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Living up to their “tax and spend” reputation, Democrats say they are actively looking at raising the taxes on families making less than $250,000 per year, the limit President Obama promised not to go below, in search of extra tax revenue.
From The Hill:
Democrats are looking at the possibility of raising taxes on families below the $250,000-a-year threshold promised by President Barack Obama during the election.
The majority party on Capitol Hill does not feel bound by that pledge, saying the threshold for tax hikes will depend on several factors, such as the revenue differences between setting the threshold at $200,000 and setting it at $250,000.
“You could go lower, too — why not $200,000?” said Sen. Dianne Feinstein (D-Calif.). “With the debt and deficit we have, you can’t make promises to people. This is a very serious situation.” (emphasis mine)
Sen. Byron Dorgan (N.D.), chairman of the Senate Democratic Policy Committee, concurred, saying, “I don’t think there’s any magic in the number, whether it’s $250,000, $200,000 or $225,000.
The audacity of Senator Feinstein seems to know no bounds. Lest we forget it was her own party that went on a massive spending spree creating a deficit of $1.3 Trillion for fiscal year 2010, FOUR times the worst deficit ever for the a Republican congress. So the Democrat congress has spent wildly, driving up the deficit, and now feels like they must search out new tax avenues to finance their bingeing. If they were that concerned about the deficit, why did they bother to overspend so heavily in the first place? And, what happens if they increase taxes on those making over $200,000 and they still don’t have enough tax revenue? Will they then use that to justify to tax even lower-income earners?