RTD: Webb Against Tax Hike, For Closing Loopholes
By Shaun Kenney | Wednesday, July 13th, 2011 | PoliticsWell… gotta give credit where credit is due. Virginia Senator Jim Webb opposes tax hikes in any upcoming budget deal:
Webb has introduced legislation over the years to close the ‘carried interest’ tax loophole that allows hedge fund managers’ income to be taxed at low capital gains rates and eliminate ethanol subsidies.
In 2009, Webb introduced legislation to provide for a profits tax on large bonuses paid to executives from companies who received more than $5 billion from the TARP bailout. The measure never received a vote on the senate floor.
“Taken together, such provisions could reduce the federal deficit by hundreds of billions of dollars and restore a measure of fairness to the tax code,” Webb said.
“I believe these and other similar approaches should be taken by Congressional and administration leaders, rather than increasing the tax burden on Americans whose paychecks are coming from earned income as the result of their direct services.”
…and this, on the same day Senator Mitch McConnell caves on the debt ceiling.
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About the author
Shaun Kenney is the Chairman of the Fluvanna County Board of Supervisors, former Communications Director for the Republican Party of Virginia, and an active blogger since 2002. Shaun lives in Thomas Jefferson's backyard with his wife, six children, and a modest attempt at a farm in Kents Store, Virginia.
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5 Responses to "RTD: Webb Against Tax Hike, For Closing Loopholes"
Shaun,
Your post is rather a non sequitur as currently posted. I am not enough of an expert on the detestable Sen Webb to know how to reconstruct it.
You state that Webb is against tax hikes and then list different taxes he wants. Are these taxes in the debt limit raise he wants or as part of a separate general tax code reform? Sounds like he wants to keep high rates and close loopholes (until GE buys some new ones). Secondly do the two listed items actually amount to hundreds of billions of dollars each year to the deficit or is this one of those “over the course of a century” things? Is he saying he’s against more taxes on any earned income no matter how much? Is he defining a bonus as “not earned?”
I’m not trying to nitpick but with Dems the devil is in the details or at least in the “is”. I would be careful about premature celebrations with Webb. You probably have forgotten his little game prior to the 2010 elections where he suddenly came out against affirmative action and then dropped it after the election.
Perhaps house republicans should pass “The Social Security Payment Guarantee Bill” which would be a 100 billion dollar cut in spending and a 100 billion dollar increase in the debt ceiling. That should solve the Obama debt ceiling disaster.
Then house republicans could work on the Obama Depression.
Giving Mr. Webb credit for his epiphany on taxes is being a bit generous, Shaun. Webb has been a willing participant in the spending orgy and was his vote for the hundreds of billions in Obamacare tax hikes almost disqualifies him for praise.
http://scoreradionetwork.com/2011/07/jim-webbs-selective-memory-on-taxes/
Well so has Mitch McConnell participated in a spending orgy as you phrase it, yet this afternoon he came out and warned the republican party that the american people will punish the republican party for their intrasigence if they cause the nation to default and fall back into recession. Frankly, every hour, it seems as if the republicans become more and more identified with causing default and all that will then follow. The minority leader in the Senate appears totally frustrated by his fellow republicans in the House, and perhaps feels obligated to remind them of the pubishment inflicted on the Party when they caused the government to shut down. This week has been a stunning reversal of fortune as the President has played them like a violin. In the end, however, there needs to be a deal, and as business leaders told them all today, it is their job to get there.
@Norm –
In that regard, so has about 99% of the Republican caucus in Washington.
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