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Republicans begin to chip away at anti-tax pledge

Several prominent Republicans, such as South Carolina Sen. Lindsay Graham (pictured above), are backing away from a pledge they made to the anti-tax activist Grover Norquist.

Members of Congress are back at work today with a little over a month to go until automatic spending cuts and tax increases take effect, otherwise known as the fiscal cliff. In the latest twist, several prominent Republicans are now backing away from a anti-tax pledge they made to activist Grover Norquist, which could make it easier for the parties to reach a deal.

One such Republican leader is Senator Lindsay Graham of South Carolina. He recently indicated a willingness to discuss increasing federal revenue: "It's fair to ask my party to put revenue on the table, we are below historic averages," says Graham. 

Yet Graham, like other Republicans, remains unmoved when it comes to tax rates. "They are willing to work around the tax code, and in the details of the tax code, so long as the actual rates don't change," says Politico reporter Tim Mak

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Jeremy Hobson is host of Marketplace Morning Report, where he looks at business news from a global perspective to prepare listeners for the day ahead.
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I isn't the Republicans with which we need to worry as the Bush Tax Cuts will expire without them. Since all that has to happen is to reinstall the middle-class cuts, one can see there is not problem regarding tax revenue. The fact that the media tries to make taxes an issue is merely an attempt by the rich to mitigate what is for them a step back towards a more balanced tax approach. Once we get to the rates associated with the end of the Bush Tax Cuts, we then need to go for the top rates that will reverse wealth inequity.....the 70% rate on capital gains and dividends.

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