Kerry: ‘Major Tax Increase’ Coming in 2013
I am hearing that the official final word (i.e. announcement of failure) from the supercommittee is imminent. In the meantime, here is Sen. John Kerry (D., Mass.) candidly outlining the Democratic position on MSNBC this morning (Hint: it involves a giant tax hike and no meaninful changes to entitlement programs):
Kerry: If you fail…you’re guaranteed, unless it’s changed, a major tax increase on January 1st of 2013, when the Bush tax cuts expire.
On “painful” entitlement cuts:
Kerry: The fact is there were cuts, and incidentally, when you say ‘cuts,’ it was slowing the rate of growth. It was not a cut to a benefit; it was a slowing of the rate at which it is growing.
Late last year, Democrats reluctantly agreed to extend the Bush tax rates on all levels of income. President Obama himself admitted that “you don’t raise taxes in a recession.” But Democrats have always been wary of referring to the expiration of the Bush tax rates as a “major tax increase,” preferring the class-warfare configuration of “extra tax cuts” for the rich (emphasis mine). Kerry seems to have slipped off message.