Reuters - Video

EDITION: U.S. | U.K. | IN

Johnston's Tax Cut

GOP paints itself into a corner

Tuesday, Dec 06, 2011 - 02:14

The Republicans swept into control of the House in 2010 largely because of their anti-tax fervor. Now, Reuters Columnist David Cay Johnston explains how they've painted themselves into a corner where they may have to swallow cuts proposed by the President.

▲ Hide Transcript

View Transcript

For three years congressional Republicans have tried to paint President Obama as a tax increase -- what what they've managed to do instead is paid themselves into a corner. They've handed the president a signature issue. -- brand the Republican Party has been built on now for thirty years that Republicans mean lower taxes. Read my lips. It's sort of like the way that the Coca-Cola company messed up when it brought out New Coke. Typical pattern that before or forward when it tried to sell the -- so it. Friday night team in the game at home as easy it is. Looking like they damaged the brand here's what happens when President Obama was elected. As we were in the worst economic straits in. The generations. He got congress to enact a number of tax cuts including the making work pay tax credit it was a really progressive credit if you work. A poor person if you were disabled or retired -- 400 dollars from a government if you were high income worker you were excluded. The president agreed with the Republicans a year ago to cut the payroll tax the Social Security tax by two percentage points. That was for this year. Now it's scheduled to go up next year. And President Obama is the one championing continuing net -- and in fact he'd like to reduce it. By a third percentage point. That's forced Republicans to cry. -- Having been painted into this corner where he's now in charge of saying. Go with me I'll cut your taxes I think we should cut taxes on working families and small business owners even more the Republicans have to figure out a new strategy. What does this mean for the Republican brand. And what does it mean for the man -- marketed and enforce that planned. Grover Norquist.

GOP paints itself into a corner

Tuesday, Dec 06, 2011 - 02:14

Top News »

The Exchange »

Moving Pictures »