Posted on 07/06/2011 12:38:25 PM PDT by BradtotheBone
WASHINGTON (Reuters) - A top Republican said on Wednesday his party could compromise on taxes as part of a broad budget deal as President Barack Obama warned the United States could spiral back into recession if Congress does not act soon.
Ahead of a Thursday meeting with Obama, House of Representatives Republican Leader Eric Cantor indicated that Republicans could break an impasse over taxes that has held up a deal to avert an early August default.
"If the president wants to talk loopholes, we'll be glad to talk loopholes," Cantor said at a news conference. "Any type of discussion should be coupled with offsetting tax cuts somewhere else."
Cantor's comments open the door to a compromise that would clear the way for Congress to raise the $14.3 trillion debt ceiling before the country runs out of borrowing capacity on August 2.
Failure to act by then could force the United States to default on debt service, retirement payments, or other obligations.
A U.S. default could cause "a whole new spiral into a second recession or worse," Obama told a Twitter town hall on Wednesday.
Cantor declined to say specifically what tax provisions would have to be part of the deal. An aide said possible elements could include an extension of last year's payroll tax break or a research and development tax credit.
(Excerpt) Read more at news.yahoo.com ...
Jerk.
Let the house of cards fall.
It’s over, and we can’t afford any more of this foolishness.
And he said we needed the stimulus package to help us recover......
Cantor going wobbly? What else is new?
This doesn’t sound all that ominous to me.
Basically just politi-speak for “I’ll show you mine if you show me yours.”
Another one bites the dust.
X Cantor out. Gone. So long, doofus.
NO. NO MORE TAXES. Let the govt default.
Back into? Have we left the first one? /s
Your name will live in infamy.
Tell zero to get rid of the earned income tax credit. Also close loopholes for supposed non profits such as Media Matters.
Spineless gutless GOP......every time they go toe to toe with O they blink.
I’m sick of it.
Yeah! That's how they do it in Washington! Get 'er done!!
LLS
No... you do not understand... NO MORE BUSINESS AS USUAL OR THERE WILL BE NO MORE repubic party!
LLS
Just pass a law directing the US Treasury to pay interest on the debt before any other obligations are paid. Then, there is no default.
I agree.. He is talking tax loopholes and I am for getting rid of loopholes as long they is a reduction in tax rates.
If Cantor gives an inch they will take a mile, the line in the sand has been compromised.
Shut the government down!
Not All Jews Are Smart.(tm)
Dropping the loopholes to flatten and lower taxes is ok, anything else should get you fired.
Pray for America
I sure don’t see Cantor saying tax increase in this article. Closing loop holes needs to be looked at.
If Cantor gives an inch they will take a mile, the line in the sand has been compromised.Not sure I agree. He is firm on deficit reduction. In exchange for loophole closing, he wants offsetting tax cuts elsewhere. Looks like he took their talking points they were counting on for the next couple of weeks off the table. Look, there is no way they can pass any kind of tax legislation, even if they wanted, in the next few weeks. The move by Cantor merely keeps them on-subject which is deficit reductions, real cuts. IMHO, of course.
Unexpected? Did anyone expect the GOP would not raise your taxes...I mean enhance their revenue? I predict we will soon hear the dreaded word when we are about to be sold down the River. “Package”.
Be warned when you hair them start talking about a Package the fix is in. I wonder who will say it first? Normally it is a RAT.
Close loophole and offset with tax cut is a net tax increase?
I'm with you on the Earned Income Tax Credit. Has anyone come up with a total number of dollars that one is costing us????? If you're trying to cut the Federal deficit, the first place you should start is to quit paying tax refunds to people who don't pay any income taxes!
My personal belief is that we agree with Obama on the "Shared Sacrifice" concept....meaning that EVERYONE has to pay at least 5% of their income in taxes. That way the tax burden is shared beyond the upper earning 50% of people. The bottom 50% who don't pay any income tax won't lose any sleep if our taxes go up....but if everyone's taxes go up they tend to take it more personally.
I support raising taxes if coupled with hell freezing over.
What constitutes a loophole? If you “close a loophole,” you increase taxes, i.e., revenue. The is the same difference as calling an illegal alien an undocumented worker. Playing word games may fool some people, but it won’t fool the Tea Party. If the Reps cave, we need a third party. We may lose in the short run, but it is the only way we can break the stanglehold of the current one party establishment with two wings.
