Tax Increases Seem Inevitable

According to this article, with only 24 days left of the fiscal cliff,  Republicans continue to be  opposed to raising tax rates–one of the major sticking points in the discussions, the House and Senate members this week shared their belief that a hike in rates is going to happen. “We have no leverage on that, so whether we want taxes to go up or not they’re going to,” Oklahoma Republican Sen. Tom Coburn told ABC’s Jonathan Karl on Thursday. “We can’t stop that from happening. But the real elephant in the room is entitlements.” “The sense was that there’s a growing number of folks in our party that are saying, you know what, the president has won this round relative to the rates, but we need to you to sit down and get the second half of the deal and that’s the spending,” Ohio Republican Congressman Steve LaTourette said on CNN’s “Starting Point with Soledad O’Brien. Despite the negative outlook right now though,  the timing is actually favorable right now for both party’s to strike an agreement.

President Obama

YOU, Mr. Varley