LETTER TO THE EDITOR: Congress needs compromise
Many cable news commentators and op-ed columnists thrive on conflict and controversy.
But we move forward on action from collaboration and consensus.
A positive example was the recent tax bill by the “lame duck” Congress.
Not a win-win, but a compromise by both parties to avoid a double-dip recession.
Senator Reid, we need more of this with the new Congress.
Where to begin?
A simple, stand-alone bill. No earmarks, no pork.
Propose the highest income tax rate at 39.6 percent for those earning $250,000 or more, or use the $375,000 figure President Obama likes.
Other income tax rates should remain as they are.
Include the $5 million/35 percent Estate Tax formula.
Add an inflation allowance to prevent bracket creep.
Then make it all, including tax cuts for the middle and lower class, permanent.
High-earners and investors know they’ll make out better, as they can plan around the increases once they know they’re fixed. A fair trade for them, a 10 percent income tax increase in exchange for what they really want – stability.
The Republicans will grouse a bit, but they’ll go for it; watch.
In the end, we will need further tax increases and spending cuts and entitlement reform. But for openers, a quick, simple bill to set the stage for bi-partisan cooperation.