Voting on the Tax Cuts, Ctd.
David Axelrod promises it will happen:
White House senior adviser David Axelrod predicted on Monday that Congressional Republicans will ultimately “blink” in the tax cut debate as the deadline approaches for all rates to rise to Clinton-era levels.
Speaking shortly after an appearance at a Google/Politico conference on the midterm elections, Axelrod said, as he has for weeks, that he is confident President Obama’s tax cut package, which would raise rates only for the wealthiest two percent, will be enacted into law.
And, as an aside, Noam Scheiber has a melancholy portrait of the man. It never ceases to amaze me how miserable and alienating working on the Hill (particularly as an early-term representative) or in the White House often seems.
Back to tax cuts. Bloomberg, via Kevin Drum, says that tax increases for the wealthy remain likely, though I hesitate to quote this given the contradictory signals emanating for the Hill.
Congressional Democrats and a top White House official said Congress will extend soon-to-expire tax cuts for low- and middle-income Americans after the Nov. 2 election. Republicans said the delay and the threat of higher taxes for top earners will hurt the economy.
Illinois Senator Richard Durbin said Democrats will come together to extend Bush-era tax cuts for the first $250,000 of a married couple’s income, including lawmakers who also want to keep the lower rates for high-earning Americans.
One thing is for certain: Both the House and Senate are racing back to home districts to campaign, leaving the issue untouched before the November election.