Obama Commission Will Call for Trillions in Tax Hikes

Townhall

Obama debt commission member, Republican Sen. Judd Gregg of New Hampshire, launched a scary trial balloon on ABC News. Gregg suggested the debt commission will likely recommend a massive $26.7 trillion tax increase. Here are Gregg’s actual words:

“Everything has to be on the table – there’s no question about that… Erskine Bowles, one of the co-chairmen of the commission, has suggested a 75-25 split — 75 percent of the savings being in spending, and 25 percent in revenues… I think it’s likely that there will have to be a revenue component, but it should be significantly, dramatically — and a 3-1 ratio is pretty dramatic — dramatically less than the initiatives in the spending side of the ledger.”

According to an analysis by Americans for Tax Reform if Bowles wants $3 in spending cuts for every $1 in tax hikes then the tax increases will be larger than anyone expects:

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