Democrats Want $1 Trillion in New Revenue in 2013
To offset the budget cuts that are legally mandated in the fiscal cliff compromise and by sequestering, Democrats want to ratchet up taxes.
According to The Hill online, the bill just signed by Congress to avert the fiscal cliff will reportedly generate about $620 billion over the next 10 years in tax revenue. But a number of Democratic leaders believe an additional $380 billion needs to be tacked on for a total of $1 trillion!
Democrats believe it's needed to offset budget reductions pushed by Republicans. The general consensus is a 1-to-1 approach -- every budget cut equally offset by tax increases.
It essentially boils down to citizens paying more. Whether it's actual increases or eliminating tax breaks and reductions, it's an increase.
However, a number of experts -- and even some moderate Democrats -- admit the best the leadership can hope for is $300-400 billion.