Friday, July 26, 2013

Senate Dems: Give us tax hikes or you get no tax reform « Hot Air

Senate Dems: Give us tax hikes or you get no tax reform « Hot Air: "That target, according to Reid and Schumer, should be what the Senate Democrats’ tax-hiking budget aimed for – a tax hike of nearly $1 trillion. Needless to say, that’s a non-starter. Republicans in both the House and Senate agreed to more than $600 billion in tax hikes – mostly from upper-income-earners – on January 1 this year as part of the fiscal cliff deal.

Schumer and Reid’s bluster threatens to kill the tax reform movement before it has a real chance. If Democrats are going to marshal around the idea that the tax code is fine as it is and that Republicans will have to give up substantial tax hikes just to simplify the code, we’re not getting reform.

It’s too bad, too. The Baucus-Hatch plan in the Senate would challenge legislators to have to defend special interest tax subsidies on an individual basis. It’s an approach that’s been endorsed by the Alan Simpson/Erskine Bowles coalition. It would grow the economy without growing government revenues. And Senate Democrats would rather exact a pound of tax-hike flesh in order to allow it to happen."

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