$2.4 trillion in new madness taxes

Mar 11, 2013 by

Senate Budget Committee chairwoman Sen. Patty Murray (D-WA) has circulated a memo to her Democratic colleagues indicating she desires a massive tax increase in her upcoming budget.

The memo, originally authored in January and since obtained by Breitbart News, indicates on page three that Murray is shooting for about $4.8 trillion in total deficit reduction. Congress’s federal spending deficit topped $1 trillion in all four years of President Barack Obama’s first term.

“These bipartisan frameworks include significant new revenue and have far more balance between spending cuts and revenue increases than the deficit reduction measures we’ve enacted to date,” the memo reads. “For instance, the President’s Fiscal Commission and the Senate’s Gang of Six each proposed roughly $4.8 trillion in deficit reduction over the 2012-2021 period, with over $2 trillion coming in the form of new revenue. Excluding the interest savings of roughly $800 billion, the two bipartisan efforts proposed a roughly 1:1 ratio of spending and revenue savings.”

“Further, measured over the same ten-year window used to estimate the effects of the ATRA legislation (2013-2022), the two bipartisan efforts each provide for revenue of between $2.4 trillion and $2.5 trillion, or roughly four times the amount of new revenue to be generated by the year-end deal,” the memo continued.

It appears Murray will count the $2.4 trillion of future deficit reduction passed via the Budget Control Act in that $4.8 trillion. The suggested plan would reduce the remainder of the deficit through a combination of spending cuts and tax hikes.

Since it would be nearly impossible for Murray to get the Senate Democratic caucus to approve substantial spending cuts, she is expected to push for most of, if not all of, that remaining $2.4 trillion through tax increases.

via Senate Budget Chair’s Memo Hopes for Tax Hikes up to $2.4 Trillion.

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