Dems Want A 1 Trillion Dollar Tax Hike

And I bet they get it

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.

So, here’s the thing, Republicans. You lost. The country voted for Europe, not for rugged individualism and all that. The Republicans will fold on the next “financial emergency” just as they folded on the “fiscal cliff”. And what are you going to do about it – move to Russia?

- Aggie


  1. Buck O'Fama said,

    January 7, 2013 @ 4:51 pm

    I know what I’m gonna do about it – I’m retiring. From each according to their ability, to each according to their needs. Who wants to be “able”, it’s more profitable to be needy. Hey, millenials, don’t fret – you’ll be paying off your student loans much longer than you’ll be paying for my social security benefits. See ya on the golf course!

  2. Bloodthirsty Liberal said,

    January 7, 2013 @ 5:22 pm

    Are you really retiring? That’s great, Buck! Enjoy!

    - Aggie

  3. Buck O'Fama said,

    January 8, 2013 @ 7:26 pm

    Y, I have been working as a self-employed hourly consultant for quite a while since I lost my last actual job in the mid-2000s. But now my last client has folded his tent. I could find other clients and/or another job, but why bother? Paying both halves of social security, I only keep about 60 cents of every dollar I make. It’s a waste of time, even before the Obamacrats raise taxes as much as they want to. I think I have enough investment income to live off of and, assuming social security doesn’t go bankrupt, I can start collecting in the near future. So screw it. I’m going Galt.

  4. Bloodthirsty Liberal said,

    January 9, 2013 @ 4:39 pm

    I think we’re in a similar position, Buck. But we aren’t as far along as you. Self-employed consultant, but not enough retirement savings and a bit too young for SS. We’ve largely gone Galt since Obama won the first time, just saving and saving. Enjoy yourself, enjoy the freedom. :)

    - Aggie

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