Details are coming out about the deal the Republicans refused to discuss —
In essence, Van Hollen said, Republicans chose to “protect taxpayer subsidies for big oil companies, tax breaks for corporate jets, and tax breaks for millionaires.”
Democrats want to close tax loopholes that benefit oil companies, and eliminate a tax preference that gives corporate aircraft a friendlier depreciation schedule than commercial aircraft. Additionally, Van Hollen said, Democrats were proposing to phase out tax deductions and certain credits for people making more than $500,000 a year. These would be paired with a reduction in the tax burden on lower earners, by eliminating existing limitations on their deductions.
“Folks with over $500,000, we’re going to phase out your deductions and some of your tax credit,” Van Hollen said. … “The message Republicans sent was…unless we accept their lopsided approach…they’re prepared to tank the economy,” Van Hollen said.
Cantor retorted by babbling about broad tax rate hikes on individuals, small business, and employers, and anyone who believes that is a wingnut already. I’m sure the rate increases he’s talking about are the end of the Bush tax cuts for upper income earners, which would affect very few small businesses.
And John Boehner just released a press statement saying that a debt limit increase will not pass the House if it includes tax rate increases.
But House Republicans also let it be known that Cantor’s walkout was long planned. The timing of the walkout has been discussed for weeks. So, they admit they never were negotiating in good faith. Big surprise.
I want to hear the Dems say, fine; no more closed door discussions. Spell out publicly what they propose for revenue increases. Then, they’ve got to go out and make a real effort to tell the American people what’s at stake if the debt ceiling isn’t raised, because I still say large parts of them really don’t know.