“Raising Revenue is Part of the Deficit Solution”; House Majority Leader Steny Hoyer
It will not happen right away because there are elections this November, but do not worry, the Democrats are coming for your wallet.
A top House Democrat said Tuesday that tax increases will eventually be necessary to address the nation’s mounting debt, raising a difficult election-year issue as Democrats fight to retain control of Congress.
“In the short term, deficit spending has been necessary to stimulate the economy,but in the longer term — after the economy has improved — Congress will have to rein in spending and raise taxes to tackle the debt.”
The Democrats plan; buy as many Congressional seats as they can with an extension of the Bush tax cuts before the November elections, followed by new tax increased to “tackle the debt” in the new year.
“As the House and Senate debate what to do with the expiring Bush tax cuts in the coming weeks, we need to have a serious discussion about their implications for our fiscal outlook, including whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction,”
Just to be contrarian, members of the GOP offered a smaller government, lower taxes approach.
Republicans argue that many of the high earners who would face tax increases under Obama’s plan are small business owners struggling to stay afloat in a tough economy.
Which one will you choose?