DEMONcrats Eye Trillion Dollar Tax Hike

When do we not take to the streets? I’m ready.

(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.

Republicans say tax reform should be revenue-neutral. Additional revenues collected by eliminating or curbing tax breaks and deductions should be used to lower rates.

Senate Republican Leader Mitch McConnell (Ky.) has dismissed the possibility of negotiating additional tax increases.

“I’m in favor of doing tax reform but I think tax reform ought to be revenue-neutral, as it was back during the Reagan years.

“We’ve resolved this issue. Look, we don’t have this problem because we tax too little. We have it because we spend way, way too much,” McConnell said Sunday on NBC’s “Meet the Press.”

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h/t: Drudge

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