Johanns willing to consider tax hike for entitlement reform
Sen. Mike Johanns said Friday he would be willing to consider a hike in the tax rate for the wealthiest Americans as part of a fiscal cliff agreement if it also includes "a good-faith down payment" on reducing entitlement spending.
The Lincoln Journal Star reports Johanns told Bloomberg TV anchor Al Hunt "You know, I think there is an opportunity there," when asked whether Republicans could go along with a Democratic plan that would restore the top tax rate to 39.6 percent with a promise that it could be revisited next year.
That, in effect, end the Bush administration tax rate cut for the wealthiest Americans.
Johanns emphasized however that agreement to raise rates on the wealthiest Americans must come with entitlement reform. Johanns said "Work with me on what's driving the higher spending that literally we're struggling with as a nation, our entitlements, and I will work with you on revenue," .
Johanns is one of the four Republican senators in the so-called Gang of Eight who have been working toward a bipartisan debt reduction plan.
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