The Washington Post’s editorial board believes Sen. Ted Cruz (R-TX) will likely end up supporting the tax hike proposed by Sen. Bob Corker (R -TN).
“I have no doubts he’ll support a Republican tax plan,” the Post’s Steve Peoples said in an editorial.
“But the Senate tax plan would be a big giveaway to the superrich and to the hedge fund managers who are benefiting from tax cuts for millionaires.”
According to the Post, Cruz supports a “flat rate of 12 percent for people earning more than $1 million.”
However, the Post added that “Cruz’s proposal would allow the top 1 percent to get richer while the rest of us pay more in taxes.”
Corker, however, supports a more progressive tax plan that includes a cap on income taxes, a repeal of the Alternative Minimum Tax (AMT), and a tax on the wealthy.
“I would like to see an aggressive tax cut for the middle class, but that doesn’t mean we have to make concessions on income tax rates,” the Senate Budget Committee chairman said during a press conference last week.
“It’s up to the Congress to determine how it wants to spend $1 trillion of federal revenue,” Corker added.
The Post also cited Sen. John McCain (R –AZ), a leading voice in the GOP who is currently fighting to get a tax reform bill through the Senate.
“Senator McCain is on record saying he supports a top tax rate of 35 percent on the wealthiest Americans,” the editorial said.
“I agree with that sentiment, and I’m confident he’ll come around to supporting the bill.
McCain is a big fan of Sen. Cruz, too, and he’s willing to make the deal for him.
But the key to any deal is the tax cuts, and this one will give the wealthy much-needed relief in the short term.”
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