1.5 Trillion Tax Increase? From Where?

Let me see if I understand this. In order to make spending cuts the Democrats want to raise taxes by $1.5 Trillion.

But, the entire revenues collected in 2010 from personal and business income taxes was just $1.4 Trillion.
http://www.usgovernmentrevenue.com/#usgs302a

So, the Democrats want to double income taxes? But since it is only on the "rich" they will have to what? Triple or quadruple taxes?

Are people just blind to what is being proposed or am I missing something? It seems to me that increasing taxes is minuscule compared what needs to be cut from spending and is only going to put the economy into a downward spiral.

 

This country is being run by a bunch of children. Not even bright and sensible children, but spoiled and arrogant children.

 

I believe the something you're "missing" is 10 years.

 

No, what you are missing is anything tangible from the Democratic caucus and the White House. Down to the last fucking minute and not one defined plan from the Democratic caucus or the White House. Not a budget. Not a debt ceiling package. Nothing.

Hell, the Dems can hold a supermajority, all three houses of the Federal government, spend trillions of dollars, and not even bother with a budget.

 

They are talking about removing all deductions. They get a trillion more in taxes with no deductions. This is what I read this morning.

 

I guess what I don't understand is, how do they think they can double the amount of income tax revenue without destroying the economy? I would think that even a few percentage points of increases would put it in the tank again.

 

It wont help. I would think this would hurt housing some more. Who knows what is going to happen at this point anyway. We will see how strong the tea party is.

Crazy ideas like ending 3 wars to cut spending... haven't heard that from any party. So I don't think we are going to see any reduction in this massive government anytime soon. So it will be taxes.

 

It will never pass the house

 

1. Reduce the mortgage interest deduction~$100 billion/yr.

2. Eliminate the loophole that lets employees get their health insurance paid by employers but do not have to pay taxes on the premiums paid by their employer. ~$200 billion/yr.

Seneca

 

The proposal is for 1.5 trillion increase over 10 years, so 150 billion a year.