Bringing the Economy Home

Some Republicans, Including Idaho’s Mike Simpson, “Ready To Back Tax-Rate Compromise”

Republican Rep. Mike Simpson has broken party ranks before, as he’s been a supporter of the Simpson-Bowles deficit plan which would both increase revenue and cut spending.

Quoted today in Bloomberg, Simpson said, “It’s pretty obvious Obama won the election, and he promised he was going to raise taxes on the wealthiest. What Republicans said is, ‘We’ve got to have entitlement reform. While it may be an unpalatable trade for both sides”, he said, “There’s enough sane people left to get it done.”

A few dozen Republicans have joined a bipartisan call to break the impasse between President Barack Obama and House Speaker John Boehner over taxes for the highest- earning Americans.

The Republicans signed a letter calling for exploration of “all options” on taxes and entitlement programs, a signal that some rank-and-file members are ready to bargain.

One of the petition leaders, Representative Mike Simpson of Idaho, says he could accept higher rates for married couples earning more than $500,000 a year, in exchange for an overhaul of spending on entitlements such as Medicare.

Separately, Representative Kay Granger of Texas is endorsing Oklahoma Republican Tom Cole’s call to extend all tax cuts for middle-class earners as “just the right thing to do.”

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