REPORT: GOP wobbles on no-new-tax vow
During this summer’s secret debt negotiations, there were numerous reports that a massive tax increase was on the table. And just last week, reports surfaced Republicans on the so-called “super committee” had offered up $300 billion in tax increases. As The Hill notes this morning, Republicans are wobbling on their no-new-tax vow:
Republicans are beginning to wobble from their categorical opposition to raising taxes, opening the possibility of a deficit-reduction deal by the beginning of next week.
A senior GOP aide acknowledged that Republicans are shifting their position, but cast it as the only way to get a deal with Democrats, who otherwise refuse to cut entitlement spending.
“He offers revenues, which is a change from what Republicans have been willing to do in the past,” the GOP aide said of the offer crafted by Sen. Pat Toomey (R-Pa.), a member of the supercommittee. “It’s a major concession.
“It’s something offered as part of an overhaul of the tax system, which is something Democrats have demanded as the only way they would consider for making changes to mandatory spending obligations,” the aide said.
America’s looming debt crisis is a product of rampant overspending, not low tax rates. As The Heritage Foundation has repeatedly explained, raising taxes will not solve the problem nor will it create jobs.
The graphic illustrates the problem. Now the question is, will the folks in Washington pay attention.