Senator Coburn Backs Tax Rate Hike on Wealthy

Can see the gnashing of teeth by Sen DeMint and the rest of the Tea Party Senators at Dr. Coburn.  This cracked me up because once again Dr. Coburn is showing that he is his own man and not beholding to any group.  How are House Tea Party conservatives going to spin this one.  Let's see -- Coburn is really a RINO not a conservative, Coburn is traitor to the Tea Party, Coburn is a moderate and the list will go on and on with his support of tax rate hikes on the Wealthy.

Completely agree this is the only way to raise the necessary funds and then negotiate broader reforms to the Tax Code.  Interesting times we live in today!

5 December 2012
1 hour agoGOP senator backs tax rate hike on wealthyPosted by
CNN's Dana Bash and Ted Barrett 

Washington (CNN) - In a significant development in the fiscal cliff standoff, Republican Sen. Tom Coburn, a leading deficit hawk, said Wednesday he would support higher tax rates on wealthier Americans as part of a broader deal with President Barack Obama and congressional Democrats to avoid the crisis. 

"I know we have to raise revenue," the senator from Oklahoma told MSNBC. "I don't really care which way we do it. Actually, I would rather see rates go up than do it the other way, because it gives us a greater chance to reform the tax code and broaden the base in the future."

Coburn, who served on the Simpson-Bowles fiscal commission and participated in the Gang of Six deficit talks, was one of the first Republicans a couple of years to embrace raising revenue to reduce the deficit. At that time, he wanted to do it through reforming the tax code by eliminating loopholes and deductions that he argued favored the rich and powerful. But now he appears to be the first GOP senator to say publicly he would back increasing the tax rates on the wealthy, as long as that increase is coupled with spending cuts and entitlement reforms. 

Coburn thinks its better to raise rates now, which will generate the money needed to get beyond the fiscal cliff and then negotiate broad reforms to the tax code – such as eliminating deductions and loopholes – that both Republicans and Democrats argue is necessary. 

He is worried that if some reforms are made now as part of the fiscal cliff talks, Congress might never return to the table to do comprehensive reform. 

Not surprisingly, Democrats seized on Coburn's unexpected new position.  Excerpt:  Read More at CNN