Last week, Politico ran a story noting that Democrats may finally be “done hiking tax rates” after scoring a victory through raising taxes on higher-income earners in the “fiscal cliff” deal. The story quoted a couple of House Democrats, including House Ways and Means Chair Sander Levin, who said that the issue seemed to be settled for now.
But according to House Minority Leader Nancy Pelosi (D-CA), the push for higher taxes isn’t over. During an interview with Bob Schieffer yesterday on Face the Nation, Pelosi said that more revenues are needed, presumably as part of any debt ceiling deal that Republicans hope to make:
Pushing back against the Republicans’ deficit-reduction strategy, House Minority Leader Nancy Pelosi (D-Calif.) said this weekend that more tax revenues – not just spending cuts – must be a part of Congress’s effort to rein in deficits.
Pelosi said the tax hikes in the recent “fiscal-cliff” deal are a start, but don’t go far enough to generate the revenues the government needs to run the country effectively.
“In this legislation we had $620 billion, very significant … changing the high-end tax rate to 39.6 percent. But that is not enough on the revenue side,” Pelosi told CBS’s Bob Schieffer in an interview taped Friday.
Without offering many specifics, the California Democrat said she wants to scour the tax code for unnecessary loopholes and “unfair” benefits that help those – either companies or individuals – who don’t need it.