MILLER: Taxmaggedon showdown - Washington Times

MILLER: Taxmaggedon showdown - Washington Times

Americans will be hit with $4.5 trillion in new taxes within six months. Unless Washington does something to stop it, “taxmaggedon” will have a devastating impact on the economy. President Obama is counting on it.

The White House has carefully crafted this looming showdown with Republicans to keep alive the campaign narrative that only the president is fighting for working and middle classes, by calling for hikes on “the rich.” Mr. Obama was blindsided on Tuesday when former President Clinton called for a temporary extension of current tax rates, including for those who make more than $200,000. The GOP was quick to exploit the Democratic squabbling.

On Wednesday morning, House Speaker John A. Boehner and Senate Minority Leader Mitch McConnell made a joint appearance to press the issue. “Extending all of the current tax rates for at least a year is really important if we’re going to help job creators gain a little more confidence and put Americans back to work,” said Mr. Boehner, Ohio Republican. “Even Bill Clinton came out for it - before he was against it. And then Larry Summers, the president’s former economic adviser, this morning came out in favor of this.”

Mr. McConnell negotiated the December 2010 deal with the White House to extend all the George W. Bush-era tax rates. “The argument the president made in agreeing to do that two years ago was that the economy needed it. The growth rate now is actually slower than it was in December of ‘10,” said the Kentucky Republican. He added that another extension would provide the time needed for a complete overhaul of the tax code.