Republicans Jumping on Higher Tax for Wealthy Bandwagon
Republicans are now recognizing that President Barack Obama holds the cards in the negotiation for higher tax rates for the wealthy and more are willing to side with the President. Republican Senator Bob Corker of Tennessee was the latest to agree with Obama.
One after another, Republicans are toppling towards President Obama’s insistence of higher taxes for the wealthiest Americans. Corker said on Sunday that Republicans most likely would have to agree with Obama’s demand that the tax cuts from the Bush-era for those earning over $250,000 expire on December 31. Corker said the President held the upper hand when it came to taxes.
Corker said many Republicans have decided to give President Obama the increase in taxes for the top 2% and then the shift will go back to the entitlements.
What Corker is saying is they will agree to allow the tax rates to increase a few percentage points on wealthy people, but not for the middle class working taxpayers, which all along has been Obama’s position, but gives leverage to the Republicans in demanding more spending cuts. Cuts that will tighten up Medicare and Social Security something the majority of Democrats are opposed to.
Tom Cole a Republican representative from Oklahoma said his constituents do not want taxes to go up and he says that if 98% of them were protected against an increase they would tell him to agree to it and show some bipartisanship. Cole has urged a number of his colleagues from the GOP to extend the middle class tax cuts while negotiating with Obama over the increase in tax for the wealthy 2% at the top.