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Democrats: How About $1 Trillion in New Taxes?

Jan. 7, 2013 8:20pm Becket Adams

Democrat leaders are looking to “reform” the tax code so as to allow for an additional $1 trillion in “new revenues” to offset Republicans’ insistence on spending cuts, The Hill reports.

“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 report notes. “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,” the report adds. “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.”

For now, Republican leaders are supposedly holding the line on no new 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,” Senate Minority Leader Mitch McConnell (R-Ky.) said Sunday during an interview on NBC News’ “Meet the Press.”

“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,” he added.

Meanwhile, Democrats say they want tax reform-generated revenues to go toward reducing the deficit.

“We’ve done about $2 trillion. I thought $4 trillion is the goal we should reach. I think we’re about halfway there. We need another $2 trillion,” said Finance Committee member Sen. Ben Cardin (D-Md.).

Sen. Cardin said that the tax-spending cut ratio “should be about even” in the next deficit-reduction deal taken up by Congress, which is good because the so-called “fiscal cliff” deal they passed was anything but. In fact, the final Senate-backed deal which ended up passing both chambers has a 10:1 tax-spending cut ratio.

The White House claims that it’s on board with a 1:1 approach.

“Jim Kessler, senior vice president for policy at Third Way, a centrist Democratic think tank, thinks the most Democrats can get from tax reform is about $300 billion to $400 billion,” the Hill notes.

“He said negotiators can find an additional $100 billion in revenue by switching the chained-CPI formula for calculating cost-of-living increases for Social Security and other federal programs,” the report adds.

“I think you get $400 [billion] or $500 billion in new revenue because stuff [is] taken off the table,” he said.

Click here to read the full Hill report

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Featured image courtesy the AP.

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Comments (68)

4WheelGuy
Posted on January 7, 2013 at 10:12pm
Bottom line is Washington needs a COLONIC!!

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- The_Jerk
  Posted on January 8, 2013 at 8:15am
  Sen. Cardin, another cultural changing, wanna rule your life, progressive Jewish, old school communist. How many examples does it take?
  
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- turkey13
  Posted on January 8, 2013 at 10:01am
  First they need tp pass a law making it illegal for millionaires and billionaires to give up their citizenship and moving elesewhere. Remember he kid that becames a billionaire from the Faceook IPO and had denounced his and gave Obama & the IRS the finger . What he saved in taxes bought him his own Island – country and he is king.
  
  Report this comment
woodyee
Posted on January 7, 2013 at 10:12pm
A TRILLION in NEW TAXES?!?!?

Shirley they jest! Why, our famed gay, dumbo-eared pseudo-leader told us that the recession was over, 2yrs ago. He also said spending is not the problem, and then someone else pops up today and lies about social Security being worse off than we thought, just as soon as our self-preening Nero said that Gaybama-care has taken care of the Medi-care “problem!

Who are these sooth-sayers and snake-oil salesmen that keep contradicting our Dear Leader?

What’s that? Wha – he’s contradicting himself?!? Why – How Darh You?!?! It will come as a surprise to you that I will be sitting with Her Majesty and his wife for an appetizer of baby arugula and low fat Russian caviar, and a bottle of 1787 Chateau Lafit in Morocco this weekend, and while we’re on the subject of the poor over-worked taxpayers, I will bring up your dastardly remarks. Then, while we enjoy fine cigars and a bottle of 1945 Mouton Rothschild on our way to The Riviera, we will discuss ways to project our ideas of strengthening the US economy with a few French Prime Ministers. When we land, we’ll be whisked to our hotel for dinner – the good man is covering all my expenses, the expense of our 5 plane fleet and security squadrons. The poor man may have to return to the US once or twice during this well-deserved vacation, but he’ll be back. What a generous person!

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- Walkabout
  Posted on January 7, 2013 at 11:05pm
  Democrats want to pass huge bills all the time such as Comprehensive immigration reform.
  
  But when it comes to deficit spending they are taking it step by step to wheedle coax & threaten people into higher taxes & few spending cuts all the while getting political mileage from class warfare rhetoric.
  
  If we hold the Democrats off ’til April the results of their tax increase will become apparent, economic slowdown. An obama caused Recession.
  
