Dems: Hey, How About Another $1 Trillion Tax Hike in 2013?
They've been given an inch and now they're taking a mile. As we've reported here at Townhall, Democrats promised to cut spending as part of the fiscal cliff deal, so long as tax rates went up on the "rich," or in other words, anybody who earns a paycheck. As a reminder, the fiscal cliff deal gave us $41 in tax hikes for every $1 in spending cuts. On top of that, let's not forget about the $1 trillion ObamaCare tax hike also buried in the fiscal cliff. Now, Democrats are planning to squeeze taxpayers for another cool $1 trillion later this year to offset the additional spending cuts they promised. To translate: it has never been more clear that Democrats do not believe Washington has a spending problem. From The Hill:
Democrats say they want to raise as much as $1 trillion in new revenues through tax reform later this year to balance Republican demands to slash mandatory spending.
Democratic leaders have had little time to craft a new position for their party since passing a tax deal Tuesday that will raise $620 billion in revenue over the next 10 years.
The emerging consensus, however, is that the next installment of deficit reduction should reach $2 trillion and about half of it should come from higher taxes.
This sets up tax reform as one of the biggest fights of the 113th Congress, which began on Thursday.
Higher taxes and more spending is "tax reform?" Who knew.