Dems seeking $1 trillion in new tax revenue

We've gone from $3 in spending cuts to $1 in additional revenue to this; one for one - a dollar raised and a dollar cut. Considering the cliff deal cut one dollar for $41 dollars in revenue, maybe it's about time Republicans began to call the Democrats out on their pledge of "balanced" cuts and increased revenues. The Hill: 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 ten 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...(Read Full Post)