Reports from Washington vary on how close President Obama and Speaker John Boehner are to striking a deal to avoid the so-called fiscal cliff. But the emergence of Boehner’s apparent back-up plan in case they don’t reach an agreement caught my eye.
This morning, Boehner said his “Plan B” is for the House to extend all the rates for taxpayers earning $1 million or less per year while raising them on those who make more than that, and leaving the broader discussion for next year. Hmmm … who has suggested just such an approach?
[T]o, to Obama, this clearly is more about good politics than good policy. The House GOP should respond in kind.
It should pass the “Buffett Rule” bill that failed to pass the Senate in April, amended to include an extension of all current tax rates through 2013, as a down payment. While the Buffett Rule is projected to raise $47 billion during the next decade if the current tax rates for high earners are not extended, I’ve seen projections of more than