Tags: portman | tax | cut | extension

Portman: Extend All Tax Cuts Temporarily to Reach Debt Deal

Friday, 16 Nov 2012 12:40 PM

 

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Senator Robert Portman proposed extending the expiring U.S. tax cuts, including those for the wealthy, for six months — with a trigger that if Congress can’t come up with enough loophole closings that the top rate would rise to 39.6 percent.

The Republican senator from Ohio, in an interview on Bloomberg Television’s Political Capital with Al Hunt airing this weekend, called an extension the only “logical thing to do” on the so-called fiscal cliff, though the White House has said it would reject that idea.

“Why not say, ‘Let’s go ahead and reform the tax code, make a commitment now we’re going to have additional revenue?’” Portman said.

Portman said he views Obama’s $4 trillion 10-year debt-reduction package as “insufficient to deal with the crisis we face,” saying the president shouldn’t be able to count $1.1 trillion in spending cuts made previously.

The fiscal cliff is a $607 billion combination of automatic spending cuts and tax increases scheduled to take effect in January unless Congress acts.

Portman went on to say that Obama “can do better” than nominating Susan Rice as the next secretary of state. He emphatically backed his colleague, Senator John Kerry, a Massachusetts Democrat, for the post.

“He’s got broad experience,” Portman said. “I don’t agree with him on policy issues for the most part, but I think he’s a guy of integrity in terms of his foreign-policy issues. He’s actually been willing to stand up and express his own view independent of the administration now and again, including on Syria and other issues.”

Republican senators have preemptively said Rice, the U.S. ambassador to the United Nations, is unfit for the secretary of state job because they don’t believe she told the truth about the circumstances behind the Sept. 11 deaths of four Americans in Benghazi, Libya.

Republican Senators John McCain of Arizona and Lindsey Graham of South Carolina have said they would filibuster her appointment — a step Portman said he wouldn’t necessarily take. He said he needed first to learn more about Rice’s background.

Rice said on Sunday television talk shows after the attack that the assault began as a spontaneous protest that was “hijacked” by militants. Republicans have questioned whether Rice was trying to conceal that terrorists were behind the killings.

“I am very discouraged by what I’m reading and hearing now,” Portman said. “It’s very sad.”

On the fiscal cliff, Portman said Congress should extend the tax cuts put in place by President George W. Bush for six months while members and the administration work on an overhaul of the tax code and entitlements.

If there’s no deal on reform next year, Portman said, “you have to have a trigger” to return the tax rate for the top income earners to 39.6 percent, as it was under President Bill Clinton.

Under those parameters, “the president would get what he wants,” Portman said. “He wants to sort of exact his political pound of flesh here after the election. I understand that.”

Portman said Republican presidential nominee Mitt Romney lost the election for “all of the above” reasons, including failure to turn out base voters and to respond to negative ads from the Obama campaign on issues such as Bain Capital LLC, the private-equity firm Romney co-founded, and the automotive industry.

“It was the fact that we weren’t responding for months and months to a barrage of negative ads,” said Portman, Romney’s chairman in Ohio, which saw the most presidential ads of any state and which Romney lost by about 100,000 votes.

“We were outspent, but also I think we could have responded to some of the attacks in earlier and more appropriate ways,” Portman said.

Portman swatted away a question about whether he disagrees with Romney’s comments this week in a call to his top donors that he lost because Obama gave “gifts” through government programs to black, Hispanic and women voters.

“I think there are other ways to explain this,” Portman said.

© Copyright 2014 Bloomberg News. All rights reserved.

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