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The fiscal cliff is only a few weeks away if lawmakers can’t agree on a new budget to reduce the mounting deficit. In the face of a possible repeat recession, House Speaker John Boehner (R.-Ohio) offered to increase revenue if Democrats would make some concessions and keep their hands off the tax rates President Obama promised to increase.
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In an odd twist, a number of CEOs and high-earners — those who Boehner would try to protect from higher tax rates — have come out in support of increased taxes for themselves and other big money-makers. Goldman Sachs (NYSE:GS) chief executive Lloyd Blankfein is one of many CEOs to support raising taxes and cutting loopholes, but he also believes there needs to be a reduction of discretionary spending and entitlements.
The plan Blankfein supports actually lowers tax rates, but would also lower the value of tax breaks, close loop holes, and reduce government spending. The Campaign to Fix the Debt formed the plan that is intended to reduce the debt by $4 trillion over 1o years. More than 80 CEOs support the cause, including CEOs from Bank of America (NYSE:BAC), Delta Airlines (NYSE:DAL), DIRECTV (NASDAQ:DTV),JPMorgan(NYSE:JPM), and more.
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