Since last week the President and Congressional Democrats have called for raising taxes on alleged “millionaires and billionaires.” Washington Democrats are seeking an estimated $400 billion in new revenue to be included in any deal to increase the debt ceiling.
President Obama Claims The Democrat Approach Would Go After Millionaires & Billionaires. “’If we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners…then we’ll have to make even deeper cuts somewhere else,’ President Obama said in his weekly Saturday address.” (John D. McKinnon & Carol E. Lee, “Deficit Talks Focus On Taxes,” The Wall Street Journal, 7/5/11)
Democrats Plan To Raise Taxes By $400 Billion. “Democrats have floated ideas that could raise tax revenues by some $400 billion over the next decade as they negotiate deficit reductions with Republicans, according to people familiar with the plan, posing the most contentious issue as talks reach a critical stage this week.” (John D. McKinnon & Carol E. Lee, “Deficit Talks Focus On Taxes,” The Wall Street Journal, 7/5/11)