How to raise taxes on the rich
November 30th, 2012
07:02 AM ET
6 years ago

How to raise taxes on the rich

New York (CNNMoney) - The line in the sand in the fiscal cliff talks is clear: Democrats will only agree to a deal that raises the tax burden on high-income households.

Democrats want to accomplish that goal largely through higher tax rates. Republicans hate that idea and say any new revenue should be raised by curbing tax breaks.


Filed under: Fiscal Cliff • Taxes
soundoff (10 Responses)
  1. Barney

    What a ridiculous issue to use as an excuse for not moving forward-simply start the tax increases say at 325,000 and go from there--this is a non starter--republicans are are using this as excuse to stand still as usual

    November 30, 2012 07:11 am at 7:11 am |
  2. Gurgyl

    Republicans are BRIBED BY TOP 1 percent like Sheldon Adelson, Karl Rowe, Glenn Beck, Ann Coulter, Koch Brothers., Rush Limbu etc,., etc.,

    November 30, 2012 07:16 am at 7:16 am |
  3. DENNA

    I don't understand why the closing of loopholes that only favor the rich along with an increase in their taxes is such a bad thing. I don't think that the middle class should be subsidizing them anymore. I paid taxeson my salary at the 35% rate before I retired. Mittens only pays 14% on his investment income. LOL Since I could never get enough "investment income" the tax law clearly favors the rich. Mittens and Ann didn't seem to be suffering any and paying a bit more in taxes won't destroy their lifestyle. I guess the voting public will have to get the GOP's attention again in 2014 by getting rid of the rich deadwood that rules in congress. Boehner should be the first to go.

    November 30, 2012 07:59 am at 7:59 am |
  4. Rick McDaniel

    Raising taxes is the tip of the iceberg to Obama's plans.

    Obama wants to take control of the budget away from Congress. He does not want any budget at all.

    Obama wants no debt ceiling.

    Obama wants total financial control.

    Obama wants to be dictator. Period.

    November 30, 2012 08:00 am at 8:00 am |
  5. jkane sfl gop mascots the blubbering slobs allen west rover nitwitquest rick scott ,carl rove and donald dump ??????

    Keep it up gop bafoons,your destroying your own party by trying to protect 2% of the population from a tax increase and norquest the Moslem gop crook lobbyist who sells your vote to the. Highest bidder.

    November 30, 2012 08:04 am at 8:04 am |
  6. jkane sfl gop mascots the blubbering slobs allen west rover nitwitquest rick scott ,carl rove and donald dump ??????

    The gop lost the elections on the same position their pushing now . Wake up gop, your going to lose again and we like it . Do the math, 98% -2%gop.

    November 30, 2012 08:08 am at 8:08 am |
  7. jkane sfl gop mascots the blubbering slobs allen west rover nitwitquest rick scott ,carl rove and donald dump ??????

    The gop lost the elections on the same position their pushing now ,wake up and smell the coffee and do the math. 98% againest your position and2% for your position on taxing the rich a little more ,oh ya , you signed a pledge to the crook Moslem gop lobbyist norquest so he can sell your vote to the highest bidder !!!! Morons !!!!

    November 30, 2012 08:13 am at 8:13 am |
  8. Anthony

    Easy. You pass the biggest tax cuts in history. You use the reconciliation process to avoid a filibuster. Because of a Senate rule (the Byrd Rule), which says that one senator can block a bill during the reconciliation process if the bill increases the deficit significantly beyond a 10-year window, you write the law so that it expires in 10 years. Of course, when the biggest tax cuts in history expire they become the biggest tax hikes in history.

    Unfortunately for Republicans, they passed the biggest tax cuts in history, and the tax cuts are set to expire at the end of this year. Originally the tax cuts were set to expire in 2010, but Republican won big in the 2010 election and forced Obama to extend all of the Bush tax cuts for another 2 years. Things have changed. Republicans lost big in the 2012 election. Now Republicans have to do what Obama wants. Otherwise, they lose not only the tax cut for people making over $250,000 a year, but also the tax cut for people making under $250,000 a year. In other words, taxes will go up for everyone.

    Republicans are in a no-win situation. They either make a deal to keep some of the tax cuts, which is what Obama wants, or they raise taxes on all Americans without a deal. They have to deal. You negotiate to get a deal, because the alternative–no deal– is even worse.

    November 30, 2012 08:22 am at 8:22 am |
  9. Facts don't Lie

    How DARE them want to raise taxes on the job creators. I mean just look how many jobs they have created since they have had the Bush tax cuts back in the 90's.

    November 30, 2012 08:24 am at 8:24 am |
  10. Emerson

    Not a difficult problem. Raise taxes on those making more than 1 million/year and eliminate capital gains rate which will eliminate the loophole used by hedge funds. Start with that and run the defense department a little leaner and then start hacking politicians pork barrel projects.

    November 30, 2012 08:26 am at 8:26 am |