Cantor Bails Out Of Debt Talks Because He Won’t Raise Taxes On The Rich

Author: June 23, 2011 10:30 am

House Majority Leader Eric Cantor

Eric Cantor, the House of Representatives Majority Leader has backed out of talks to raise the debt limit, citing his unwillingness to raise taxes. Democrats have said repeatedly that taxes need to be raised on the rich if Republicans are going to cut programs that help the poor.

Via Raw Story;

House Majority Leader Eric Cantor (R-VA) abruptly pulled out of debt limit negotiations Thursday, citing an impasse on taxes, with the deadline to raise the ceiling or begin defaulting just six weeks away.

“I believe that we have identified trillions in spending cuts,” Cantor said in a statement, fretting that “the Democrats continue to insist that any deal must include tax increases. There is not support in the House for a tax increase, and I don’t believe now is the time to raise taxes in light of our current economic situation.”

Cantor, the GOP’s lead negotiator in the bipartisan talks held by Vice President Joe Biden, said he’s optimistic about striking a deal but said “the tax issue must be resolved” in order to bring him back to the table. “Given this impasse, I will not be participating in today’s meeting and I believe it is time for the President to speak clearly and resolve the tax issue,” he said.

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  • Our Debt alone is already larger than the entire GNP of China. If you taxed everyone in the United States, you’d not pay off that debt. It’s too easy to take someone elses hard earned dough. The rich owe us nothing. The problem is spending.

    • Spending did not seem to matter when Pres Bush said cutting taxes would lead to more revenue. Only in 1 year since Reagan has Supply Side economics actually produced more money than the alternative, which gave us a steady economy for nearly 40 years and during the Clinton Administration. If people want programs like Social Security and Medicare, then they need to be paid for through taxes. Instead, over the last 10 years we have nearly added $9 trillion to the debt due to tax cuts and the wars we are fighting. The debt would be half as much if we followed Clinton’s surplus plan.

      The rich do owe us. They build themselves on the backs of the working class. Why should a millionaire pay a less percentage of SS tax than a working class family of 4? Or even pay a smaller percentage of taxes than the same family of 4? Overall they pay more money in taxes because they have so much more money. The wages for that same family of 4 have been stagnant, but if you are in the top 5% your wages having increased several hundred fold since Pres Reagan.

      The rich do owe society since they use the commons of society. When putting in a new road to lead to a new business who do you think pays? The people pay, not the business and yet business actually pay less in overall taxes than most countries in the world. The tax rate for a business is 35% but a very small few actually pay that rate. And the darling of the Republican party a few years ago, Ireland, which had the lowest business tax rates in Europe, is now in financial disaster because they did not collect enough revenue to support the costs of the business using the people’s commons.

      • I had a nice long response to this but when I clicked submit it kicked me out. This will be short. The rich don’t owe us. You must not be an employer. Millionaires do not pay less of a percentage in Social Security than you do. SSI is charged on the first $106,800 in income anyone makes. It stops at that ceiling. Your employer pays 6.2% of yours and you pay the other half (6.2%). To make you feel good when Social Security is going broke, Obama has reduced your SSI withheld from your check a couple of percent to make you feel better with a few extra bucks in your check each month (2011). Your employer still pays the 6.2%. Where’s he going to get the rest? Everyone pays the taxes to build a road. You buy gas? You paid for the road. The rich guy gave you the job to build the road if thats what you do. I’m tired of Bush bashing. I don’t defend him and I don’t condemn him. Since Nancy took charge of the House his last two years in office, spending has gone whacko. From Billions in Debt with Bush to Trillions in debt with Obama. We have to stop electing idiots and giving them a credit card (US Treasury) with no limits on spending.

        • You seem to forget something, we encountered a situation quite similar to this before 20 years ago. After Reagan and Bush Sr., our nation found itself in a recession and a financial mess thanks to the Savings & Loan bullshit (again thanks to a lack of regulation) and the largest tax cuts in history. How did our new administration under Clinton handle this? Clinton and the GOP controlled congress of the time reached a true compromise, they raised taxes and cut the defense budget, they passed jobs bills, they put our country on the right path and the lowest percentage of people were unemployed and on welfare then any other time of the previous 30 years. What did the next president do? He pulled a Reagan and cut taxes, but mostly for the rich, cutting revenues and suddenly we found ourselves unable to pay for programs that had put us in a near golden age of economics we found ourselves in at the end of the 90’s.

