July 6, 2011

ADULT SUPERVISION:

Cantor Spells Out Possible Tax Compromise (COREY BOLES And KRISTINA PETERSON , 7/06/11, WSJ)

In recent weeks, Democrats have pushed for raising revenue by closing a raft of corporate tax breaks and benefits as part of a potential deficit-reduction deal that would ease the passage of a required increase in the federal borrowing limit. Such proposals include tax benefits currently available to owners of corporate jets, yachts, thoroughbred horses, ethanol fuel producers and the largest oil and gas companies.

Until now, senior Republicans have said those measures could only be addressed in the context of overhauling the entire tax code, which most political analysts don't expect this year. Mr. Cantor said he would be open to including closures of such tax benefits as long as Democrats go along with renewing popular business tax benefits such as the research and development tax credit. [...]

Mr. Cantor's comments come a day before a White House meeting with congressional leaders and President Barack Obama in an attempt to resolve the dispute before an Aug. 2 deadline to increase the country's debt ceiling.

Mr. Cantor also said he believed that roughly $2 trillion in spending cuts identified in talks led by Vice President Joe Biden that he had been part of could form the base for an eventual budget deal.


Posted by at July 6, 2011 4:43 PM
  

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