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GOP Governors and CEOs Agree: Raise Tax Rates On Top Earners

Nov 16, 2012

Virginia Gov. Bob McDonnell:


When asked if his party would now have to open to taxes on the highest earners, McDonnell said, "The people have spoken, I think we're going to have to be [flexible] now. Elections do have consequences. The president campaigned on that."  [Politico, 11/15/12]


Former Mississippi Gov. Haley Barbour:


"'If there's enough savings, if there's enough entitlement reform, if there's enough certainty about tax reform in the next few years, I would,' Barbour said when asked whether his party should consider softening its opposition to letting the Bush tax cuts on the wealthiest expire." [Politico, 11/15/12]


Idaho Gov. Butch Otter:


"Idaho Gov. Butch Otter, a former longtime member of Congress, also warmed to higher rates for the wealthy in exchange for major Democratic concessions. 'If I got a lot of the things that I wanted, yeah I'd be willing to make that accommodation,' said Otter." [Politico, 11/15/12]


JP Morgan CEO Jamie Dimon:


"'I don't mind paying 39.6 percent in taxes,' Dimon said in an interview in Washington at the Council on Foreign Relations, backing the Democrats' position. He added he might back an increase in the capital gains tax rate to 20 percent, another proposal by President Barack Obama." [Reuters, 10/10/12]

PIMCO CEO Mohamed El-Erian:


"When push comes to shove, and it will, rationality will ultimately prevail. President Obama will - and should - insist on increasing taxes on the highest earning brackets. The Republicans will shout and scream but end up going along. An economic debacle will thus be avoided... The President has the stronger set of arguments. He knows it. The Republicans know it. And it is only a matter of time until enough citizens realize it too." [CNN, 11/13/12]


Goldman Sachs CEO Lloyd Blankfein:


"The business community vigorously supports efforts to conclude a bipartisan fiscal accord. I believe that tax increases, especially for the wealthiest, are appropriate, but only if they are joined by serious cuts in discretionary spending and entitlements." [WSJ, 11/14/12]