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January 06, 2013 10:33 AM Pelosi: Tax revenue discussion isn’t over

By Samuel Knight

On “Face The Nation” this morning, House Minority Leader Nancy Pelosi said that Democrats’ wont relinquish their desire to raise tax revenues in the ongoing debate over the federal budget.

The California Democrat said that she isn’t interested in raising the income tax rate, but insisted that deductions for corporate America and upper income brackets should be “all on the table.”

She didn’t offer many specifics, however, when pressed by Bob Schieffer — merely reiterating that the discussion should be had and that loopholes should not be closed “at the expense of the middle class.”

One tax expenditure that Pelosi did single out was breaks for oil companies. She argued that they make no sense while the industry is seeing massive profits.

Samuel Knight is a freelance journalist living in DC and a former intern at the Washington Monthly.

Comments

  • c u n d gulag on January 06, 2013 11:23 AM:

    I wonder why, to gain additional tax revenue, the Democrats don't turn to the people in the $400,000 to $1,000,000 income level, and ask them how fair they think it is, that A-Rod, Lady Gaga, the Koch Brothers, and George's Clooney and Soros, and other people who are real Millionaires and Billionaires, will pay essentially the exact same percentage of income as they will - and, how fair is that, to those who, compared to them, are relative "Poors?"

    Yes, we have graduated income tax levels.
    We just don't have enough of them - like ever-increasing percentages at certain graduated stages, from $1 to $2 Million, on up to $X Billion, where the last dollars can be taxed anywhere from 75%, to 91%, like they were under Ike.

    With FICA taxes being withdrawn at each and every level.

    Debt, and "Earned Benefit" problems (if any), SOLVED!

  • Ronald on January 06, 2013 11:43 AM:

    There is so much money to be made for the government in reducing corporate welfare deductions that we shouldn't of even needed to have the tax fight.
    It won't happen, of course, not with the corporate people driving the Tea Party bus wherever they want.
    But the money is there.

  • Anon on January 06, 2013 12:18 PM:

    The frame is wrong. It's spending priorities, not cuts in spending. Conservatives don't actually want to cut spending, they just have a different set of spending priorities. Look at their proposals historically. Look at the sequester fight. They favor spending on their stuff. Your stuff is pork.

    Got it?

  • zandru on January 06, 2013 2:36 PM:

    More Revenue - the Low-Hanging Fruit

    A tax on stock market transactions. Take a percentage for every buy order, every sell order, every fuggedaboudit order cancellation.

    This could raise loads of money, with the added advantage of imposing a cost on automatic computerized ultrafast trades which are having a serious adverse impact on the stock markets.

    Call Pelosi. Call Reid. Call Elizabeth Warren. Call your own personal Congress critters. This is a fee that won't noticeably impact "the middle class" or those with even less income. It hits the folks with the most money, right in said money.

  • schtick on January 06, 2013 2:48 PM:

    I don't know what would bring in more dollars, stopping the welfare to big business or eliminating the swiss cheese loopholes. I think both would do the job.
    The stunts they pull to get a loophole they wouldn't normally have (the oil rig beached in Alaska comes to mind) need to be fixed. They don't want people getting any type of tax credit for education, but they don't care that big business pulls all kinds of stunts to get a tax loophole.
    Then they have to spend money on things that are not needed or wanted, but puts money in the pocket of their friends, like the military. Keep spending money on military equipment that is faulty or just doesn't work as advertised, but cut programs that people have paid into all their lives.

  • Joe Friday on January 07, 2013 12:26 AM:

    zandru,

    "A tax on stock market transactions."

    Shoot, we'd have to roll out the fainting couches for all the RightWingers that would be keeling over like basketball players floppin' on the court.

    Oh the humanity !