          Just this fact right here, that if the Bush Tax cuts were never passed our national debt would be HALF… HAAAALF of what it is now. Thats assuming the Auto industry bailouts, the financial bailouts, the great recession still happened anyways. If just the tax cuts weren’t passed, our nations debt (to quote you) would certainly be quite a lot less then the GNP of China. So why must we continue to push Supply-side economics when they CLEARLY don’t work?

          Who paid the rich guy to pay the middle class and poor guys to build the roads? The government. Who paid the government? We all did… through taxes.

          • I’m sorry Matt, you confuse the Federal Budget (Cost of Govt) with the National Debt (the countries incoming and outgoing). Clinton got his breath of fresh air from the dot com boom. It was short lived. There are a lot bigger brains than yours and mine that are not able to predict how much our deficit would be with higher taxes. I suspect you can’t make that prediction either. I do know one thing for certain, when you reduce spending, you have money in your pocket. When you tax you haven’t fixed the problem, you fuel it. Auto and financial bailouts should have never happened. Let them sink. Our economy sucks because we can no longer compete. It’s kind of a Union thing. Let’s say I’m a small business man and I manufacture widgets. I have to pay my employees, $35 an hour. I can only afford 3 employees. Now in China, they can hire 10 employees at $5, spend a third, manufacture 60% more and resell back to us for 60% less. We can’t compete. You can’t change that. Too many hands out. Unions want a cut, employee wants big bennies, employee want boss to pay for the big bennies, govt wants some of it, states too, boss pays unemployment, workers comp, medicare and the list goes on. Jobs are exported because it’s a matter of survival. It’s done to stay in business. Folks just don’t seem to think of that. We are so far in debt now you could tax everyone in the country what they make and would not pay this debt. You should be angry about that. Forget income taxes, look at your phone or utility bill. How about your property taxes? Gas? When is enough enough? I’m totally against this rich vs poor thing. We’re all being screwed. Ask your Government if they are going to pay back all the Social Security funds they’ve borrowed and used in the General Fund over the past 50 years.

  • Second Amendment Democrat

    Note to Eric Cantor: Taxes on the richest Americans are ALREADY lower than they EVER were, you scumbag. You have NO interest in paying a fair share, or helping anyone but yourselves. The greed and arrogance you and your snouted friends on the Hill are truly appalling, you sicken me. Hypocrisy has always been a part of politics, but this is not politics. This IS war, a fascist-vs-humans war against EVERYTHING the Constitution was designed to prevent.

    You have signed the treasonous Pledge To America, in which you place your oath to your Party above your oath to your Country. You and all your hypocritical cohorts want to keep all the marbles. Funny thing about marbles – keep too many marbles, you only need to drop a few and you slip and fall. Is that what happened, Eric? Did you lose yours?

    I know you are safe from reprisals for this treason, your pseudo-Democrat president won’t take action, but under a real leader, you would be in jail for the attempted overthrow of the government.

    Oh, wait, I forgot. The GOP already DID overthrow the government. – when the Supremes gave away the election and set in motion the Bush Horror Years. Let’s see – t

    Year 2000 – citizens had homes, jobs, futures and a modicum of security. Corporations were somewhat regulated – not greatly, but the worst abuses were minimized, if not curtailed. Citizens were free to do what they wanted whenever they wanted.

    Year 2011: Citizens have lost many homes and jobs, and insecurity is the standard. Corporations are free to do whatever they like, whenever they like it. Citizens are regulated and herded by TSA, Homeland inSecurity and the new no-knock witch-hunt laws and attitudes.

    I’m seriously beginning to wonder: there is a movie about the oil industry in which I believe it is Gene Hackman says, “The Arabs? We’re the Arabs”. Only a movie, but I have to ask – how many of the terrorists are being financed by Big Oil and backers of the GOP/NWO agenda?

  • MiserableOldFart

    May I live to see the day when Karma gets a hold of this guy and the rest of the subhuman filth that the GOP has in high office in this country.

  • Who wants to explain to me how this little kid got elected?….. This is the same guy that didn’t understand a bill has to pass through the House AND SENATE to become law.

    It really is funny to me that all of these Republicans are college educated and still are selfish and conservative. It doesn’t take a genius to figure out that the rich are ruining this country because tax cuts put other people’s income in their pocket.

  • He’s already showed people what a callous uncaring asshole he is by threatening to withhold aid for the devastated town of Joplin unless he got the spending cuts he wanted. That story didn’t get nearly the national attention it should have.

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