Yarmuth says he'd be OK only raising taxes on those making more than $500k

11/27/2012 12:47 PM

U.S. Rep. John Yarmuth, D-Louisville, is holding out hope Congress can come to an agreement before the end of the year to avoid the fiscal cliff – a mix of mandatory spending cuts and the expiration of the Bush-era tax cuts.

Unlike others, such as Democratic Sen. Patty Murray of Washington, Yarmuth said he doesn’t want to see Congress wait until after the first of the year to take up the tax issue. Murray has said Democrats might have a better chance to keep the cuts only for the middle class if the cuts are allowed to expire so Congress returns in January and votes to reduce the rates.

Yarmuth told Pure Politics he hopes Congress can deal with extending the Bush era tax cuts to the middle class and fight it out over income taxes on the highest earners – something he said could be done in January.

He also said he’d be open to raising the threshold for the cuts to those earning more than $500,000, which is what Warren Buffett suggested Monday, according to Politico.

“Where we can compromise is probably on the income threshold. I wouldn’t have a problem on saying we’re going to raise the rates on people making over half-a-million-dollars, 250,000 may be a little too low a number,” Yarmuth said Tuesday at a public event before leaving for Washington.

Yarmuth said either way passing a tax cut now or doing nothing that ultimately Congress will deal with part of the spending cuts and income tax deal and deficit reduction during the 2013 session.

About Nick Storm

Nick Storm joined cn|2 in December 2011 as a reporter for Pure Politics. Throughout his career, Nick has covered several big political stories up close, including interviewing President Barack Obama on the campaign trail back in 2008. Nick says he loves being at the forefront of Kentucky politics and working with the brightest journalists in the commonwealth. Follow Nick on Twitter @Nick_Storm. Nick can be reached at 502-792-1107 or nicholas.storm@twcnews.com.



  • Cat Balz wrote on November 27, 2012 01:02 PM :

    Would that mean that the Bush middle class tax cuts would become the Obama middle class tax cuts? Republicans set themselves up for this with the handshake deal they made two years ago with Obama, thereby justifying the Stupid Party moniker. Heck of a job Mitch and John, heck of a job!

  • T.sabie wrote on November 28, 2012 06:38 PM :

    Cat Balz, you are absolutely right. The RINOs gave us this nonsense.

    Let’s see if they can man up before the end of year or if they are going to cave as usual.

    Additionally, this is the typical Communist yarn that Yarmuth always spins. It never occurs to these guys that we have a spending problem, not a revenue problem. But I’m not surprised.

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