Democrats in the Senate Super Committee released its list of proposals to reduce the deficit, and it unsurprisingly includes over one trillion dollars in new taxes. ABC reports, “Democrats have proposed a framework for the Super Committee that multiple aides confirm is around $3 trillion in deficit reduction over the next decade through a cocktail of cuts to entitlements, including Medicare, and as much as $1.3 trillion in new tax revenues.” The Super Committee is faced with the task of finding a minimum of $1.3 trillion in savings before November 23, when a round of automatic spending cuts will take effect.
Democratic Representative John Lewis of Georgia defends the proposal by demonizing the so-called wealthy (anyone making over $250,000 a year). “The people of this country are looking for fairness. They are sitting in and sitting down to protest the unwillingness of the government to legislate with their best interests in mind,” said Lewis, who also criticized proposals to cut entitlement programs. “These proposals rob from the poor, the sick and the elderly, the very least amongst us.”
Regardless of the tired talking points, however, history reveals that tax increases will not target the group which lawmakers are attempting to hit with new taxes. Instead, the middle class will suffer as a result because those who do comply with paying the new taxes are individuals who own businesses that drive the economy in the country. The uber-wealthy will simply find places to hide their money, such as in foundations.
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Photo: Sen. Patty Murray, D-Wash., speaks as Senate Majority Leader Harry Reid listens at a news conference on Capitol Hill in Washington. Reid announced on Aug. 9, 2011, that he was naming Murray to co-chair a powerful "super committee" dealing with the national debt: AP Images