December 6th, 2012
09:10 PM ET

Higher Taxes For All: Does it Add Up?

An interesting idea brought to us by the liberal former governor of Vermont Howard Dean - the man who brought us the scream heard around the world when he ran for president.

Dean, says, let's face it America - taxes need to go up for everyone. It might not be what you expect from someone like Dean. It's certainly not the President's position or the position of most Americans.

Another new poll released Thursday shows most Americans like the president's idea, of only raising taxes on the top 2% - individuals making over $200,000 or families making over $250,000.

But according to the Congressional Research Service, that tax hike would only give us $678 billion over 10 years.

Remember America is $16 trillion in the hole. If we go with Howard Dean's idea - that gets us $2.8 trillion - about 17% of our debt.

Adam Davidson, co-founder of NPR's Planet Money did the math and wrote in the New York Times, "Increasing the middle-class tax burden an additional 8 percent ... would actually have a bigger impact than taxing millionaires at 100 percent."

With no breakthrough today in the fiscal cliff negotiations could this be a starting point?

Rep. Lankford: Raising taxes for all will slow economy

Out front tonight: Republican Congressman James Lankford of Oklahoma - incoming chairman of the Republican Policy Committee, the fifth-ranking position within in the House GOP leadership line-up.

Filed under: Fiscal Cliff • Politics • Uncategorized
soundoff (3 Responses)
  1. Joey at Purdue Univ

    Also, I keep hearing Erin Burnett keep framing the argument as "people are okay with taxes going up on somebody else." Respectfully, I would disagree. I would argue that a good proportion of people arguing that taxes should go up on households making over $250k ARE from households making over $250k.

    December 13, 2012 at 7:14 am | Reply
  2. Narine Singh

    Mr Dean is doctor . He can afford tax increase . Hope he gets all his rich bubbies together and make a screaming video that say , increase my taxes.He lost his influence in the Democratic Party .He is taking nonsense to be on tv aka the Donald .

    December 7, 2012 at 5:27 am | Reply
  3. Joey at Purdue Univ

    Well, just based on trading in the last few weeks & all the special dividends, doesn't it seem like anyone who'd have to make any asset moves due to cap gains treatment has already been making those moves, or probably will do so in the next couple weeks?

    Also seems faulty to say, "The Clinton tax rates won't guarantee the same benefits they did at the time, but cutting taxes will bring in more revenue at lower rates, even though it hasn't worked at all in the last decade."

    December 6, 2012 at 11:24 pm | Reply

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