EDMOND —
Sequestration will cause three things to happen on Jan. 1 unless the House and Senate reach a compromise that President Barack Obama will sign off on.
“The Speaker is still confident that we can get to a deal,” Congressman James Lankford said. “Two of them being tax increases are really chilling the whole environment.”
Beginning Jan. 1, Obamacare will increase taxes for people earning $200,000 or more a year in interest, dividends, capital gains and payroll tax, said Lankford, R-Edmond.
“The second piece is from the last lame duck, they took all the tax rates and extended them out for two years and had them expire,” Lankford said. “So everybody’s taxes increase, everybody’s rates go up from smallest to largest.”
Thirdly, the across-the-board spending reduction Congress demanded in the budget deal will begin.
Obama’s recommendations for a tax increase coupled with the Affordable Care Act tax increase calls for $86 billion of additional spending a year, Lankford said.
“That is still $920 billion short of our deficit,” Lankford said.
Congressman Tom Cole, R-Moore, told Republicans Tuesday that his party should temporarily let the top federal income tax rate rise back to the Clinton-era level of 39.6 percent, according to CNN.
House Speaker John Boehner, R-Ohio, has not budged in his unwillingness to raise taxes on the rich.
One trillion dollars of federal deficit spending is stacking up every year while President Barack Obama won’t talk about where to reduce spending, Lankford said.
Obama remains unwavering that income tax rates should rise on individuals earning more than $200,000 a year and families making more than $250,000, or the top 2 percent of Americans. Obama has said the burden of reducing national debt should not be solely on the backs of the middle class.
House Republicans are saying a double tax increase on upper-income Americans should not occur, Lankford said.
“The other part of it is the Democrats have refused to talk about where we’re going to reduce spending and that’s been our great frustration,” Lankford said. “If you look at our revenues in 2007 and our revenues this year, they’re almost identical. Our revenues have not changed from 2007 to 2012, but our spending has increased $1 trillion from 2007 to 2012. So we keep trying to wave the flag here and say, ‘The problem here is spending.’”
Meanwhile, the federal debt is more than $16 trillion. Lankford said $6 trillion of the debt has been added during Obama’s presidency.
The House has been outspoken in calling for tax reform, Lankford said.
“Just dealing with the rate increase is exactly the wrong way to do this,” Lankford said.
Lankford said the House completed its sequestration and tax document work in May. Yet the Senate and White House failed to respond, Lankford said.
“They’re still standing there saying, ‘We want to know what you’re going to do on taxes,’” Lankford said. “Our statement is, ‘This is absurd. Taxes aren’t even close. There’s no way you’re going to raise taxes to cover $1 trillion.”
jcoburn@edmondsun.com, 341-2121
Local News
Lankford: Spending, not lack of revenue, pushes U.S. toward fiscal cliff
- Local News
-
-
President pledges to aid Moore disaster recovery
President Barack Obama pledged full federal government support Tuesday morning as rescue workers continued to search for survivors amid the destruction left by the tornado which devastated Moore and parts of Oklahoma City.
Monday’s report of 51 fatalities has been revised downward; counts likely will remain very fluid today. As of Tuesday morning, the death toll is at 24 and nine of those are reported to be children. -
Edmond-area businesses serve as donation drop-off locations
Below is a listing of where donations may be taken in the Edmond area to help the Moore/Oklahoma tornado victims:
The Edmond Sun is serving as a drop-off location for the downtown Edmond area. Supplies only may be dropped off at 123 S. Broadway and residents may use the backdoor to enter the building. Parking is available behind the building at the Festival Market Place. Call 341-2121 for more information
Edmond North High School is serving as a drop-off location for bottled water.
Memorial High School is serving as a drop-off location for food. -
Westmoore Community Church honors service members Sunday
The capture of Saddam Hussein was a victory that lit the nation — after months of searching, the U.S. had finally apprehended one of the world’s most infamous dictators. The battalion that made the capture was headed by U.S. military veteran and Oklahoma native, Lt. Col. Steve Russell. Russell has since retired from the military but still shares the tale of the capture of his career.
-
What you need to know about preparing for tornadoes
Tornado survivors and seasoned observers suggest people do two simple things to prepare for tornadoes: Know where to take shelter, and move quickly when the time comes.
-
Mercy: Tornado damage delays Edmond opening
Damage from Sunday’s tornado will delay the grand opening of the Mercy Edmond I-35 campus by about six months, an administrator said. It had been scheduled for a July grand opening.
-
Touch-a-Truck event draws hundreds
The 2013 Touch-A-Truck event took place Saturday at the University of Central Oklahoma campus. The event was sponsored by Edmond Electric, and all donations went to the HOPE Center.
-
5-21 Found Pets
This is a list of animals that have been found and are at the Edmond Animal Shelter, at Interstate 35 and Covell in the Cross Timbers Municipal Complex. Call the shelter at 216-7615 for more information.
-
City Council plans for budget increases
The Edmond City Council agreed Monday to a 6 percent budget increase for the next five fiscal years. The council met in a special budget workshop Monday morning. Fiscal Year 2014 begins July 1.
-
LIVE BLOG: Massive tornado hits south of OKC
A massive tornado touched down Monday afternoon in Moore, Okla., just south of Oklahoma City. Follow live coverage of the aftermath of the storm.
-
UPDATE: At least 51 killed by tornado in Moore
A large tornado ripped out sections of Moore Monday afternoon leaving a path of destruction of wrecked homes and businesses, according to the Oklahoma Office of Emergency Management.
- More Local News Headlines
-
RAW: Massive tornado strikes Oklahoma
Okla. tornado survivor finds dog buried alive under rubble
RAW: Xbox introduces Xbox One
Pickler's Dance Moves Cause A Stir
Obama to tornado survivors: The country stands beside you
Reporter Cries Over Devastation
Sneak Peek: 'Modern Family' Says Good Bye
Trailer: 'The Last Stand' Available on Blu-ray Disc, DVD, Digital Download
IWitness Look at Moore, OK Tornado
RAW: Moore, OK tornado touches down near school
Robert Pattinson Moves Out
RAW: Russian dash cam catches car 20 feet in the air
Oklahoma tornado survivor: "Everything is gone"
Khloe Lashes Out at Kim Kardashian's Critics
Couple Argues As Woman's Lover Crawls Out Window
RAW: Brad Paisley Forgets Lyrics To His Own Song
Justin Bieber Gets Booed
RAW: TV Staff Take Cover From Tornado
New 'Anchorman 2' Trailer, Drake Joins List of Rumored Cameos
Eva Longoria's Wardrobe Malfunction
