After $620 billion in Tax Hikes Last Week, Dems Looking for Another $1 trillion (yes trillion) in Hikes this WeekJanuary 7, 2013
In a new article today, The Hillâ€™s Alexander Bolton notes that Democrats are unsatisfied with the tax hikes they have already gotten, and are looking for $1 trillion more in tax increases in the coming months.
After increasing taxes by $620 billion last week, a move that nearly every working American will feel in a smaller paycheck starting this week, Democrats still see opportunities for raising taxes.Â Seemingly both sides of the debate agree that serious deficit reduction must happen, but while Republicans would like to approach $2 trillion in deficit reduction through tax reform, Democrats want to achieve half of the deficit reduction goal through massive tax hikes.
The real question now is whether Democrats and Republicans will ever really undertake efforts to cut federal spending.Â This doesnâ€™t mean reducing the automatic spending increases that are built into the budget, but actually spending less this year than we did last year.Â If we can truly cut spending then more revenue will not be the problem.Â And rest assured, revenue is not the problem, in 2012 the federal government collected $2.52 trillion dollars in taxes (avg. of over $8,000 for every man, woman and child).Â The real problem is that the federal government spent $3.6 trillion dollars.