First step on tax increases by Republicans
November 10th, 2011
10:52 AM ET
3 years ago

First step on tax increases by Republicans

New York (CNNMoney) – Love it or hate it, the debt-reduction plan put forth by Republican Senator Pat Toomey has opened the door to tax increases in the negotiations of the Congressional debt committee.

Many top Democrats rejected it, saying that the door isn't open nearly wide enough.

FULL STORY

Filed under: CNNMoney.com • Congress • Debt • Deficit
soundoff (12 Responses)
  1. Victoria avgam54

    Thats great the gop finally wants to put tax revenue on the table however if it will be by taking away self employed people's (like me) itemized deductions off the table then they are still not getting it. It cost money to run a small business the same as it does a corporation and part of those costs should be deductable.... Lowering the corporate tax and taking away middle class deductions is not the answer.

    November 10, 2011 11:05 am at 11:05 am |
  2. claire

    Stay Strong against Gop/Tea suppression of voters rights and taxation of the mega-rich,Democrats and Independants! The "Gig" is up on the trickel down effect "Trick". Lower taxes on payroll for middleclass wage earners,and raise Tax on millionaires and Corporations. Obama/Biden 2012!

    November 10, 2011 11:13 am at 11:13 am |
  3. Rick McDaniel

    The Democrats are totally dishonest. They INTEND to force the automatic cuts option, because that was where they wanted to go, all the time.

    November 10, 2011 11:13 am at 11:13 am |
  4. Rudy NYC

    Is the door open wide enough for tax increases? You be the judge. The proposal amounts to $30B in new revenue per year. The current annual deficit is $1500B. The proposal amounts to a 2% dent in the annual deficit. You be the judge whether or not the proposal is seriouis or ridiculous.

    November 10, 2011 11:13 am at 11:13 am |
  5. Rudy NYC

    Rick McDaniel wrote:
    The Democrats are totally dishonest. They INTEND to force the automatic cuts option, because that was where they wanted to go, all the time.
    ------------
    Why would you say that? What motive is there? What would they gain? If Democrats are the spend thrifts that you suggest, why would they wnat automatic, draconian cuts? All forms of common sense stand to reason that Republicans have far more to gain by the automatic cuts. It has been the Republican Party that has been pushing for the types of cuts that the automatic cuts would invoke. You have no facts to sustain that false assumption.

    November 10, 2011 11:29 am at 11:29 am |
  6. dome089823

    tax tax tax next they are just going to make us work to give the money over in taxes and they give us what they think we need.

    November 10, 2011 11:34 am at 11:34 am |
  7. vic , nashville ,tn

    Republicans formula if you raise I penny as revenue you have to cut $100 seniors and students are waiting 2012 November to change the congress

    November 10, 2011 11:34 am at 11:34 am |
  8. Gino Martell

    As long as it is a balanced approach I don't care who proposes it. Bottom line it can not be done with just cuts. Taxes have to be included.

    November 10, 2011 11:47 am at 11:47 am |
  9. Fair is Fair

    "If Democrats are the spend thrifts that you suggest, why would they wnat automatic, draconian cuts?"
    -----
    So they can blame Republicans. Obama has NOTHING else to run on.

    November 10, 2011 12:09 pm at 12:09 pm |
  10. 357 days and no more Obama

    Toomey will use the Democratic tactic, put the tax increases 10 to 15 years out, start the cuts to entitlement programs immediately.

    November 10, 2011 12:10 pm at 12:10 pm |
  11. jack

    This is NOT a revenue proposal. It is a shift from the wealthy to the middle class and small business owner. Period.

    November 10, 2011 12:12 pm at 12:12 pm |
  12. Rudy NYC

    In case you haven't noticed, the tax cuts in the proposal would most likely negate any "tax increase" included in the proposal. The package proposes what is reported as a roughly 20% tax cut across all rates. So, by using which branch of fuzzy mathematics is it possible to have a "tax revenue increase" when the proposal contains across the board cuts? No wonder Democrats have categorically rejected the proposal. It's literally a shell game that really cuts taxes. it isn't serious.

    November 10, 2011 12:20 pm at 12:20 pm |