Masscahusetts senator John Kerry admitted today that allowing the Bush tax cuts to expire will result in a "major tax increase." Kerry is a member of the so-called supercommittee.
"You're guaranteed, unless it's changed, a major tax increase on January 1st, 2013, when the Bush tax cuts expire," Kerry said this morning on MSNBC's Morning Joe. Watch the video below:
During last December's lame duck session of Congress, Democrats were resistant to extending the Bush-era tax rates of 2003, and Kerry himself argued that, by doing so, Congress would be giving those in the highest bracket "huge extra tax cuts" and called it a "special bonus." At the time, Republicans countered that by not extending the Bush tax cuts, the result would be a tax increase, a policy the GOP found undesirable in a faltering economy.
Today, while making a point about the supercommittee's inaction, Kerry seems to have accepted the Republican argument. Expect this admission to find its way into some GOP campaign ads next year.