The clock is ticking with the deadline Wednesday for a decision by the group of 6 Democrats and 6 Republicans. The Economist reports the GOP has offered a paltry attempt at a revenue increase consisting of fees, sales and a host of creative ploys, including closing some tax loopholes on charitable deductions and mortgages on a second home. But the kiss of death comes in the form of making permanent George W. Bush’s tax cuts as well as lowering the top tax rate from 35 percent to 28 percent, a definite no-no for Democrats.
So, in effect, Republicans have made a mockery of an offer they hope will make them look like they are cooperating in the face of the American public, when all they are hoping for is for the Dems to turn it down so the GOP can use that in 2012. Pathetic. Of course there is the slim possibility the GOP is waiting for a counter offer by the left, but not likely since Democrats are adamant they want “real” tax revenue increases in return for cuts to entitlements.