House Minority Whip Steny Hoyer (D., Md.) said Democrats neither want nor need to raise individual income taxes to reduce the deficit as part of a comprehensive proposal that will be put forward by the bipartisan “supercommittee.” This puts him at odds with President Obama and a number of his Democratic colleagues who have adamantly argued in favor of raising federal income rates on “the wealthy.” The Hill reports:
“We don’t want to raise taxes, and we don’t have to raise taxes,” Hoyer said on Las Vegas station KSNV’s “Face to Face” program.
Hoyer said revenues could instead come from closing corporate tax loopholes and reducing subsidies.
“We don’t have to raise rates, we have to make sure everyone is paying their fair share.”
Hoyer also lamented Obama’s refusal to embrace the plan put forward the Simpson-Bowles deficit commission, which raised additional tax revenue by eliminating loopholes and subsidies while lowering rates. “In retrospect, the president probably should have embraced [Simpson-Bowles] and said, ‘I’m for a plan very similar to this,’” Hoyer said.