Democrats Want Even More Taxes After The Fiscal Cliff Deal, $1 Trillion Worth!

January 7, 2013 3:08 pmViews: 212

If you maybe thought Democrats, including President Obama, would be happy with the $620 billion in new taxes over the next 10 years they got Republicans to agree to, think again. With a measly $330 billion in spending cuts that may never materialize, thieving Democrats are saying the new goal is to raise an additional $1 trillion of revenue through tax reform coming later this year.

The fiscal cliff negotiations (if you want to call Obama demanding more taxes and being completely inflexible, a negotiation) that dragged on for what seemed like months and eventually came down to the wire are just the beginning  of budget deadlines Congress will be facing over the next 3 months. In fact, there are 3 more deadlines that could produce equally stubborn grandstanding by President Obama if he isn't granted exactly what he wants by the House and Senate.

Those 3 deadlines are the debt ceiling coming due in Late February or early March, Sequester, which is automatic budget cuts to governmental agencies coming due in March and of course the continuing budget resolutions because Congress has not passed a budget (that includes the Senate which can't even get anyone to vote for an Obama budget) since Obama has been in office. The next CBR is up on March 27th where Congress will probably again kick the can further down the road, that is if they can agree on anything at all.

Mitch McConnell has been repeating the same mantra to the face of Democrats and he repeated it to liberal David Gregory on Meet The Press on Sunday morning when he said in so my word, we don't have this problem because we tax too little, the problems is, we spend to much.

Read what the democrats are up to below 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.

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.”

Related Posts For You: