Tuesday, March 12, 2013

Senate Budget Chair Wants $1.2 Trillion Tax Hike

Senate Budget Committee chairwoman Sen. Patty Murray (D-WA) has circulated a memo to her Democratic colleagues indicating she desires a massive tax increase in her upcoming budget, reports Matt Boyle.

The memo, originally authored in January and since obtained by Breitbart News, indicates on page three that Murray agrees with a spending cut to tax hike ratio of 1:1. She also believes we have to cut approximately $2.4 trillion over the next decade. That means a tax hike of another $1.2 trillion.
“These bipartisan frameworks include significant new revenue and have far more balance between spending cuts and revenue increases than the deficit reduction measures we’ve enacted to date,” the memo reads. “For instance, the President’s Fiscal Commission and the Senate’s Gang of Six each proposed roughly $4.8 trillion in deficit reduction over the 2012-2021 period, with over $2 trillion coming in the form of new revenue. Excluding the interest savings of roughly $800 billion, the two bipartisan efforts proposed a roughly 1:1 ratio of spending and revenue savings.”

“Further, measured over the same ten-year window used to estimate the effects of the ATRA legislation (2013-2022), the two bipartisan efforts each provide for revenue of between $2.4 trillion and $2.5 trillion, or roughly four times the amount of new revenue to be generated by the year-end deal,” the memo continued.


  1. Oh, what a great idea! Kick a struggling economy in the nuts!
    But save those "public sector" union jobs, and a Worldwide empire.
    I'm almost glad I'm old.

  2. Hey, check this out http://www.zerohedge.com/news/2013-03-12/when-hft-steals-liquidity-exploratory-trading-emini


  3. Does anyone honestly believe some half-baked budget plan from 2003 would compel the Congress in 2013 to change its policies? I didn't think so. So why should we put any credence in a 10-year plan now?

    This is just a ruse to come up with an impressive sounding number to con the rubes into thinking we're seriously addressing the fiscal imbalances. The supposed "savings" and the massive "cuts" are a fraud, much like the laughable sequestration debacle.

    If Congress weren't trying to pull the wool over our eyes, they'd be debating taxing and spending levels for the coming year and only the coming year. That's all that matters. That's all they can control. If history is any guide, the can will be kicked again. And again.

    Got gold?

  4. I relate that it was Alicia Mundy who reported in Seattle Times article Power swings to Sen. Patty Murray dated November 28, 2006, “The shock of the elections putting Democrats back in control of Congress finally sunk in. For most of her 14 years in the Senate, Murray has been waiting for a chance to exercise power. Now she has a lot of it. Murray has been a player in the earmark process and was dubbed "the Queen of Pork" last year by Taxpayers for Common Sense, a group sharply critical of congressional spending.”

    I live here in Belligham, WA, which is called the City of Subued Excitement. The city is experiencing all time prosperity and expanding economic activity. Taxpayers are generous, they voted for an expansion of the local transit sytem. And we have lots of pork coming through. I ride the local bus at very low cost; and we have a whole new fleet of busses which came through Patty's Earmarks.

  5. And I'm guessing she's not even talking about real spending cuts, only cuts in the baseline.