Grover Norquist bends on tax issue

The anti-tax advocate is giving Republicans a pass on legislation that would end up raising taxes for those making more than $1 million a year.

By Kim Peterson Dec 19, 2012 5:22PM
Credit: JIM WATSON/AFP/Getty Images
Caption: Founder of Americans for Tax Reform Grover NorquistAnti-tax stalwart Grover Norquist is squirming a bit, and you can't blame him. After two decades of hammering away on taxes and getting Republicans to fall in line, he's facing inevitable tax increases of some sort.

And so Norquist has had somewhat of a change of heart, saying Wednesday that he's OK with House Speaker John Boehner's "Plan B" legislation that would raise taxes on people earning at least $1 million a year.

"ATR will not consider a vote for this measure a violation of the Taxpayer Protection Pledge," Norquist's group, Americans for Tax Reform, wrote on its website Wednesday.

Norquist says that Republicans voting for the legislation that would raise taxes on millionaires are actually sticking with the pledge they made to oppose all efforts to increase the marginal income tax rate. The Taxpayer Protection Pledge is Norquist's signature effort; he has persuaded nearly all Congressional Republicans to make it.

The issue here is largely semantics. Boehner's Plan B proposal would continue the current tax cuts for all but the wealthiest Americans. Norquist is happy with continued tax breaks. But he doesn't say anything about the other side of the coin here, which is that people making more than $1 million could see their tax rates increase.

More from Money Now



Tags: Politics

DATA PROVIDERS

Copyright © 2013 Microsoft. All rights reserved.

Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.

Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.

Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.

Trending NOW

What’s this?

About moneyNOW

MoneyNOW brings users smart, original and entertaining takes on the latest business and investing topics that are buzzing on the Web.

MARKET UPDATE

[BRIEFING.COM] The major averages ended higher across the board as the S&P 500 advanced 0.8%.

Equities climbed steadily since the opening bell as investors prepared for tomorrow's policy decision from the Federal Reserve. Although chatter in recent weeks has included speculation the Fed would look to taper its asset purchases, today's broad gains suggest investors expect mostly reassuring words from Chairman Bernanke at tomorrow's press conference.

All ten sectors ended with ... More

MSN MONEY'S