  Report this comment
- VoiceoftheMajority
  Posted on January 8, 2013 at 12:47am
  It sickens me that you call yourself an American. I can only hope that your parents have passed so they do read the disgrace that you bleed on these pages. You sir should not call yourself a true patriot …
  
  Report this comment
- Lord_Frostwind
  Posted on January 8, 2013 at 1:36am
  Voice: “Blah blah blah, show him some respect, blah, commander in chief.”
  
  Barack Obama has squandered the respect he got from me as Commander in Chief by failing to respect the people around him, his citizens, or any viewpoint that differs from his own. He wants my respect, he can start acting like a leader instead of prima donna.
  
  I’m done showing deference and respect to those who take advantage of it and throw mud in my face for it. They want to start the crap throwing, then I’m going to respond in kind. After all, it’s the only way they seem to learn.
  
  Report this comment
- TheBurningTruth
  Posted on January 8, 2013 at 8:55am
  President Marxist lost the ability to get any respect from me and tens of millions of other Americans when he deemed us “enemies to be punished” just before the 2010 midterms. No, I and millions more haven’t forgotten that one.
  
  The *****r MADE me a racist when he and the Progressive Liberals explained to me the various reasons for being a racist:
  1) Living within my means and expecting our govt to as well;
  2) Expecting people (including myself) to EARN what we get instead of hiring govt officials to steal from others more successful and give it away;
  3) Merit NOT skin color is the basis for advancement, and that includes precious college resources;
  4) Criticize him for failing any of the following: Transparency, telling the truth, promises like NOT passing major sweeping legislation on a straight party line vote with ONE vote majority, I could go on;
  5) Expecting him to follow his oath of office which clearly REQUIRES the president to uphold ALL the laws of the country and not declare certain laws won’t be enforced because he doesn’t like them. That’s TREASON in my book.
  
  I could go on and on, but he’s pissed on tens of millions of us, and the thing I’d enjoy most would be watching the cassion head up Constitution Blvd.
  
  Report this comment
right field
Posted on January 7, 2013 at 10:08pm
Why the pretense of letting anyone keep any of his or her income?
Just require all income to go directly to the Federal Government and then the Federal dictators will return to each “peasant” an allotted amount of income based on calculations of each “peasant’s” fair share.

The Marxist are eliminating the ability to build “wealth” and are dictating an economic system of dependence, low living standards, debt that will never be repaid, and the total elimination of personal freedoms and protections against an all powerful Federal government.

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CulperGang
Posted on January 7, 2013 at 9:59pm
they all need to be arrested. they are looting and plundering the people.

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4WheelGuy
Posted on January 7, 2013 at 9:57pm
Looks like the IRS needs to audit the Lib’s,
http://michellemalkin.com/2013/01/01/obamas-tax-evaders-of-the-year/

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Salamander
Posted on January 7, 2013 at 9:55pm
I’m too upset to make a coherent comment! HOW DARE THEY!

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- civilwarcometh
  Posted on January 7, 2013 at 10:00pm
  That’s funny you said that. Guess who feel’s the same way?http://weaselzippers.us/2013/01/07/obamabots-shocked-outraged-over-new-tax-increases/
  
  Report this comment
Netsurfer2
Posted on January 7, 2013 at 9:53pm
Isn’t if funny how the rich Dem’s talk about raising taxes even more, but with all their loop holes, special interest groups and lawyers, they won’t pay anything more regardless! I’m talking about Bill Gates, Warren Buffet and many others like them! It’s OK to tax hard working citizens, but not them at the same rates! Take for instance Obama published his book before he took office so that he wouldn’t have to pay a higher rate of tax! They always find ways around paying taxes and nothing has or will change on that folks! The cost of living is going up, wages are staying the same and education is at an all time high in paying! Not to mention now taxes will make sure the average person cannot afford anything in life!

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dadsrootbeer
Posted on January 7, 2013 at 9:41pm
Children. Just keep spending and who care we don’t have the money. Then just RAISE TAXES even though it won’t do anything to combat the out of control spending. Must be nice when its not their money to spend. The sick mind of progressives and all democrats.

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- Anonymous T. Irrelevant
  Posted on January 7, 2013 at 9:58pm
  These people are insane. They over-look the obvious answer by looking for the dumbest one.
  
