LJWorld.com weblogs Loyal Opposition
What You Didn’t Read
Perhaps some of you may have missed it as it was not covered clearly in the LJW. This week Mr. Harry Reid, the Democratic Majority Leader in the Senate, and clearly a leader in the Democratic Party announced that he would not accept any tax reform unless it generated at least a trillion dollars in new revenue.
That is a shame as a bipartisan group in the Senate was close to a compromise tax reform proposal that was revenue neutral but eliminated many of the more egregious tax breaks and would have made the tax system more equitable. This announcement essentially kills that effort.
But the real issue here is that the demand by Mr. Reid is a demand to double federal income taxes on those who pay them. We are not talking a few dollars here. We are talking an average increase of 15% of a family’s income in addition to the 15% we already take (for the 50% we do tax).
Is this not significant and worthy of some public debate?