Tax more, spendmore and no cuts. That’s the Democrat’s idea on a “balanced” approach to increase the national debt even higher.
From The Hill:
Pushing back against the Republicans’ deficit-reduction strategy, House Minority Leader Nancy Pelosi (D-Calif.) said this weekend that more tax revenues – not just spending cuts – must be a part of Congress’s effort to rein in deficits.
Pelosi said the tax hikes in the recent “fiscal-cliff” deal are a start, but don’t go far enough to generate the revenues the government needs to run the country effectively.
These Democratic tax hikes don’t even reduce a dime of Obama’s deficits and actually adds $4 trillion more to the national debt.
In this legislation we had $620 billion, very significant … changing the high-end tax rate to 39.6 percent. But that is not enough on the revenue side,” Pelosi told CBS’s Bob Schieffer in an interview taped Friday.
Without offering many specifics, the California Democrat said she wants to scour the tax code for unnecessary loopholes and “unfair” benefits that help those – either companies or individuals – who don’t need it.
How about also targeting the 49% who pay no federal income taxes yet receive tax rebates?