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SamIamTwo
Posted on January 7, 2013 at 9:22pm
Typical of dems, known as the tax and spend party. I know how Obama got re-elected but still can’t believe people voted for this man and some people did not vote cause they believe Romney would be worse???????????????? Sickos need to be tested before being allowed to vote…seriously.

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- oldguy49
  Posted on January 7, 2013 at 9:33pm
  the so called rep let them get away with a little now they want a lot………..flat tax—term limits
  
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KingCanon
Posted on January 7, 2013 at 9:21pm
Slow Death.

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4WheelGuy
Posted on January 7, 2013 at 9:19pm
Yup it’s all shitz and giggles for the bottom feeders, just look at the pic! disgraceful, I think it’s just amazing how most elected lib’s in politics are now millionaires, Time to clean house!

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Cavallo
Posted on January 7, 2013 at 9:16pm
I’m sure yanking 1 trillion out of the private sector will have no negative effects on jobs, or growth, and those paying the taxes will make absolutely no changes in their business and just lay back and enjoy further rape by the government.

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- stopprintn
  Posted on January 7, 2013 at 9:22pm
  Billy Bobs Construction………..CASH ONLY !
  
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- barber2
  Posted on January 7, 2013 at 9:25pm
  Hey, when you want to destroy the American capitalist economic system, you MUST take money away from the private sector ! BIG BROTHER government must have and control the economy ! That is what Marxism is all about. nAnd the Chicago radicals are all about Marxism ! Daddy Obama must be so proud of little Barack !
  
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ALL4FREEDOM
Posted on January 7, 2013 at 9:15pm
Obummer wants to gain additional revenue by ‘closing tax loopholes’. The Republicans should take this as a straight line and close them all by passing a flat tax. (9-9-9 was a brilliant proposal.) There is nothing more evil and fundamentally unfair in government than progressive taxes! The ‘fair share’ of the cost of government must be an equal share. If it is not, those who pay more have every reason to expect to receive more, AND VICE VERSA. The 9-9-9 plan is still a progressive tax, but progressive in the right way, that is , the rich pay more because they are paying a percentage of a greater amount. Anything else violates the equal protection provision of the 14th amendment.

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dmerwin
Posted on January 7, 2013 at 9:15pm
In my view, reform is real reform. We go to fair or flat tax. Scrap the IRS, eliminate all subsidies, credits and deductions. Get EVERY worker to “pay their fair share”. Put everyone’s “skin in the game”. I would be willing to help generate 200 billion more per year if ALL of it went to pay ONLY the debt. Take the 100,000 IRS positions and secure our borders and schools. Reduce regulations to a reasonable level so we can begin, again to MAKE SOMETHING and thus employ people. Cut spending, start with aid to the Palestinians and Egyptians. And stop paying Americans to do JACK shyte.

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- FISH_BONE
  Posted on January 7, 2013 at 9:19pm
  Wishful thinking.
  
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BasketFullOfPuppies
Posted on January 7, 2013 at 9:13pm
I’ve seen republican resolve. I’m not impressed… at all.

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- TheBurningTruth
  Posted on January 8, 2013 at 8:56am
  Ditto. They’re a bunch of p*ssies. Considering that they have the power to halt spending but don’t, it’s clear that they’re part of the problem as well.
  
  Report this comment
FISH_BONE
Posted on January 7, 2013 at 9:09pm
Revolution anyone?

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- FISH_BONE
  Posted on January 7, 2013 at 9:14pm
  The Democrats are evil Marxists intent on destroying the country and the Republicans are too stupid and/or spineless to do anything about it. And sorry, but a third party isn’t going to do a damn thing.
  
  Report this comment
- barber2
  Posted on January 7, 2013 at 9:30pm
  FISH: Revolution ? That is what the Chicago radicals are hoping for ! Then the Obama Chicago radicals can declare Martial Law, confiscate all guns and – VOILA – create the New , the ” fundamentally changed ,” the anti-capitalist ( wink, wink ) America !
  