Which is exactly what he’s saying.
I certainly understand cynicism re: Cantor, as he’s reliably wimped out in the past—but what he’s saying so far is reasonable.
I agree with that. Actually, close every tax loophole that exists. Why settle for a few items.
Congress should go line by line through the tax code and fix it. Seems like the only two people who have read the tax code is Ryan and Cantor.
Stupid move, but I expected no less.
The overall most important aspect to all of this is that IT MUST BE FRONT LOADED.
Do not come back to us celebrating some deal with $4 TRILLION over 10 years, and the FIRST YEAR’S CUT IS 20B. Any GOP congress member who comes back with that gets primaried. Period!
NO MORE BS. FY 2012 must be a 400B cut, minimum!
I'd suggest that they start over and replace it with the Fair Tax.
Oh, Cantor, we hardly knew ye.
Wouldn’t read too much into this comment, yet!!!!
Depends on what he means by “loop hole”. If it means something similar to eliminating ethanol, wind, and solar energy subsidies; I’m all for it.
Yahoo via AP editor is a disturber.
Give me some examples of tax loopholes. Mortgage interest? Depreciation? I guess the federal government has a right to every cent we make. They just must decide who to take it from, how much, and when.
Rueters can be as bad as MSNBC, and is in this case.
I know it is fashionable around here to spout the knee jerk “RINO” and “screw the Republicans it is time for a third party” comments but for a moment can we focus on what Cantor ACTUALLY said:
“If the president wants to talk loopholes, we’ll be glad to talk loopholes,” Cantor said at a news conference. “Any type of discussion should be coupled WITH OFFSETTING TAX CUTS SOMEHWERE ELSE.”
My Translation: “Sure dems, we will give you some face saving loophole closures so you can claim victory but it will cost you meaningful tax cuts that actually help business.”
The funny thing about our tax code, ok not so funny, is that it is full of “loopholes” that were nothing more than special interest pork in disguise. If they want to close those in the name of saving face, fine. If we can get actual stimulating tax cuts in return, let’s get them.
I agree with you 100 per cent. Feel sorry for those newly 2010 elected enthusiastic-for-the-Constitution House Reps. And newly elected in 2010 Senators. They are seeing that many of us out here are getting “DONE” with the ones caving and not adhering to the will of their constituents.
If they cave on taxes, I hope we have many new people getting into the House and Senate races for 2012. I can dream, can’t I?
I agree with you 100 per cent. Feel sorry for those newly 2010 elected enthusiastic-for-the-Constitution House Reps. And newly elected in 2010 Senators. They are seeing that many of us out here are getting “DONE” with the ones caving and not adhering to the will of their constituents.
If they cave on taxes, I hope we have many new people getting into the House and Senate races for 2012. I can dream, can’t I?
I agree with you 100 per cent. Feel sorry for those newly 2010 elected enthusiastic-for-the-Constitution House Reps. And newly elected in 2010 Senators. They are seeing that many of us out here are getting “DONE” with the ones caving and not adhering to the will of their constituents.
If they cave on taxes, I hope we have many new people getting into the House and Senate races for 2012. I can dream, can’t I?
I consider tax loopholes those little things that people use tax attorneys for. I don’t consider interest on mortgage a loophole. I do consider taking an empty basement and writing it off as a office a loophole. I don’t consider taking the tax break on a yacht a loophole. But I do consider moving that yacht to another state to claim the tax break a loophole(ala John Kerry)
There are over 67,000 pages in the tax code. I am willing to bet that 99% of that you and I will never see in our lifetime. if you play by the tax code, you shouldn’t have a problem with any of this, rich or poor. However, if you are trying to circumvent the tax code with attorneys playing legal games based on changing of a word or phrase, heck yes that should be closed.
I have no clue how much revenue this would generate. And the president randomly selecting industries for this because it sounds good to the base is not the answer. And I would believe that any “rich mans” tax loophole that they do close probably has been superseded with something else and this will have no impact on anyone. But it sounds good and I doubt the media is going to take the time and peruse 67,000 pages to find what that would be.
Unless it was a republican.
Ball-less and spine-less...not a one of all the politicians in D.C. have them..... =.=
Any improvement in your business?
Republican Party - a defunct American political party which voted itself out of existence in 2011.
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