The Norman Transcript

Editorials

November 30, 2012

A bit of common sense

NORMAN — Rep. Tom Cole’s comments about Republicans accepting a tax cut extension that impacts 98 percent of all Americans and take up tax cuts later on those earning $250,000 or more a year sounds like some good common sense, but it may not be the best political sense.

His opinion, leaked from a meeting of top Republicans in Congress, smells like a trial balloon sent up by some of his colleagues. Most quickly shot it down, saying their goal was to eliminate tax increases for all Americans.

Mr. Cole, R-Moore, told reporters there is no sense using the majority of American taxpayers as leverage when the debate really involves the tax rates on upper income taxpayers. His speaker and friend, Rep. John Boehner, R-Ohio, said raising taxes on upper income Americans, many of whom are small business owners, will harm the economy.

But even more harm to the economy is the uncertainty placed on the majority of consumers and businesses. The U.S. and foreign stock markets surged a bit Wednesday, perhaps sensing some sort of compromise coming from the nation’s Capitol.

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