Taxing Americans to death in order to spend America into insolvency. That is the new moniker for the Democratic Party.
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.
[…]Liberal and centrist Democrats say revenues collected through tax reform should go to deficit reduction.
“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 Sen. Ben Cardin (D-Md.), a member of the Finance Committee, which has jurisdiction over tax reform.
He said the $917 billion cut under the Budget Control Act passed in the summer of 2011, combined with $620 billion in revenues from Tuesday’s tax deal and interest savings, adds up to about $2 trillion.