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GOP leader open to tax cut compromise
U.S. House Minority Leader Rep. John Boehner (R-Ohio) speaks a news conference on Capitol Hill in Washington, D.C.
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BILL RADKE: The top Republican in the U.S. House surprised Democrats yesterday by saying he'd be open to a compromise on taxes. Congress is trying to figure out what to do about tax cuts enacted in the Bush administration that are due to expire at the end of this year.
Marketplace's Nancy Marshall Genzer joins us now, live from Washington. Good morning, Nancy.
NANCY MARSHALL GENZER: Good morning, Bill.
RADKE: What did House Republican leader John Boehner say?
MARSHALL GENZER: He said he would be open to a compromise, which was unexpected. Until now, there's been a lot of contention between Republicans and Democrats on this issue. Republicans say all tax cuts in a tough economy are good, even for the rich.
RADKE: How many people are we talking about here?
MARSHALL GENZER: Well, not you and me Bill, that's for sure. We're talking about 3 percent of the population not getting a tax break -- the very rich. Families making less than $250,000 would get the tax cut. That's who Boehner was talking about yesterday, when he spoke on CBS's "Face the Nation."
REP. JOHN BOEHNER: If the only option I have is to vote for those at $250,000 and below, of course I'm going to do that. But I'm going to do everything I can to fight to ensure that we extend the current tax rates for all Americans.
Now, the federal government would save about $700 billion if the tax breaks for the rich were eliminated.
RADKE: OK, so Nancy, John Boehner appears willing to compromise, as you say. But he's still going to need support from other Republicans. How do they feel?
MARSHALL GENZER: It's not clear yet. Senate Minority Leader Mitch McConnell hasn't issued any statement on Boehner's remarks.
RADKE: OK. Marketplace's Nancy Marshall Genzer joining us from Washington, D.C. Thank you, Nancy.
MARSHALL GENZER: You're welcome.
Here in the Midwest I have seen lots of indications that Republicans are gaining ground with the November elections. Many people I talk to in my county defend the tax cuts for the rich and I am sure they aren't players in that income bracket. Mr. Boehner's remarks, might just make some independent voters take notice that the position they have been defending is not in their own best interests. While businesses are critical to creating jobs, it is decent wages that keep business open, not tax cuts.
Hi, While Bill and Nancy may not be in the top 2% of wage earners, the hosts of other public radio programs do fall into these brackets. The hosts of the major NPR shows: ATC, ME, TOTN, WESAT and WESUN earn in excess of $200K. In general I find it offensive when on the air personalities complain or comment about their pay. Keep in mind the median income in the U.S. is about $32k and it points out the need for perspective. Also keep in mind the median income for journalists is almost double that of all U.S. households. There is little room to complain, so please stop it.
