Some Republicans open to idea of tax increases in deficit reduction deal
As the deadline nears for the debt reduction super committee to reach agreement on deficit reduction, some Republicans for the first time are allowing for the idea of using some tax increases to close the gap.
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Some leading Republicans are indicating they might be open to tax increases as part of a larger deal as Congress faces a deadline to cut the federal deficit by at least $1.2 trillion.
Congressman Paul Ryan (R-Wisc.) told NPR that he believes “you can get higher revenue through tax reform and economic growth.”
Buck McKeon (R-Calif.) told the Christian Science Monitor that he doesn’t want to have to choose between a tax hike and cutting defense spending.
And Representative Jeff Flake, (R-Ariz.) says he is open to abolishing some tax deductions, like the one for ethanol producers. Their stance is opening up a widening debate with the Republican party over taxes, deficits, and economic growth.
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