Rand Paul: We Should Let Dems Raise Taxes And Then Let Them Own It
SEN. RAND PAUL: I have yet another thought on how we can fix this. Why don't we let the Democrats pass whatever they want? If they are the party of higher taxes, all the Republicans vote present and let the Democrats raise taxes as high as they want to raise them, let Democrats in the Senate raise taxes, let the president sign it and then make them own the tax increase. And when the economy stalls, when the economy sputters, when people lose their jobs, they know which party to blame, the party of high taxes. Let's don't be the party of just almost as high taxes.
LARRY KUDLOW, CNBC: Some people have called that the doomsday scenario. Others have said, 'Look, it's a strategic retreat on the Republicans' behalf.' Would you vote present for that in the Senate if that came up?
RAND PAUL: Yes, I don't think we have to in the Senate. In the House, they have to because the Democrats don't have the majority. In the Senate, I'm happy not to filibuster it, and I will announce tonight on your show that I will work with Harry Reid to let him pass his big old tax hike with a simple majority if that's what Harry Reid wants, because then they will become the party of high taxes and they can own it.
White House Swats Away McConnell's Suggestion
The White House on Thursday dismissed as political mischief Senate Minority Leader Mitch McConnell’s offer to bring
President Obama’s fiscal cliff plan to a vote on the floor, conceding
the proposal would not receive the 60 votes needed to overcome a
filibuster.
“We don’t have 60 votes in the Senate,” White House press secretary Jay Carney said, adding the White House was “very confident” that Democrats support the principles outlined in Obama’s plan, which has met with derision among Republicans.
(RELATED: Democrats Stroll Toward Edge of Fiscal Cliff)
Carney called McConnell’s Wednesday challenge “the kind of political games that aren’t serious.”
The Senate this summer passed the Democrats' bill allowing rates to rise on households above $250,000, but only because Republicans agreed to a straight majority vote.
Carney also said the White House had concluded that Obama could not invoke the 14th Amendment, which some Democrats argued during last year’s debt-ceiling fight could permit the president to circumvent Congress and borrow past the statutorily imposed limit, to avert default.
(RELATED: The Physics of the Year-End Fiscal-Cliff Negotiations)
Asked about Treasury Secretary Timothy Geithner’s statement that the administration would “absolutely” prefer to bring on the combination of tax hikes and spending cuts pending at year’s end over signing legislation that extended highest-income tax breaks, Carney said Geithner was restating administration policy.
“We don’t have 60 votes in the Senate,” White House press secretary Jay Carney said, adding the White House was “very confident” that Democrats support the principles outlined in Obama’s plan, which has met with derision among Republicans.
(RELATED: Democrats Stroll Toward Edge of Fiscal Cliff)
Carney called McConnell’s Wednesday challenge “the kind of political games that aren’t serious.”
The Senate this summer passed the Democrats' bill allowing rates to rise on households above $250,000, but only because Republicans agreed to a straight majority vote.
Carney also said the White House had concluded that Obama could not invoke the 14th Amendment, which some Democrats argued during last year’s debt-ceiling fight could permit the president to circumvent Congress and borrow past the statutorily imposed limit, to avert default.
(RELATED: The Physics of the Year-End Fiscal-Cliff Negotiations)
Asked about Treasury Secretary Timothy Geithner’s statement that the administration would “absolutely” prefer to bring on the combination of tax hikes and spending cuts pending at year’s end over signing legislation that extended highest-income tax breaks, Carney said Geithner was restating administration policy.
Gerald Prante, an economics professor at Lynchburg College in Virginia, and Austin John, a Lynchburg economics student, calculated marginal tax rates — the highest rates on the highest levels of income — for all 50 states. They combined state, federal and, where applicable, local income taxes, plus payroll taxes for Social Security and Medicare and included the deductibility of some taxes.
Proposition 30 added three percentage points to the marginal state income tax rate for California’s highest-income taxpayers, bringing it to 13.3 percent. That action raised California over other high-tax jurisdictions to a marginal rate of 51.9 percent, slightly higher than New York City’s level. Hawaii was the only other place with a calculated rate above 50 percent. http://hotair.com/archives/2012/12/05/if-u-s-hikes-taxes-high-income-californians-might-pay-almost-52-percent/
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