| House Republicans on Monday introduced a counter-offer to President Barack Obama's proposed solution to the so-called fiscal cliff, trumpeting that the proposal would not raise tax rates on personal income. The plan does, however, include a sizeable tax hike.
House Speaker John Boehner (R-Ohio) would allow the payroll tax cut to expire at the end of this year, an aide in his office told The Huffington Post. That would save the government an estimated $110 billion over 10 years, his office projected.
Because the payroll tax cut was already scheduled to expire at the end of this year, that $110 billion saving isn't counted by House GOP leadership as contributing to the $800 billion in revenue that it projects will come from its fiscal cliff proposal. The Republican plan calls for capping deductions, closing loopholes, and lowering tax rates. It also may give Republicans a technical out from anti-tax advocate Grover Norquist's pledge, which demands that signatories oppose tax hikes. ... |
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