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News Link • TAXES: Federal

House Democrats Have Proposed Raising Taxes By 40%


Just what would President Barack Obama do in a second term if had maximum “flexibility”? Consider his first term: Even though Obama was elected along with huge Democratic majorities in the House and Senate, he didn’t really get everything he wanted in 2009 and 2010. If he had, the stimulus would’ve been twice as big, healthcare reform would’ve included a public option, and a cap-and-trade scheme would right now be killing America’s natural gas revolution in the cradle.

So what about a second term? Well, a new budget proposal from liberal House Democrats suggests what Obama’s “dream agenda” might be. And if Rep. Paul Ryan’s budget plan is the “Path to Prosperity,” the Congressional Progressive Caucus has offered the “Road to Ruin.”

Officially, the CPC calls the plan “The Budget for All” — and it’s all wrong. Sure, the proposal would theoretically cut the deficit from $1.1 trillion (7.0% of GDP) in 2012 to $180 billion (or 0.7% of GDP) in 2022. But the CPC would accomplish this feat entirely through massive and economy-crippling tax increases.


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