How Republicans Can Avert the Fiscal Cliff
Ending tax cuts for richest could ultimately benefit GOP: David Brooks
By Matt Cantor, Newser User
Posted Dec 4, 2012 12:19 PM CST
John Boehner speaks to reporters on Capitol Hill in Washington, Thursday, Nov. 29, 2012.   (AP Photo/J. Scott Applewhite)

(Newser) – It's time for Republicans to face it: The Bush tax cuts on the richest Americans will have to end. If the "fiscal cliff" isn't avoided, the GOP will get the blame, and leaders in both business and national security will be furious. So they should accept an increase in top tax rates to 36% or 37%, and say they'll "forgo a debt-ceiling fight for this year." Sure, it's a political concession, but it's not a big economic sacrifice, writes David Brooks in the New York Times. And it could be part of a "truly grand bargain" that ultimately benefits the GOP.

Republicans could call for "medium-size entitlement reform." More importantly, they could demand that next spring, both parties present reform bills that would cut the debt to 60% of GDP by 2024 and 40% by 2037. No "Grand Bargain" by December would mean automatic cuts plus tax hikes. "The ensuing debate would force voters to face the elemental truth—that they can only have a government as big as they are willing to pay for," Brooks writes. What's more, 2013 would "be spent on natural Republican turf (tax and entitlement reform) instead of natural Democratic turf (expanding government programs)." And the result would be GOP-friendly: A conservative House bill and center-left Senate one, equating to a center-right deal. Click through for Brooks' full column.

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Showing 3 of 78 comments
Dec 5, 2012 10:37 AM CST
This seem to have much more far reaching effect other than just millionaires.. I am afraid that Poor Folk like me will be effected as well. Definition of the Tax Cut is..... A series of temporary income tax relief measures enacted by President George W. Bush in 2001 and 2003. The tax cuts lowered federal income tax rates for everyone, decreased the marriage penalty, lowered capital gains taxes, lowered the tax rate on dividend income, increased the child tax credit from $500 to $1,000 per child, eliminated the phaseout on personal exemptions for higher-income taxpayers and eliminated the phaseout on itemized deductions and eliminated the estate tax. Read more:
Dec 5, 2012 9:24 AM CST
Go ahead and fall off the fiscal don't matter to me. HOWEVER, don't borrow "MO DOUGH' from the Chinese Bro". That does matter..
Dec 5, 2012 5:45 AM CST
But who will pay for all the Dems welfare programs?