Saturday, December 15, 2012

Some Wealthy Business Leaders Moving to Support the President on Higher Tax Rates on the Wealthy Business Leaders

Stability and Certainty are the Preferred States

As opposition to higher tax rates on the wealthy crumbles a big part of the crumble has been the acceptance of higher tax rates by some of the nation’s wealthiest financiers.

A broad swath of the nation’s leading chief executives dropped its opposition to tax increases on the wealthiest Americans on Tuesday, while the White House quietly pressed Wall Street titans for their support as well.

The reason here is not love of higher taxes, or deficit reduction.  It is recognition that the President has the upper hand, that public opinion wants to close part of the deficit by raising taxes on the riches Americans and that having this issued settled is more important than the slightly higher taxes these wealthy men and women will have to pay.

Chip Somodevilla/Getty Images
White House officials have been pressing top business executives, like Lloyd C. Blankfein of Goldman Sachs, to support higher taxes on wealthy Americans.

So the real spectator enjoyment here is watching Republicans squirm.  It is an open issue as to whether or not 20 or so Republican members of the House can be found to support a deal with higher tax rates.  And a far more entertaining program than watching Jimmy Durante (who?) narrate the story of Frosty the Snowman.

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