April 20, 2014

Democrats look for up to $1 trillion in new taxes

IRS

After passing a new tax deal to avoid going over the Fiscal Cliff than will raise nearly $620 billion in new revenue over the next 10 years the Democrats are looking forward towards new ways to increase revenue. The plan to increase taxes and revenue by nearly $1 trillion comes as a way to counter Republicans call for new cuts in spending. While the Democrats are looking to raise taxes again the Republicans have already come out against the idea of increasing taxes in the coming years. Senate Republican Leader Mitch McConnell (Ky.) has dismissed the possibility of negotiating increased taxes.

With this only being the 2nd week of 2013 it certainly seems taxes will be a key focus of the 113th Congress. With the debt ceiling and mandatory sequestration coming up soon time will tell how large of a fight it will become.

 

Should we increases taxes or keep the rates as is? Leave your comments below.

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