US republicans reject Obama's tax proposal
[Iran Press TV] US Republican politicians have rejected as "ridiculous" and "unreasonable" President Barack Obama's
How's it going, Sunshine?...
tax proposal that includes 1.6-trillion-dollar tax hikes over the next decade.

"While USD1.6 trillion is the White House's public position, it is ridiculous to offer that amount two weeks after negotiations began - and less than a month before we must have a solution," said a Congressional Republican aide who spoke on condition of anonymity after Obama's fiscal plan was presented by Treasury Secretary Timothy Geithner on Thursday, AFP reported.

Describing the offer by the White House as unrealistic and unbalanced, he went on to say that "It (proposal) calls for USD1.6 trillion in tax hikes (over the next decade) - all of that upfront - in exchange for only USD400 billion in spending cuts that come later."

The plan also calls for new powers to raise the federal debt limit, which must increase in the near future to prevent a default.

If the democrats and republicans do not reach a compromise by January 2013, tax increases and spending cuts kick in automatically, costing US taxpayers an average of more than USD 2,000 a year.

Posted by: Fred 2012-12-01