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Democrats Ask Republicans to Blow Off Grover Norquist

Top Republican lawmakers have said that increasing revenues was the one approach off the table when it comes to deficit reduction. But Rep. Jan Schakowsky (D-Ill.) and 108 other House Democrats, in a letter dated Monday, said that position jeopardized the chances for a bipartisan agreement.

“Revenues must be a component of addressing our deficit and debt problems,” the Democrats wrote to Speaker John Boehner (R-Ohio). “Solving our fiscal problems with spending cuts alone would be devastating to our economy, to the middle class, and to vulnerable populations like seniors and low-income families.” [The Hill]

Tim Geithner Wants to ‘Revisit’ This Pass-Through Entity Idea

U.S. Treasury Secretary Timothy Geithner told the Senate Finance Committee Feb. 15 that Congress should “revisit” long-standing rules that give businesses a choice of paying taxes as a corporation or through a structure such as a partnership through which they can report business income on individual tax returns. The recommendation, which Geithner repeated in a meeting with reporters this week at Bloomberg News in Washington, would affect income earned by the nation’s largest law firms, investment partnerships and so-called S corporations. It would more than double, to about $3 trillion, the amount of business income potentially affected by tax-law changes. [Bloomberg]