Senate Republican: Supercommittee Almost Kaput
The Supercommittee assigned by Congress to resolve in a bipartisan manner the cuts and tax increases needed to balance the budget and resolve America's deficit problem is practically speaking, kaput.
Emerging from his office in the Capitol, Republican Senator Jon Kyl from Arizona said, “I'm not sure” there is a compromise.
The 12-member group is charged with finding a way to reduce the federal budget by at least $1.2 trillion over 10 years. The group's deadline for voting is Wednesday. If they fail to reach an agreement, then automatic cuts go into effect starting in 2013.
Republican members are unwilling to have the richest Americans share any of the burden to reducing the budget deficit by paying more taxes. They believe that having the poor and middle class take pay cuts and reduced benefits are the way to achieve the goals of the Supercommittee.
Senator Patrick J. Toomey, a Republican Senator from Pennsylvania, believes that cutting the top marginal rate to 28% from 35% will aid in reducing the deficit.
“We should seize this opportunity to throw out this unfair monstrosity and replace it with a system that will lower tax rates for every single American, simplify the code and get rid of the special-interest tax breaks and loopholes.”
The lowest tax rate will drop to 8% from 10%. As the saying goes, the rich get richer and the poor get poorer.
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