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Tuesday, January 09, 2007
Pelosi Pellucid: Tax Hike for the Wealthy on the Table
The Democrats are at great pains not to confirm the hysterical GOP midterm warnings that Pelosi & Co. would tax-and-spend like there was no yesterday. But commentators like Robert Kuttner and Paul Krugman, and others have urged a re-examination of ways to raise revenue for domestic needs Democrats have promised to address, raising the dread specter of tax increases.
To the surprise of many, Nancy Pelosi declared on CBS's "Face the Nation" on Sunday that she too is considering raising revenue by repealing tax cuts on taxpayers making over $500,000 a year:
As we review what we get from ... collecting our taxes and reducing waste, fraud and abuse, investing in education and in initiatives which will bring money into the Treasury, it may be that (repealing) tax cuts for those making over a certain amount of money, $500,000 a year, might be more important to the American people than ignoring the educational and health needs of America's children.
In case that sounded a little tax-and-spendy, Pelosi made it clear it is nothing of the sort:
What we're saying is Democrats propose tax cuts for middle-income families. And we want to have 'pay-go,' no new deficit spending. We're not going to start with repealing tax cuts, but they certainly are not off the table for people making over half a million dollars a year.
What's clear -- and curious -- is that there has been no hysterical hue and cry following Pelosi's pronouncement.
Posted by Dana Chasin
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