From Reuters: Letting tax rates for the wealthy rise will not put a short-term damper on the economic recovery, according to a report by the non-partisan research arm of the U.S. Congress. The study by the Congressional Research Service is likely to be used by Democrats in the looming battle over whether to extend tax cuts […]
Top Republican lawmakers have said that increasing revenues was the one approach off the table when it comes to deficit reduction. But Rep. Jan Schakowsky (D-Ill.) and 108 other House Democrats, in a letter dated Monday, said that position jeopardized the chances for a bipartisan agreement.
“Revenues must be a component of addressing our deficit and debt problems,” the Democrats wrote to Speaker John Boehner (R-Ohio). “Solving our fiscal problems with spending cuts alone would be devastating to our economy, to the middle class, and to vulnerable populations like seniors and low-income families.” [The Hill]