  Report this comment
- countrygal42
  Posted on January 27, 2013 at 1:00pm
  I have to disagree with you fish. A third party is EXACTLY the answer because the majority of the “conservatives” in government are in cahoots with the “liberals” in the government and the arguments you see between them are smoke and mirrors to keep everyone not seeing what is really going on behind the scenes! The ONLY thing that will save us is if people vote Libertarian = Constitutionalist! Because right now, the “conservatives” are only giving lip service to it to keep their followers from catching on. THEY ALL NEED TO GO! Read Behind the Green Mask: U.N. Agenda 21 and go back and look at how the “conservatives” vote. THEY ARE ALL IN ON IT! Why do you think so many politician’s wealth has increased so dramatically over the past few years? And it aint just dems. THINK!
  
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MiCurmudgeon
Posted on January 7, 2013 at 8:56pm
More taxes seems to be putting the horse’s ass before the cart ( CUTS IN SPENDING) !

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barber2
Posted on January 7, 2013 at 8:48pm
If the Republicans do not understand the end goal of the Chicago radicals by now, they never will. The Chicago radicals will not be happy until all of the “evil rich ” have been social-justiced into their Obama poverty, and the American capitalist economy has been “changed” into a ” anti-capitalist ” (wink, wink ) economy. No traditional , educated Republican congressman wants to believe that America has been OCCUPIED by Marxists, but that is what the Obama Chicago radicals are ! Just bone-up on your Bill Ayers’ history, dudes ! That and some Saul Alinsky research will tell you all you need to know ! If only they had listened to Beck and done their research – instead of the Chicago radicals’ Media Character Assassination Squad.

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- countrygal42
  Posted on January 27, 2013 at 1:06pm
  Yes and if you listened to “Glenn then you would know that the “republicans” know exactly who Obama is and what he is doing because he further their agenda in the process. THEY ARE ALL IN CAHOOTS! People need to stop focusing on the conservatives vs liberals argument and focus on the US government vs the American people! While you all blame it on the libs, you are failing to see what’s really going on. Read up on the Agenda 21. It puts all the pieces together.
  
  Report this comment
banjarmon
Posted on January 7, 2013 at 8:48pm
I am confident my Congressman Nugent and Senator Rubio will vote against new taxes. The As$ hole bill nelson is a different story!!! The dumb i-phone voters reelected nelson in Florida. the GIVE ME CROWD!!

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- countrygal42
  Posted on January 27, 2013 at 1:22pm
  Anyone who is “confident” that “their” representative will vote for or against anything is delusional! NO ONE in government can be trusted. They are all in it together! It’s time to vote them ALL out and vote in people that will follow the Constitution and not just give lip service to it! Read up on Agenda 21 and you will understand! Google the Bilderberg Commission.
  
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RJJinGadsden
Posted on January 7, 2013 at 8:39pm
Who woulda thunk?
Actually, we’ve seen this coming for a few years now. Like somebody else mentioned on another story, the Al Roker is about to hit the fan.

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- debrarae
  Posted on January 7, 2013 at 8:52pm
  You’re right. ‘This’ has been happening for ‘awhile’.
  
  In the 30′s through part of the 40′s FDR considered anything about $29,000 to be ‘too rich’.
  
  In the 70′s & 80′s the Democrats said that all the “Evil’ waitresses, Bartenders etc… were hiding their ‘assets’ because they didn’t have to report their tips. Never mind ‘those’ people were often making below minimum wage in order to make up for those ‘evil’ tips.
  
  A democrat running for office (just a little after that) thought people making $50,000 yearly were evil, elitist, and ‘privileged’.
  
  And just recently we had Pelosi saying she was ok with not renewing the Bush tax cuts at all, and raising taxes on all workers. And even after the Fiscal deal was done, she screamed that more ‘tax revenue needed to be found’.
  
  Now we can ‘thank” Pelosi, Reid, Obama, & all the fake Gop (closet libs), as well as the libs for keeping her ‘word’ on raising taxes on 77% of house holds. I hope everyone remembers and targets the traitor GOP for defeat in the primaries, and target all DNC for defeat in 2016.
  
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Psychosis
Posted on January 7, 2013 at 8:37pm
We’ve done about $2 trillion. I thought $4 trillion is the goal we should reach. I think we’re about halfway there. We need another $2 trillion,” said Finance Committee member Sen. Ben Cardin

you havent done anything liars except add to our debt . cuts in future spending increases is not cutting spending

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Snowleopard {gallery of cat folks}
Posted on January 7, 2013 at 8:33pm
Why will the conservatives never understand, the Democrats will never honor spending cuts and only seek the maximum taxation and plundering of the middle class they can have for the welfare-state to continue.

