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  Topic: Democrats look for up to $1 trillion
in new tax revenues this year
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Democrats look for up to $1 trillion
in new tax revenues this year

The Hill, by Alexander Boulton

Original Article

Posted By:OhMy, 1/7/2013 1:17:45 PM

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. . . . 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.
Headline repaired and split by staff

Comments:
The article says democrats want a 1-1 ratio of new taxes and spending cuts in cutting the deficit. I have heard this exact proposal coming from Boehner already as his opening bid in the debt ceiling negotiation. This means there should be no dispute at all at least until Obama doubles down on his demands.

      


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Reply 1 - Posted by: Up2Here, 1/7/2013 1:22:34 PM     (No. 9103360)

Post will be closed in 5, 4, 3, ........

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Reply 2 - Posted by: Mr. Know-It-All, 1/7/2013 1:24:05 PM     (No. 9103370)

This will be totally forgotten/dismissed as soon as the socialists realize that their tax increase will not generate the revenues they expect. They rarely do.

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Reply 3 - Posted by: stablemoney, 1/7/2013 1:36:55 PM     (No. 9103393)

I do not want to hear of the GOP talking or agreeing to tax reform. Democrats don´t give a whit about tax reform. They want tax increases and always have to clothe their intentions in euphemisms.

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Reply 4 - Posted by: Mass Minority, 1/7/2013 1:51:39 PM     (No. 9103420)

Biggest and most dismissed revelation in the article

"The biggest question for Democrats is how much revenue is realistically available through tax reform."

Please reaquant yourselves with the Laffer curve. Then realize that we are currently at the actual apex of the curve. That means two things:

First, the laffer corrolary is that Government will work to maximize its revenue. Once maximized economic forces will cause only minor changes in revenues collected. Increasing absolute taxation rates above the apex results in less, not more revenue.

Second, at the apex even very small tax policy changes will cause people to change their behaviour so as to avoid the additional tax burden.

Taken together what this means is that Government does is now at the point where no matter what policy changes are made, no additional revenue will be generated. Either people will drastically change behaviour (or move) to avoid the tax or the decline in GDP caused by the tax increase will decrease the actual revenue available.

The second corrolary is that at the true apex everything is in "balance" taxation level, Government revenues and GDP GROWTH. GDP growth must also stagnate because each time it grows, government will move to maximize its revenues and the resulting pressure will shrink GDP, lowering real revenue generation. Government revenue can only decline from this point out.



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Reply 5 - Posted by: 6079 Smith, W, 1/7/2013 1:52:11 PM     (No. 9103422)

You mean they are going to lower taxes, reduce regulations, close the EPA, repeal Obamacare...? If not, then they are not going to get more revenue.

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Reply 6 - Posted by: Coy860, 1/7/2013 1:58:09 PM     (No. 9103429)

Shut down EPA, Dept. of Education, cut 20% off all the rest.
Have a 6 (bi-partisan) member board checking spending bills and vetoing pork in each and every one. Pass NO bill unless it has been online for ONE month, and no changes before voting.
Put the Obamas on a spending diet for vacations. One million per year tops.

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Reply 7 - Posted by: OdinsAcolyte, 1/7/2013 2:25:48 PM     (No. 9103483)

Den of thieves.

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Reply 8 - Posted by: Penney, 1/7/2013 2:26:29 PM     (No. 9103485)

The beltway dem pols are becoming as politically aggressive as a wolf pack on the attack. They apparently will not stop in their lust for power over the lives of others. Jesse James never had it so good, eh?!

´´Power corrupts and absolute power corrupts absolutely.´´

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Reply 9 - Posted by: indccc, 1/7/2013 2:56:12 PM     (No. 9103528)

The American People should file a class action lawsuit against the Executive and Legislative Branches of the government and refuse to pay anymore taxes until the Senate passes a budget.

Yes. I know. Only in my dreams.

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Reply 10 - Posted by: mackrand, 1/7/2013 4:17:20 PM     (No. 9103653)

I´m confused. Are they saying they are going to extract another $1 Trillion out of the United States economy when it is already staggering under the attack of the killer spendthrift democrats? Does this not subtract a Trillion bucks out of the GDP? What does that do to the GDP rate of increase or decrease? On top of the already staggering load of increased costs of the ACA they want to pile on like an overweight thuggish big city football team? Is this reasonable?

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Reply 11 - Posted by: globalwarmer, 1/7/2013 4:17:42 PM     (No. 9103655)

Can´t wait to see the Laffer curve in action again on this blunder.

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Reply 12 - Posted by: fiddle ed, 1/7/2013 5:13:51 PM     (No. 9103740)

A lot of people still don´t get it. Obama and his minions couldn´t care a whit about logic, math, Lafer curve, common sense, or the common good. Even most Congressmen don´t have a clue. We are not dealing with anything like has come before. These are radical ideologues and they are just now getting started. Republicans have one of two options - capitulate or shut down the government. The dumbed down, low-information idiots have reached the dreaded proportion to keep these communists where they are. I don´t have an answer to that problem but I´d like to think I´ll live long enough to say "We told you so" when they´re scavenging in the streets.

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Reply 13 - Posted by: bob913, 1/7/2013 5:48:17 PM     (No. 9103781)

democrats want a 1-1 ratio of new taxes and spending cuts

That does not make sense! That would be the same amount where you started out at unless they know McConnel and Boehner will say yes yo cuts 10 years in the future and tax increases right away!

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Reply 14 - Posted by: Mamateach, 1/7/2013 7:01:42 PM     (No. 9103871)

FTA:
Newly elected Sen Chris Murphy calls Connecticut a "fiscally responsible state."
Know any other good jokes?
Gov Malloy (D) gave Connecticut the largest tax increase in the history of the state last year. Guess what? We have huge deficits and are building a bus lo nowhere.
Prime example of a state whose 3 branches of gubmint are all Democrat controlled.
Want a sneak preview of what the progressives in DC want for the country? Look at Connecticut!

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Reply 15 - Posted by: nonsense, 1/7/2013 8:38:50 PM     (No. 9103969)

Couldn´t get past the "centrist Democrats" line. The Hill is a Far Left rag written for Marxist staffers and friends.

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Reply 16 - Posted by: ColonialAmerican1623, 1/8/2013 12:23:47 AM     (No. 9104231)

"Democrats look for up to $1 trillion
in new tax revenues this year"

Strange how they never look to collect on foreign aid repayment. We are the only country stupid enough to borrow money to give away. Then write the debt off because they are third world countries.

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Reply 17 - Posted by: 4Justice, 1/8/2013 12:44:08 AM     (No. 9104253)

The patients are running th asylum... Yes, power does corrupt and absolute power corrupts absolutely....so true. These tyrants are beyond stupid and beyond evil....

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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. . . . 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.
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