlock and failure and then engage the spin machine to shift the blame for it to POTUS.

    October 25, 2012 02:36 pm at 2:36 pm |
  10. B.

    I would like someone to tell us -How the Hell- Grover Norquist, a damn lobbyist , was allowed to Hijack Congress people to a Pledge of no taxes for Any reason ?

    The Republicans are on a strategy to Take-over and control of the whole government and deny any legislation that will move us all in a positive growth direction that -includes tax revenue- in addition to rational cuts in programs not considered necessary to a recovery!

    What a national outrage.

    October 25, 2012 03:08 pm at 3:08 pm |
  11. Pete

    @Rick McDaniels,why don't you thieving republicans return the billions if not trillions you stole from the SocialSecurity coffers to balance budgets and pay for wars under Reagan and Nixon,Bushs also included.Your idol Reagan started it in the '80 s with Allan Greenspan taking from SocialSecurity to balance his budget..Rick did yah get an IOU from your idol Reagan,I sure as hell didn't!!That's why SocialSecurity is in the mess its in,typical republicans always screwing up everything they touch!!Read up Rick ,the facts will kill yah!!!

    October 25, 2012 03:12 pm at 3:12 pm |
  12. Paul "Look at MEEE!!! I'm working in a soup kitchen!!!" Ryan

    Willard let me see his tax returns!!! Now I know WHY he won't release them!! WOW!!!!!!!!!

    October 25, 2012 03:13 pm at 3:13 pm |
  13. The REAL Truth...

    @Rick McDaniel – Yes........but not just on the RICH. When 47% of the people are paying NOTHING, something is very, very wrong in America
    .Yes Ricky... something is very, very wrong in America. We have a President who INHERITED the worst RECESSION since the Great Depression (1927), who's policies have helped move us out of that in spite of all the Grand Obstructionist Party has done to prevent that. The POTUS has an opponent who said that wrote off 47% of the electorate for not paying taxes (a complete lie.. the number is 47% don't pay INCOME taxes) and alienate most of active military, seniors on SS and others. This is the same opponent who has stood on all four sides of every issue since the GOP primaries.

    Yes Ricky... something is very, very wrong in America when you can't see that voting for Romney will take us back to the failed trickle-down fiscal policies that caused the RECESSION in the first place. Apparently wisdom has not arrived with age!

    October 25, 2012 03:19 pm at 3:19 pm |
  14. The REAL Truth...

    LOL – between Fair, Truth Hurts, Grandpa Ricky and our 'sworn in foreigner" Myviewis we've got a wonderful selection of right wing lemmings suffering from Romnesia. Don't worry, psychiatric help for pre-existing conditions will be available under ACA in 2014, but I'm afraid there's nothing that can be done for that rosy view of amnesiac history you have.
    The POTUS has been saying for a LONG time that the debt can't be reduced without increasing revenues.. and now 87 CEOs of major companies have arrived at the same conclusion.
    Perhaps they've come to their senses and realized that the polarizing, divisive campaign of lies and deceit being run by the Grand Obstructionist Party will NOT solve our problems.
    What's the bet that CNN censors this ??

    October 25, 2012 03:28 pm at 3:28 pm |
  15. PJ

    "..when 47% of the people are paying nothing"....." so just who are all these DEADBEATS?"
    If you would spend more time learning about who pays no income taxes, instead of screaming idiotic remarks,
    you would learn a lot.
    Try looking something up once in a while, like why some low income families pay huge payroll taxes but don't
    generate enough income to pay "taxes", or learn the 8 types of non-taxable income, or learn about
    those who pay only on capital gains at a much lower rate, or the 15 ways to pay no taxes – but you have to
    be rich to qualify.
    It really is educational, but I guess too much trouble for you, and it would kill your silly arguments about
    those "Deadbeats".

    October 25, 2012 03:32 pm at 3:32 pm |