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Deficit reduction – with or without a tax increase?

by Darci Congrove

On today’s tax deadline, when many are lamenting the checks that they have just written to the IRS, there is a political firestorm brewing in Washington about increasing taxes.  Both parties agree that some action must be taken to reduce the federal debt, but the strategies on either side of the aisle are very different.  President Obama is currently traveling around the country to gain support for his plan, which involves both raising taxes and reducing spend.  The Republican leadership, meanwhile, proposes a plan with no tax increases and much deeper spending cuts. See the attached Washington Post article for more details.

 

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