Wednesday, November 14, 2012
Wall Street Journal: Obama Sets Steep Tax Target:
President to Seek $1.6 Trillion More in Revenue, Double Level From 2011 Talks:
President Barack Obama will begin budget negotiations with congressional
leaders Friday by calling for $1.6 trillion in additional tax revenue
over the next decade, far more than Republicans are likely to accept and
double the $800 billion discussed in talks with GOP leaders during the
summer of 2011. ...
Kevin Smith, a spokesman for House Speaker John Boehner (R., Ohio),
dismissed the president's opening position for the negotiations. He said
Mr. Boehner's proposal to revamp the tax code and entitlement programs
is "consistent with the president's call for a 'balanced' approach." ...
In negotiations between Messrs. Boehner and Obama in mid-2011, the
two sides neared agreement on a plan to cut the deficit by $4 trillion
over 10 years, including $800 billion in new revenue. The deal fell apart after Mr. Obama
asked to raise the revenue component to $1.2 trillion, and to this day
each side blames the other for the collapse. Based on that history, some
senior GOP aides said they believed a likely compromise would call for
about $1 trillion in new tax revenue, possibly from capping deductions
for wealthier taxpayers.