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Darmok and Jalad at Tanagra
Posted on January 7, 2013 at 8:32pm
Yes of course. I guess I don’t spend my own money very wisely, I save too much of it, and I don’t buy a new car every few years. I am what’s wrong with the liberal plan, I am what’s wrong with Amerika, I must be punished. So the Dems can spend my money better than I can, because, “I don’t need that, why would you ever “NEED” a gun, why would you NEED a savings/retirment fund, WE will take care of you”.

Nancy, I guess you are soooo much wiser and I am just a bad boy. Spank me and change my diaper, I need a mommy, hopefully not a Mommy Dearest.

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- Marine25
  Posted on January 7, 2013 at 8:51pm
  So was Reagan your ‘mommy dearest’ too?
  Taxes during Reagan’s presidency ranged from 17.2% of GDP to 18.9% of GDP
  Under Obama? 14.6% of GDP Latest tax bump on millionaires takes it just under 15%
  I don’t care for much of his conomic policy either, but undertaxed we ain’t.
  
  Report this comment
- Darmok and Jalad at Tanagra
  Posted on January 7, 2013 at 9:03pm
  Our GDP is approx 15 trillion dollars, our “Budget is about 3.5 trillion, I may not be good at math, but that is above 15%, more like 23%, so I think Reagan is a little better for my pocket book. Also, going to what Nancy and her posse would like to do is get rid of most common tax deductions, effectively raising my tax rate without raising tax rates.
  
  Again, the Dems seem they think they can spend my money better than I can, because in their view, I don’t NEED that much, but other people do. Oh, and how much do we spend to let our elected officials live in luxury? At least 20% of our entire countries GDP.
  
  Come on Marine, do your homework.
  
  Report this comment
- barber2
  Posted on January 7, 2013 at 9:21pm
  MARINE ( wink, wink ) 25 : You are an apologist for the Chicago radicals so you don’t have much creed here…..
  
  Report this comment
- Darmok and Jalad at Tanagra
  Posted on January 7, 2013 at 10:05pm
  Barber:
  
  I doubt he will respond, mommy probably told him to go brush his teeth and put on his jammies.
  
  Report this comment
- barber2
  Posted on January 7, 2013 at 10:19pm
  DARMOK: You mean his blue Superman pajamas that he got for Christmas ?
  
  Report this comment
- Darmok and Jalad at Tanagra
  Posted on January 7, 2013 at 10:41pm
  This year he got the Wonder Woman PJ’s, his mommy said Superman was too scary.
  
  Report this comment
TSUNAMI_22
Posted on January 7, 2013 at 8:28pm
How about a tax strike?

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- Walkabout
  Posted on January 7, 2013 at 8:44pm
  Make it a legal tax strike. Otherwise Democrats will complain their plans did not work because of tax avoidance.
  
  The Democrats do not get it or don’t care. Economics is applied psychology. People will only part willingly with so much of their money in taxes. After that they will shift it into neutral & the economy will slow among other things.
  
  Putin is starting to look real good. If Assad wins in Syria, Egypt blows up in Obama’s face & our economy officially goes into recession, who are you going to believe in, Putin obama?
  
  Report this comment
kickagrandma
Posted on January 7, 2013 at 8:27pm
How about you snakes slithering on back to the dungeons from which you came and we’ll call it even?

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- Popp40
  Posted on January 7, 2013 at 8:42pm
  Unfortunately they are calling up reinforcements…you know their low level information voters to support them.
  
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- barber2
  Posted on January 7, 2013 at 9:01pm
  POP : I keep wondering when the Chicago radicals will re-release their anti-capitalist OWS mobs . And ( note that no Republicans were honest and brave enough to deal with that international Left connection in the election ) perhaps even call in their anarchist Black Bloc allies. This designed battle is just heating up : if the Republicans do not stand up to these Chicago radical thugs, America is doomed to become another failed, third world , dysfunctional state . And Obama will fulfill those dreams of his anti-Western, anti-capitalist , angry Daddy.
  
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